Add Down Payment to Mortgage Calculator

Not sure how to write the formula so if the user calculates a down payment, it would show( I can show a down payment) ) new monthly payment and a new loan amount. It seems like you would need a hidden field to make the calculations work? but I don’t think this is an option.

Hi @David_Cooney :wave:

Do I understand right that you just want to calculate a new monthly payment and a new loan amount based on the entered down payment value?

If I misunderstood you, please elaborate on your idea. I’ll gladly look into this for you :slightly_smiling_face:

I believe that is correct. I have the down payment set up as a percentage, but that’s as far as I have gotten.
and , thank you!

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Hi @David_Cooney :wave:

I see that my colleague Anna has already shared the correct formulas for the New Loan Amount and Monthly Payment calculations.

New Loan Amount: Loan Amount * (1 - Down Payment / 100)

Monthly Payment: (New Loan Amount * Interest Rate/(12 * 100))/(1-(1+Interest Rate/(12 * 100))^ (-12 * Loan Period))

As for the hiding New Loan Amount results in the right column, Anna has forwarded your request to the devs.

She’ll keep you updated :slightly_smiling_face: