mortgage-repayment-calculator

Hi @Hexerse,

Congratulations on successfully completing the challenge!

Your solution looks nice, though there are a couple of things you can improve, which I hope will be helpful:

Mortgage Calculation Information

There are two main types of mortgage calculations based on the type of mortgage: Repayment and Interest Only.

1. Repayment Mortgage For a repayment mortgage, each monthly payment includes both interest and a portion of the principal. The formula to calculate the monthly payment (M) is:

   M = P * { [r(1+r)^n] / [(1+r)^n - 1] }

   Where:

   • ( M ) is the monthly payment.
   • ( P ) is the principal loan amount.
   • ( r ) is the monthly interest rate (annual interest rate divided by 12).
   • ( n ) is the number of payments (loan term in years multiplied by 12).

2. Interest-Only Mortgage For an interest-only mortgage, you only pay the interest on the loan each month. The principal is not reduced. The formula for the monthly interest payment (M) is:

   M = P * r

   Where:

   • ( M ) is the monthly interest payment.
   • ( P ) is the principal loan amount.
   • ( r ) is the monthly interest rate (annual interest rate divided by 12).

Example

Let's assume the following details for a mortgage:

• Mortgage Amount (P): $200,000
• Mortgage Term: 30 years
• Interest Rate: 5% annual
• Mortgage Type: Repayment

Repayment Mortgage Calculation

1. Convert the annual interest rate to a monthly rate:

   r = {5%}/{12} = {0.05}/{12} = 0.004167

2. Calculate the total number of payments:

   n = 30 * 12 = 360

3. Plug these values into the formula:

   M = 200,000 * [ {0.004167(1+0.004167)^{360}} / {(1+0.004167)^{360} - 1}]

4. Calculate:

   M = 200,000 * 0.004167 * 4.4677 / 3.4677 = 200,000 * 0.001282 = 1027.04

   So, the monthly payment for a repayment mortgage would be approximately $1,027.04.

Interest-Only Mortgage Calculation

1. Convert the annual interest rate to a monthly rate:

   r = {5%} / {12} = {0.05} / {12} = 0.004167

2. Calculate the monthly interest payment:

   M = 200,000 \times 0.004167 = 833.33

   So, the monthly payment for an interest-only mortgage would be $833.33.

These formulas will help you calculate the mortgage repayments for both types of mortgages.

Design Improvements

1. Border Radius:

   • Add a border radius to .mortgage__calculator and the bottom-left radius to .results__empty to improve the design.

   .mortgage__calculator {
     border-radius: 10px;
   }
   
   .results__empty {
     border-bottom-left-radius: 25%;
   }
   

2. Centering the Mortgage Calculator:

   • Align the .mortgage__calculator to the center by making changes to the body styles. Use align-items: center instead of align-content, and change the height to 100vh instead of 100%.

   body {
     display: flex;
     justify-content: center;
     align-items: center;
     height: 100vh;
   }
   

I hope you find this helpful.

Feel free to reach out if you have more questions or need further assistance.

Happy coding!