Car Interest Loan Calculator
Use this calculator to estimate your monthly car loan payment based on the interest rate and loan term.
Calculation Steps
Formula:
Monthly Payment = [Loan Amount × (Interest Rate ÷ 12)] ÷ [1 – (1 + Interest Rate ÷ 12)^(-Loan Term × 12)]
function calculateLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100;
const loanTerm = parseFloat(document.getElementById(“loanTerm”).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0) {
alert("Please enter valid positive values.");
return;
}
const monthlyRate = interestRate / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = loanAmount * (monthlyRate / (1 – Math.pow(1 + monthlyRate, -numberOfPayments)));
document.getElementById("monthlyPayment").value = monthlyPayment.toFixed(2);
document.getElementById("loanCalculationSteps").style.display = "block";
}
function resetLoan() {
document.getElementById("car-loan-calculator-form").reset();
document.getElementById("monthlyPayment").value = "";
document.getElementById("loanCalculationSteps").style.display = "none";
}
