Home Loan Application Calculator
function calculateHomeLoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value) * 12;
const downPayment = parseFloat(document.getElementById(‘downPayment’).value);
if (!loanAmount || !interestRate || !loanTerm || !downPayment) {
alert(‘Please fill out all fields correctly.’);
return;
}
const loanAmountAfterDownPayment = loanAmount – downPayment;
const numerator = interestRate * Math.pow(1 + interestRate, loanTerm);
const denominator = Math.pow(1 + interestRate, loanTerm) – 1;
const monthlyPayment = loanAmountAfterDownPayment * (numerator / denominator);
document.getElementById(‘monthlyPayment’).value = monthlyPayment.toFixed(2);
}
