How Long to Pay Off My Loan Calculator
Results
It will take months to pay off your loan.
Total Interest Paid:
function calculateLoanDuration() {
var loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
var interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
var monthlyPayment = parseFloat(document.getElementById(‘monthlyPayment’).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(monthlyPayment) || loanAmount <= 0 || interestRate <= 0 || monthlyPayment <= 0) {
alert("Please enter valid positive values.");
return;
}
var months = Math.log(monthlyPayment / (monthlyPayment – loanAmount * interestRate)) / Math.log(1 + interestRate);
var totalInterest = (monthlyPayment * months) – loanAmount;
document.getElementById('loanDuration').innerText = Math.ceil(months);
document.getElementById('interestAmount').innerText = totalInterest.toFixed(2);
document.getElementById('result').style.display = 'block';
}
