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Mortgage Payment Calculator

I am attempting to incorporate a 7 year loan as well as a 15 year loan into the following code and these two loans would have different interest rates than the 30 year loan I have already programmed. I need some assistance on how to incorporate a 7 year loan @ 5.35% and a 15 year loan @ 5.5% into my current code which compiles very nicely:

import java.io.*;
import java.util.Date;
import java.text.DecimalFormat;

public class Mortgage

{
public static void main(String[] args)

{

Date currentDate = new Date();
//Date Constructor
DecimalFormat decimalPlaces = new DecimalFormat("$0.00");

//Declaring Variables
double dPrincipal = 200000.00; //Total Loan or Principal Amount
double dInterest = .0575; //Interest Rate all Payments are Calculated at
double dTerm = 12*30; //Total Term of Loan in Months
double dMonthlyInterest = dInterest/12;

//Declaring Variables

final double dMonthly = dPrincipal * (dMonthlyInterest / (1 - Math.pow(1 + dMonthlyInterest,-dTerm)));
//The above formula calculates and determines the exact monthly payment based upon input

//The following code will display the output of the program
System.out.println("\t\t" + currentDate);
System.out.println("\t\tThe Total Loan Amount is: " + decimalPlaces.format(dPrincipal));
System.out.println("\t\tThe Calculated Interest Rate is: " + dInterest);
System.out.println("\t\tThe Total Number of Monthly Payments is: " + dTerm);
System.out.println("\t\tThe Total Monthly Payment is: " + decimalPlaces.format(dMonthly));

}

}

Any help would be greatly appreciated. Thank you

mukundha_expert

do you mean that for the fixed principal ( 200000 ), you have to show thw loan amount , interest rate, monthly payment for 30yrs, 15 yrs, 7 yrs resply.

mukundha_expert

if that is the case,

add,

double dInt[] = { 0.0535, 0.055, 0.0575 } ;
double dTerms[] = { 7,15,30 } ;


      for ( int i = 0 ; i < 3 ; i ++ )
      {
      //Declaring Variables
      double dPrincipal = 200000.00; //Total Loan or Principal Amount
      double dInterest = dInt [ i ]; //Interest Rate all Payments are Calculated at
      double dTerm = 12* dTerms [i ]; //Total Term of Loan in Months
      double dMonthlyInterest = dInterest/12;
//calculate and print
}

waw9667

ASKER

Only a single payment for each loan term though. My current code shows what a $200,000 loan monthly payment would be on a 30 year loan at 5.75% interest rate. If you compile what I already have, I basically need to do the same exact thing for a 7 year loan at 5.35% interest rate and a 15 year loan at 5.5% interest rate. To answer your question,
yes. However, I already have the 30 year portion completed.

mukundha_expert

     double dInt[] = { 0.0535, 0.055, 0.0575 } ;
      double dTerms[] = { 7,15,30 } ;


      for ( int i = 0 ; i < 3 ; i ++ )
      {
      //Declaring Variables
      double dPrincipal = 200000.00; //Total Loan or Principal Amount
      double dInterest = dInt [ i ]; //Interest Rate all Payments are Calculated at
      double dTerm = 12* dTerms [i ]; //Total Term of Loan in Months
      double dMonthlyInterest = dInterest/12;


      //Declaring Variables

      final double dMonthly = dPrincipal * (dMonthlyInterest / (1 - Math.pow(1 + dMonthlyInterest,-dTerm)));
      //The above formula calculates and determines the exact monthly payment based upon input

      //The following code will display the output of the program
      System.out.println("\t\t" + currentDate);
      System.out.println("\t\tThe Total Loan Amount is: " + decimalPlaces.format(dPrincipal));
      System.out.println("\t\tThe Calculated Interest Rate is: " + dInterest);
      System.out.println("\t\tThe Total Number of Monthly Payments is: " + dTerm);
      System.out.println("\t\tThe Total Monthly Payment is: " + decimalPlaces.format(dMonthly));

      System.out.println( "" ) ;
}

have you tried this,

waw9667

ASKER

Did I add something in the wrong place ? It contains three errors. I probably did.

import java.io.*;
import java.util.Date;
import java.text.DecimalFormat;

public class Mortgage

{
public static void main(String[] args)
double dInt[] = {0.0535,0.055,0.0575};
double dTerms[] = {7,15,30};

for ( int i = 0 ; i < 3 ; i ++ )
{

Date currentDate = new Date();
//Date Constructor
DecimalFormat decimalPlaces = new DecimalFormat("$0.00");

//Declaring Variables
double dPrincipal = 200000.00; //Total Loan or Principal Amount
double dInterest = dInt[i]; //Interest Rate all Payments are Calculated at
double dTerm = 12*dTerms[i]; //Total Term of Loan in Months
double dMonthlyInterest = dInterest/12;
//Calculate and print

//Declaring Variables

final double dMonthly = dPrincipal * (dMonthlyInterest / (1 - Math.pow(1 + dMonthlyInterest,-dTerm)));
//The above formula calculates and determines the exact monthly payment based upon input

//The following code will display the output of the program
System.out.println("\t\t" + currentDate);
System.out.println("\t\tThe Total Loan Amount is: " + decimalPlaces.format(dPrincipal));
System.out.println("\t\tThe Calculated Interest Rate is: " + dInterest);
System.out.println("\t\tThe Total Number of Monthly Payments is: " + dTerm);
System.out.println("\t\tThe Total Monthly Payment is: " + decimalPlaces.format(dMonthly));

}
}

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waw9667

ASKER

Thanks again for sharing your incredible knowledge and wisdom with a beginner like myself. I work in the IT field but this programming thing is just too new for me right now. Have a great day !!

mukundha_expert

:)
Cheers