Home Equity Loan Calculator – Michigan
Loan Calculation Details:
Home Value: $
Current Loan Balance: $
Equity Loan Rate: %
Loan Term: years
Monthly Payment: $
function calculateHomeEquityLoan() {
const homeValue = parseFloat(document.getElementById(‘home-value’).value);
const loanBalance = parseFloat(document.getElementById(‘loan-balance’).value);
const equityLoanRate = parseFloat(document.getElementById(‘equity-loan-rate’).value) / 100;
const loanTerm = parseFloat(document.getElementById(‘loan-term’).value) * 12;
if (isNaN(homeValue) || isNaN(loanBalance) || isNaN(equityLoanRate) || isNaN(loanTerm)) {
alert(‘Please fill in all fields with valid values.’);
return;
}
// Loan-to-Value ratio (LTV) calculation
const ltv = (loanBalance / homeValue) * 100;
const loanAmount = homeValue – loanBalance;
const monthlyInterestRate = equityLoanRate / 12;
const monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -loanTerm));
// Show results
document.getElementById(‘monthly-payment’).value = monthlyPayment.toFixed(2);
document.getElementById(‘calculation-details’).style.display = ‘block’;
document.getElementById(‘calc-home-value’).textContent = homeValue.toFixed(2);
document.getElementById(‘calc-loan-balance’).textContent = loanBalance.toFixed(2);
document.getElementById(‘calc-equity-loan-rate’).textContent = (equityLoanRate * 100).toFixed(2);
document.getElementById(‘calc-loan-term’).textContent = loanTerm / 12;
document.getElementById(‘calc-monthly-payment’).textContent = monthlyPayment.toFixed(2);
}
