Lowest Possible Home Loan Rate Calculator

function calculateHomeLoanRate() { var loanAmount = parseFloat(document.getElementById(‘loanAmount’).value); var loanTerm = parseInt(document.getElementById(‘loanTerm’).value); var interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100; if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanAmount <= 0 || loanTerm <= 0 || interestRate <= 0) { alert("Please enter valid positive values for all fields."); return; } var monthlyRate = interestRate / 12; var numberOfPayments = loanTerm * 12; var monthlyPayment = loanAmount * monthlyRate / (1 – Math.pow(1 + monthlyRate, -numberOfPayments)); document.getElementById('monthlyPayment').value = monthlyPayment.toFixed(2); var explanation = `Inputs:
Loan Amount: $${loanAmount.toFixed(2)}
Loan Term: ${loanTerm} years
Interest Rate: ${interestRate * 100}%

`; explanation += `Formula:
Monthly Payment = Loan Amount × Monthly Interest Rate ÷ (1 – (1 + Monthly Interest Rate)^(-Number of Payments))

`; explanation += `Result:
Monthly Payment: $${monthlyPayment.toFixed(2)}
`; document.getElementById(‘explanationSteps’).innerHTML = explanation; } function toggleExplanation() { var explanationDiv = document.getElementById(‘explanationSteps’); var toggleArrow = document.getElementById(‘toggleArrow’); if (explanationDiv.style.display === “none” || explanationDiv.style.display === “”) { explanationDiv.style.display = “block”; toggleArrow.style.transform = “rotate(180deg)”; } else { explanationDiv.style.display = “none”; toggleArrow.style.transform = “rotate(0deg)”; } }