overall-loan-cost

Calculate the overall cost of a loan.

Installation

First install node.js. Then:

npm install overall-loan-cost --save

Usage

Basic usage

Require the module and pass it an object of loan values (amount borrowed, rate, and total loan term in months):

var cost = require('overall-loan-cost');
 
cost({
  amountBorrowed: 300000,
  rate: 4.25,
  totalTerm: 360,
});

This will return the total cost of the loan, total equity of the loan, and the overall cost of the loan (cost + equity):

{
  totalCost: 231295.08,
  totalEquity: 300000,
  overallCost: 531295.08
}

Additional values

You can also include the down payment and closing costs of the loan.

cost({
  amountBorrowed: 300000,
  rate: 4.25,
  totalTerm: 360,
  downPayment: 20000,
  closingCosts: 30000
});

Will return:

{
  totalCost: 261295.08,
  totalEquity: 320000,
  overallCost: 581295.08
}

If you're interested in seeing the costs of a loan for a period that is shorter than the total life of the loan, you can pass the amortizeTerm value in months:

cost({
  amountBorrowed: 255000,
  rate: 4.5,
  totalTerm: 360,
  amortizeTerm: 84,
  downPayment: 45000,
  closingCosts: 6000
})

This will return the total cost, total equity, and overall cost after 7 years:

{
  totalCost: 81449.02,
  totalEquity: 78082.98,
  overallCost: 159531.99
}

Contributing

Please read the Contributing guidelines.

Running Tests

We are using nodeunit to test. To run tests, first install nodeunit and any dependencies via npm:

npm install

Run tests with:

npm test