Free Home Loan Calculator Mortgage Calculator
How It Works
This tool helps you estimate your monthly mortgage payment by entering the loan amount, interest rate, and loan term.
The formula used is: Monthly Payment = Loan Amount × Interest Rate / (1 – (1 + Interest Rate)^-Loan Term)
function calculateHomeLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; // monthly interest rate
const loanTerm = parseInt(document.getElementById(“loanTerm”).value) * 12; // months
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm input.value = “”);
document.getElementById(“monthlyPayment”).value = “”;
}
