Home Loan Repayment Calculator Excel

Home Loan Repayment Calculator

Loan Amount ($) Interest Rate (%) Loan Term (Years) Monthly Repayment ($) Total Repayment ($) Total Interest Paid ($)

function calculateLoanRepayment(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value) * 12; if(isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm el.value = “”); }

This home loan repayment calculator helps you determine your monthly repayment, total repayment amount, and the total interest you will pay over the loan term. Enter your loan amount, interest rate, and loan term to calculate the results.

Formula:

Monthly Repayment = Loan Amount × Interest Rate ÷ (1 – (1 + Interest Rate) ^ -Loan Term)

Example Calculation:

If you have a $250,000 loan, with a 3.5% annual interest rate, and a 30-year term, your monthly repayment would be approximately $1,123.53. The total repayment would be $404,869.10, and the total interest paid would be $154,869.10.

Why It Matters

Understanding how much you will pay each month, as well as the total cost of the loan over its term, is crucial in planning your financial future and making informed decisions about your home loan.