Money Smart Calculator Mortgage

Money Smart Calculator Mortgage

Money Smart Mortgage Calculator

Calculate your mortgage repayments based on your loan amount, interest rate, and loan term.

Not calculated yet.

let mortgageSteps = “”; const currencySymbol = “$”, fixedCurrency = “USD”; function calculateMortgage(){ mortgageSteps=””; const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseInt(document.getElementById(“loanTerm”).value) * 12; if(isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0){ alert("Please enter valid positive values for all fields."); return; } const monthlyPayment = (loanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm)); document.getElementById("monthlyPayment").value = formatCurrency(monthlyPayment); mortgageSteps += `Inputs:
Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate * 100 * 12).toFixed(2)}%
Loan Term: ${loanTerm / 12} Years

`; mortgageSteps += `Formula:
Monthly Payment = (Loan Amount × Interest Rate) / (1 – (1 + Interest Rate)^(-Loan Term))

`; mortgageSteps += `Results:
Estimated Monthly Payment: ${formatCurrency(monthlyPayment)}
`; if(document.getElementById(“calculationStepsMortgage”).style.display===”block”){ document.getElementById(“calculationStepsMortgage”).innerHTML = mortgageSteps; } } function resetMortgage(){ document.querySelectorAll(“#calculator input”).forEach(el => el.value = “”); mortgageSteps=””; document.getElementById(“calculationStepsMortgage”).innerHTML = “

Not calculated yet.

“; } function toggleMortgage

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