Fixed
Variable
Monthly Payment: $0.00
Total Loan Repayment: $0.00
function calculateHomeLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12;
const loanType = document.getElementById(“loanType”).value;
if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanAmount <= 0 || loanTerm <= 0 || interestRate <= 0) {
alert("Please enter valid numbers for all fields.");
return;
}
let monthlyPayment, totalRepayment;
if (loanType === "fixed") {
const numPayments = loanTerm * 12;
const monthlyRate = interestRate;
monthlyPayment = loanAmount * monthlyRate / (1 – Math.pow(1 + monthlyRate, -numPayments));
} else {
const numPayments = loanTerm * 12;
monthlyPayment = (loanAmount / numPayments) + (loanAmount * interestRate); // Variable rate estimation
}
totalRepayment = monthlyPayment * loanTerm * 12;
document.getElementById("monthlyPayment").textContent = monthlyPayment.toFixed(2);
document.getElementById("totalRepayment").textContent = totalRepayment.toFixed(2);
}
