Consolidation Loan Payment Calculator (UK Scientific Online)
Estimate your monthly payments and total interest for a loan consolidation.
function calculateLoan() {
const totalDebt = parseFloat(document.getElementById(‘totalDebt’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value);
if (isNaN(totalDebt) || isNaN(interestRate) || isNaN(loanTerm) || totalDebt <= 0 || interestRate <= 0 || loanTerm <= 0) {
alert('Please enter valid positive values for all fields.');
return;
}
const monthlyInterestRate = interestRate / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = totalDebt * monthlyInterestRate / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
const totalInterest = (monthlyPayment * numberOfPayments) – totalDebt;
document.getElementById('monthlyPayment').value = monthlyPayment.toFixed(2);
document.getElementById('totalInterest').value = totalInterest.toFixed(2);
const stepsContent = `
Inputs:
Total Debt: £${totalDebt.toFixed(2)}
Interest Rate: ${interestRate * 100}%
Loan Term: ${loanTerm} years
Formulas:
Monthly Payment = Total Debt × Monthly Interest Rate ÷ (1 – (1 + Monthly Interest Rate)
-Number of Payments)
Total Interest = (Monthly Payment × Number of Payments) – Total Debt
Results:
Estimated Monthly Payment: £${monthlyPayment.toFixed(2)}
Total Interest: £${totalInterest.toFixed(2)}
`;
document.getElementById(‘stepsContent’).innerHTML = stepsContent;
document.getElementById(‘calculationSteps’).style.display = ‘block’;
}
function resetForm() {
document.getElementById(‘consolidationLoanForm’).reset();
document.getElementById(‘monthlyPayment’).value = ”;
document.getElementById(‘totalInterest’).value = ”;
document.getElementById(‘calculationSteps’).style.display = ‘none’;
}
