Usage:

The Construction Loan Calculator allows users to estimate their monthly payments, total repayment amount, and total interest for a construction loan. Users need to input:

• Loan amount
• Annual interest rate
• Loan term (in months)

After clicking the “Calculate” button, the results will be displayed.

How It Works:

1. User Inputs:
   • The user enters the loan amount, interest rate, and loan term in months.
2. Calculation Process:
   • The script fetches the input values and applies the loan formula: M=P×r(1+r)n(1+r)n−1M = P \times \dfrac{r(1+r)^n}{(1+r)^n – 1}M=P×(1+r)n−1r(1+r)n​
   • Where:
     • M = Monthly Payment
     • P = Principal Loan Amount
     • r = Monthly Interest Rate (Annual Rate / 12 / 100)
     • n = Loan Term in Months
3. Display Results:
   • The script updates the Monthly Payment, Total Payment, and Total Interest dynamically.

Features:

• Simple user-friendly interface
• Instant calculations on button click
• Displays total payment & interest
• Fully responsive design with CSS styling
• Works with any loan amount, interest rate, and term