Mortgage Payment Calculator with PMI
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
line-height: 1.6;
margin: 0;
padding: 20px;
background-color: #f8f9fa;
color: #333;
}
.loan-calc-container {
max-width: 800px;
margin: 20px auto;
padding: 30px;
background-color: #ffffff;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 25px;
}
.input-group {
margin-bottom: 20px;
padding: 15px;
background-color: #eef4f8;
border-radius: 5px;
border: 1px solid #cce0f0;
display: flex;
flex-wrap: wrap;
gap: 15px;
align-items: center;
}
.input-group label {
flex: 0 0 150px;
font-weight: bold;
color: #004a99;
margin-right: 10px;
}
.input-group input[type="number"],
.input-group input[type="range"],
.input-group select {
flex: 1 1 200px;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
font-size: 1rem;
}
.input-group input[type="range"] {
cursor: pointer;
margin-top: 5px;
}
button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #004a99;
color: white;
border: none;
border-radius: 5px;
font-size: 1.1rem;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
button:hover {
background-color: #003366;
}
#result {
margin-top: 30px;
padding: 25px;
background-color: #d4edda;
border: 1px solid #c3e6cb;
border-radius: 5px;
text-align: center;
}
#result h3 {
margin-top: 0;
color: #155724;
font-size: 1.5rem;
}
#result-total-payment,
#result-pmi {
font-size: 2rem;
font-weight: bold;
color: #28a745;
display: block;
margin-top: 10px;
}
#result-pmi {
color: #dc3545; /* Red for PMI warning */
}
.article-section {
margin-top: 40px;
padding: 25px;
background-color: #f0f8ff;
border: 1px solid #ddeeff;
border-radius: 5px;
}
.article-section h2 {
color: #004a99;
text-align: left;
margin-bottom: 15px;
}
.article-section p, .article-section ul {
color: #555;
}
.article-section strong {
color: #004a99;
}
@media (max-width: 600px) {
.input-group {
flex-direction: column;
align-items: flex-start;
}
.input-group label {
flex: 0 0 auto;
margin-bottom: 5px;
}
.input-group input[type="number"],
.input-group input[type="range"],
.input-group select {
width: 100%;
flex: 0 0 auto;
}
}
Mortgage Payment Calculator with PMI
Calculate your estimated monthly mortgage payment, including Principal, Interest, Taxes, Insurance, and Private Mortgage Insurance (PMI).
Your Estimated Monthly Payment:
$0.00
Includes Principal, Interest, Taxes, Insurance, and PMI.
Estimated PMI: $0.00
Understanding Your Mortgage Payment with PMI
Securing a home is a significant financial undertaking. Your monthly mortgage payment is typically comprised of several components, and for many homeowners, it also includes Private Mortgage Insurance (PMI). This calculator helps you estimate your total monthly housing expense.
The Components of Your Monthly Mortgage Payment:
- Principal: The portion of your payment that goes towards paying down the actual amount you borrowed.
- Interest: The cost of borrowing the money, calculated based on your loan's interest rate and the outstanding balance.
- Taxes: Your estimated annual property taxes, divided by 12 and included in your monthly payment. Lenders collect this to ensure taxes are paid on time.
- Insurance: Your estimated annual homeowner's insurance premium, divided by 12. Similar to taxes, this is collected by the lender to guarantee insurance coverage.
- Private Mortgage Insurance (PMI): This is an insurance policy that protects the lender if you default on your loan. PMI is typically required when your down payment is less than 20% of the home's purchase price. The cost varies but is often a percentage of your loan amount annually, paid monthly.
How PMI Works:
PMI is a crucial safeguard for lenders when a borrower has a lower down payment. It helps mitigate their risk. The PMI rate is usually determined by your credit score, loan-to-value ratio (LTV), and the type of loan. Once your equity in the home reaches 20% of its original value (or the appraised value at the time of purchase), you can typically request to have PMI removed from your monthly payment. Some loans may have automatic PMI termination clauses once a certain equity threshold is met or the loan reaches a specific age.
The Calculation Behind the Calculator:
This calculator estimates your monthly payment using the following steps:
- Loan Amount: Calculated as
Home Price - Down Payment.
- Monthly Interest Rate: Calculated as
Annual Interest Rate / 12.
- Number of Payments: Calculated as
Loan Term (in years) * 12.
- Principal and Interest (P&I) Payment: Using the standard mortgage payment formula (M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]), where:
- M = Monthly Payment (P&I only)
- P = Principal Loan Amount
- i = Monthly Interest Rate
- n = Total Number of Payments
- Monthly Property Taxes: Calculated as
Annual Property Taxes / 12.
- Monthly Homeowner's Insurance: Calculated as
Annual Homeowner's Insurance / 12.
- Estimated Monthly PMI: Calculated as
(Loan Amount * PMI Rate) / 12. This is only included if the loan-to-value ratio (LTV) implied by the down payment is greater than 80%.
- Total Estimated Monthly Payment: Sum of P&I Payment + Monthly Property Taxes + Monthly Homeowner's Insurance + Estimated Monthly PMI.
Note: This calculator provides an estimate. Actual mortgage payments may vary based on lender fees, specific loan terms, escrow impound requirements, and the exact calculation methods used by your mortgage provider.
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var annualTaxes = parseFloat(document.getElementById("annualTaxes").value);
var annualInsurance = parseFloat(document.getElementById("annualInsurance").value);
var pmiRate = parseFloat(document.getElementById("pmiRate").value);
var resultTotalPayment = document.getElementById("result-total-payment");
var resultPmiDisplay = document.getElementById("result-pmi");
var pmiWarning = document.getElementById("pmi-warning");
// Clear previous results and warnings
resultTotalPayment.textContent = "$0.00";
resultPmiDisplay.textContent = "$0.00";
pmiWarning.style.display = 'none';
// Input validation
if (isNaN(homePrice) || homePrice <= 0) {
alert("Please enter a valid Home Price.");
return;
}
if (isNaN(downPayment) || downPayment < 0) {
alert("Please enter a valid Down Payment amount.");
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
alert("Please select a valid Loan Term.");
return;
}
if (isNaN(interestRate) || interestRate <= 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(annualTaxes) || annualTaxes < 0) {
alert("Please enter a valid Annual Property Taxes amount.");
return;
}
if (isNaN(annualInsurance) || annualInsurance < 0) {
alert("Please enter a valid Annual Homeowner's Insurance amount.");
return;
}
if (isNaN(pmiRate) || pmiRate < 0) {
alert("Please enter a valid PMI Rate.");
return;
}
var loanAmount = homePrice – downPayment;
if (loanAmount 0) {
pniPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle 0% interest rate case (though unlikely for mortgages)
pniPayment = loanAmount / numberOfPayments;
}
var monthlyTaxes = annualTaxes / 12;
var monthlyInsurance = annualInsurance / 12;
var monthlyPmi = 0;
// Check if PMI is likely required (Down payment < 20% of home price)
if (downPayment < (homePrice * 0.20)) {
monthlyPmi = (loanAmount * (pmiRate / 100)) / 12;
pmiWarning.style.display = 'block';
resultPmiDisplay.textContent = "$" + monthlyPmi.toFixed(2);
}
var totalMonthlyPayment = pniPayment + monthlyTaxes + monthlyInsurance + monthlyPmi;
resultTotalPayment.textContent = "$" + totalMonthlyPayment.toFixed(2);
}