15 Year Home Loan Calculator - Savvy Calculator

Introduction

Calculating the repayment amount for a 15-year home loan can be a crucial step in financial planning. To simplify this process, a user-friendly calculator can be a handy tool. In this article, we will provide you with a simple and effective HTML and JS code for a 15-Year Home Loan Calculator.

How to Use

Enter the loan amount in the designated input field.
Input the annual interest rate as a percentage.
Specify the loan term in years.
Click the “Calculate” button to get the monthly repayment amount.

Formula

The formula to calculate the monthly payment for a fixed-rate mortgage is given by:

$M = P \times ( 1 + r ) ^{n} - 1 r ( 1 + r ) ^{n}$

Where:

$M$ is the monthly payment.
$P$ is the principal loan amount.
$r$ is the monthly interest rate (annual rate divided by 12 and converted to a decimal).
$n$ is the total number of payments (loan term multiplied by 12).

Example

Suppose you have a home loan of $200,000, an annual interest rate of 4%, and a 15-year term.

$P = 200, 000$

$r = 12 0.04$

$n = 15 \times 12$

Plugging these values into the formula will give you the monthly payment.

FAQs

Q: Can I leave the input fields blank?

A: No, all input fields must be filled to calculate the monthly payment accurately.

Q: How is the interest rate calculated monthly?

A: The annual interest rate is divided by 12 and converted to a decimal to get the monthly rate.

Conclusion

Using a 15-Year Home Loan Calculator can greatly assist in planning your finances and understanding the monthly repayment commitment. The provided HTML and JS code offer a simple and efficient way to calculate the monthly payment for your home loan.