**Introduction**

Calculating the 15-year payment for a loan is a crucial step in financial planning. Whether you are taking out a mortgage or assessing the affordability of a loan, a 15-year payment calculator can be a valuable tool. In this article, we will provide you with an efficient calculator code in HTML and JS, ensuring accurate results for your financial needs.

**How to Use**

- Input the loan amount in the designated field.
- Enter the annual interest rate.
- Fill in the loan term, which is 15 years in this case.
- Click the “Calculate” button to obtain the monthly payment.

**Formula**

The formula for calculating the monthly payment (PMT) on a loan is given by:

$PMT=(+r)n−P×r×(+r)n $

Where:

- $P$ is the 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 in years multiplied by 12).

**Example**

Let’s consider a loan amount of $200,000, an annual interest rate of 4%, and a 15-year term.

$PMT=(+)15×12−,××(+)15×12 $

**FAQs**

**Q: Why is the 15-year payment calculator important?**

A: It helps you estimate the monthly payments for a loan with a fixed term, aiding in budgeting and financial planning.

**Q: Can I use this calculator for any type of loan?**

A: Yes, as long as the loan has a fixed interest rate and term.

**Q: Is the formula used here accurate?**

A: Yes, the formula is widely accepted and provides accurate results for fixed-rate loans.

**Q: Can I include additional costs in the loan amount?**

A: No, this calculator considers only the principal loan amount and interest rate.

**Conclusion**

In conclusion, the 15-year payment calculator is a valuable tool for anyone planning to take out a loan with a fixed term. The provided HTML and JS code ensures an accurate calculation of monthly payments, enhancing your financial decision-making process.