Loan Calculator - Mortgage Loan Amount ($): Interest Rate (%): Loan Term (years): Repayment Frequency: Monthly Annually Monthly Repayment ($): Calculate Repayment function calculateRepayment() { let loanAmount = document.getElementById("loanAmount").value; let interestRate = document.getElementById("interestRate").value / 100; let repaymentFrequency = document.getElementById('repaymentFreq').value; let loanTerm = document.getElementById('loanTerm').value; let monthsInYear; if (repaymentFrequency == "annually") { monthsInYear = 12; loanTerm *= 12; } else { monthsInYear = 1; } let r = interestRate / monthsInYear; let numerator = r * Math.pow((1 + r), loanTerm); let denominator = Math.pow((1 + r), loanTerm) - 1; let monthlyRepayment = Math.round(loanAmount * (numerator / denominator)); document.getElementById('monthlyRepayment').value = monthlyRepayment; } What Is A Loan Calculator? A loan calculator is a simple tool that can help you figure out the details of your loan. With a loan calculator, you can quickly find out the rate, total costs, and monthly payments associated with your loan. It’s easy to use and can provide you with a great deal of information about your loan. With an understanding of your loan’s rate, cost, and monthly payment, you will have a better sense of if it’s the right loan for you and what kind of financial commitment you’re getting into. What Do Loan Calculators Do? A loan calculator is designed to provide you with an accurate understanding of what your loan will cost you over the course of its life. It will provide you with the total amount of money you’ll pay in interest and the amount of your monthly payments. By entering your loan amount, interest rate, and repayment period, the loan calculator can provide an estimate of the total amount you will pay. This calculation will be based on the length of your loan, the rate at which you’re borrowing, and the time it takes to repay the loan. Different Types of Loan Calculators There are a variety of loan calculator options available. Depending on the type of loan you’re considering, different calculators may be better options. Some of the most common loan calculators include mortgage loan calculators, auto loan calculators, and student loan calculators. Mortgage Loan Calculators Mortgage loan calculators are loan calculators specifically designed for mortgages. They help homeowners figure out the details of their mortgage, such as rates, monthly payments, and more. Mortgage loan calculators allow homeowners to see the total cost of their mortgage, including interest over the life of the loan. These calculators offer a good overview of what a mortgage will cost you and what you’ll need to pay each month. Auto Loan Calculators Auto loan calculators are loan calculators specifically designed for auto loans. They are used to help car buyers understand the details of their loan, such as monthly payments, total costs, and more. Auto loan calculators help you find out how much money you’ll need to borrow to buy a car and what kind of monthly payments you’ll have to make. These calculators also allow you to compare different auto loan offers from different lenders. Student Loan Calculators Student loan calculators are loan calculators specifically designed for student loans. They help students figure out the details of their loan, such as total cost, monthly payments, and more. Student loan calculators help students understand the amount of money they’ll need to borrow and what kind of monthly payments they’ll have to make. These calculators allow students to compare different student loan offers from different lenders. Conclusion The use of loan calculators can provide you with a better understanding of the loans you’re considering. Loan calculators provide you with an overview of the total cost of a loan, the rate, and the monthly payments associated with it. Mortgage loan calculators, auto loan calculators, and student loan calculators are all different types of loan calculators that can help you decide if a loan is right for you. Use a loan calculator to help you make informed decisions and understand the true costs of the loan you’re considering.