Loan Calculator – Interest Only with Balloon Payment
Calculate your loan payments based on interest only payments with a final balloon payment.
Loan Details
Monthly Payment: $
Total Interest Paid: $
Total Amount Paid (including balloon): $
function calculateLoan() {
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 balloonPayment = parseFloat(document.getElementById(‘balloonPayment’).value);
if(isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(balloonPayment)) {
alert(‘Please fill in all fields correctly.’);
return;
}
const interestOnlyPayment = loanAmount * interestRate;
const totalInterest = (interestOnlyPayment * loanTerm) – loanAmount;
const totalPaid = loanAmount + totalInterest + balloonPayment;
document.getElementById(‘monthlyPaymentValue’).textContent = interestOnlyPayment.toFixed(2);
document.getElementById(‘totalInterestValue’).textContent = totalInterest.toFixed(2);
document.getElementById(‘totalAmountPaidValue’).textContent = totalPaid.toFixed(2);
document.getElementById(‘results’).style.display = ‘block’;
}
