Mortgage Calculator Cibc Ontario

let mortgageSteps = “”; const currencySymbol = “$”, fixedCurrency = “CAD”; 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)); const totalInterest = (monthlyPayment * loanTerm) – loanAmount; document.getElementById("monthlyPayment").value = formatCurrency(monthlyPayment); document.getElementById("totalInterest").value = formatCurrency(totalInterest); mortgageSteps += `Inputs:
Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate*100).toFixed(2)}%
Loan Term: ${loanTerm / 12} years

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

`; mortgageSteps += `Results:
Monthly Payment: ${formatCurrency(monthlyPayment)}
Total Interest Paid: ${formatCurrency(totalInterest)}
`; mortgageSteps += `Tip: Consider shorter loan terms for lower interest payments but higher monthly payments.`; if(document.getElementById(“calculationStepsMortgage”).style.display===”block”){ document.getElementById(“calculationStepsMortgage”).innerHTML = mortgageSteps; } } function resetMortgage(){ document.querySelectorAll(“#mortgage_calculator input”).forEach(el => el.value = “”); mortgageSteps = “”; document.getElementById(“calculationStepsMortgage”).innerHTML = “

Not calculated yet.

“; } function toggleMortgageSteps(){ const s = document.getElementById(“calculationStepsMortgage”); const a = document.getElementById(“toggleArrowMortgage”); if(s.style.display === “none” || s.style.display === “”){ s.style.display = “block”; a.style.transform = “rotate(180deg)”; s.innerHTML = mortgageSteps || “

Not calculated yet.

“; } else { s.style.display = “none”; a.style.transform = “rotate(0deg)”; } } function formatCurrency(n) { return currencySymbol + n.toFixed(2) + ” ” + fixedCurrency; }