Estimate Your Monthly Mortgage Payment
function calculateMortgage() {
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 (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(downPayment)) {
alert(“Please enter valid values for all fields.”);
return;
}
const principal = loanAmount – downPayment;
const monthlyPayment = (principal * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
const totalPayment = monthlyPayment * loanTerm;
const totalInterest = totalPayment – principal;
document.getElementById(“result”).innerHTML = `
Monthly Payment: $${monthlyPayment.toFixed(2)}
Total Payment: $${totalPayment.toFixed(2)}
Total Interest: $${totalInterest.toFixed(2)}
`;
}
