Home Equity Loan Calculator Malaysia
Loan Details
Monthly Payment: RM 0
Total Interest: RM 0
Total Payment: RM 0
function calculateHomeEquityLoan() {
const homeValue = parseFloat(document.getElementById(“home-value”).value);
const loanBalance = parseFloat(document.getElementById(“loan-balance”).value);
const interestRate = parseFloat(document.getElementById(“interest-rate”).value) / 100 / 12;
const loanTerm = parseInt(document.getElementById(“loan-term”).value) * 12;
if (isNaN(homeValue) || isNaN(loanBalance) || isNaN(interestRate) || isNaN(loanTerm)) {
alert(“Please fill in all fields correctly.”);
return;
}
// Calculate the home equity loan limit (80% of home value)
const loanLimit = homeValue * 0.8;
const availableLoan = loanLimit – loanBalance;
// Monthly payment calculation using the loan amortization formula
const monthlyPayment = (availableLoan * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
const totalPayment = monthlyPayment * loanTerm;
const totalInterest = totalPayment – availableLoan;
document.getElementById(“monthly-payment”).innerHTML = `Monthly Payment: RM ${monthlyPayment.toFixed(2)}`;
document.getElementById(“total-interest”).innerHTML = `Total Interest: RM ${totalInterest.toFixed(2)}`;
document.getElementById(“total-payment”).innerHTML = `Total Payment: RM ${totalPayment.toFixed(2)}`;
}
