VA Loan Calculator 2024
Calculate your VA loan eligibility, payments, and other details for 2024 with ease.
function calculateVALoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value);
const downPayment = parseFloat(document.getElementById(‘downPayment’).value);
const militaryService = parseInt(document.getElementById(‘militaryService’).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(downPayment) || isNaN(militaryService)) {
alert(“Please enter valid values.”);
return;
}
// Adjusting interest rate based on service length for VA loans
let adjustedRate = interestRate;
if (militaryService >= 5) {
adjustedRate -= 0.0025; // Reduced rate for longer service
}
const principal = loanAmount – downPayment;
const monthlyRate = adjustedRate / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = (principal * monthlyRate) / (1 – Math.pow(1 + monthlyRate, -numberOfPayments));
const totalLoanCost = monthlyPayment * numberOfPayments + downPayment;
// Display results
document.getElementById(‘monthlyPayment’).value = monthlyPayment.toFixed(2);
document.getElementById(‘totalLoanCost’).value = totalLoanCost.toFixed(2);
}
function resetForm() {
document.getElementById(‘vaLoanCalculatorForm’).reset();
document.getElementById(‘monthlyPayment’).value = ”;
document.getElementById(‘totalLoanCost’).value = ”;
}
