Loan Amount ($):
Interest Rate (%):
Loan Term (years):
Monthly Repayment ($):
Total Repayment ($):
Calculate
Reset
How the Repayments are Calculated:
The monthly repayment is calculated based on your loan amount, interest rate, and loan term. The total repayment is the sum of all monthly repayments over the entire loan term.
function calculateRepayment() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100;
const loanTerm = parseFloat(document.getElementById(‘loanTerm’).value) * 12; // Convert years to months
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) {
alert('Please enter valid values for all fields.');
return;
}
const monthlyInterestRate = interestRate / 12;
const monthlyRepayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -loanTerm));
const totalRepayment = monthlyRepayment * loanTerm;
document.getElementById('monthlyRepayment').value = monthlyRepayment.toFixed(2);
document.getElementById('totalRepayment').value = totalRepayment.toFixed(2);
}
function resetForm() {
document.getElementById('commbank-loan-calculator').reset();
document.getElementById('monthlyRepayment').value = '';
document.getElementById('totalRepayment').value = '';
}
