Home Loan Prepayment Calculator
function calculateLoan() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12;
const loanTerm = parseFloat(document.getElementById(“loanTerm”).value) * 12;
const prepaymentAmount = parseFloat(document.getElementById(“prepaymentAmount”).value);
const remainingTerm = parseFloat(document.getElementById(“remainingTerm”).value) * 12;
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(prepaymentAmount) || isNaN(remainingTerm)) {
alert(“Please enter valid values for all fields.”);
return;
}
const EMI = (loanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
const newLoanAmount = loanAmount – prepaymentAmount;
const newEMI = (newLoanAmount * interestRate) / (1 – Math.pow(1 + interestRate, -remainingTerm));
const totalInterestSavings = EMI * loanTerm – newEMI * remainingTerm;
document.getElementById(“monthlyEMI”).value = EMI.toFixed(2);
document.getElementById(“newEMI”).value = newEMI.toFixed(2);
document.getElementById(“totalInterest”).value = totalInterestSavings.toFixed(2);
}
function resetLoan() {
document.querySelectorAll(“#homeLoanPrepaymentCalculator input”).forEach(el => el.value = “”);
}
