Auto Loan Calculator and Amortization
Calculate your auto loan payments and view the full amortization schedule with this simple tool.
Amortization Schedule
| Payment Number |
Payment ($) |
Principal ($) |
Interest ($) |
Balance ($) |
function calculateAutoLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12;
const loanTerm = parseInt(document.getElementById(“loanTerm”).value) * 12;
const downPayment = parseFloat(document.getElementById(“downPayment”).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(downPayment)) {
alert(“Please enter valid values for all fields.”);
return;
}
const loanAmountAfterDownPayment = loanAmount – downPayment;
const monthlyPayment = (loanAmountAfterDownPayment * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
let totalInterest = 0;
let balance = loanAmountAfterDownPayment;
let amortizationData = “”;
for (let i = 1; i <= loanTerm; i++) {
const interestPayment = balance * interestRate;
const principalPayment = monthlyPayment – interestPayment;
balance -= principalPayment;
totalInterest += interestPayment;
amortizationData += `
| ${i} |
${monthlyPayment.toFixed(2)} |
${principalPayment.toFixed(2)} |
${interestPayment.toFixed(2)} |
${balance.toFixed(2)} |
`;
}
document.getElementById(“monthlyPayment”).value = monthlyPayment.toFixed(2);
document.getElementById(“totalInterest”).value = totalInterest.toFixed(2);
document.getElementById(“totalAmount”).value = (loanAmountAfterDownPayment + totalInterest).toFixed(2);
document.querySelector(“#amortizationTable tbody”).innerHTML = amortizationData;
}
function resetAutoLoan() {
document.getElementById(“autoLoanForm”).reset();
document.getElementById(“monthlyPayment”).value = “”;
document.getElementById(“totalInterest”).value = “”;
document.getElementById(“totalAmount”).value = “”;
document.querySelector(“#amortizationTable tbody”).innerHTML = “”;
}
