Use this Auto Loan Calculator to estimate your monthly payments and total loan costs.
Monthly Payment: $0.00
Total Interest: $0.00
Total Loan Cost: $0.00
function calculateLoan() {
var loanAmount = parseFloat(document.getElementById(‘loan-amount’).value);
var interestRate = parseFloat(document.getElementById(‘interest-rate’).value) / 100 / 12;
var loanTerm = parseInt(document.getElementById(‘loan-term’).value) * 12;
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm)) {
alert(‘Please enter valid values for all fields.’);
return;
}
var monthlyPayment = (loanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
var totalInterest = (monthlyPayment * loanTerm) – loanAmount;
var totalLoanCost = loanAmount + totalInterest;
document.getElementById(‘monthly-payment’).textContent = `$${monthlyPayment.toFixed(2)}`;
document.getElementById(‘total-interest’).textContent = `$${totalInterest.toFixed(2)}`;
document.getElementById(‘total-loan-cost’).textContent = `$${totalLoanCost.toFixed(2)}`;
}
