Free Mortgage Calculator Tool

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Free Mortgage Calculator Tool :root { –primary-blue: #004a99; –success-green: #28a745; –light-background: #f8f9fa; –white: #ffffff; –gray-border: #dee2e6; } body { font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif; line-height: 1.6; color: #333; background-color: var(–light-background); margin: 0; padding: 20px; display: flex; justify-content: center; align-items: flex-start; min-height: 100vh; } .loan-calc-container { background-color: var(–white); padding: 30px; border-radius: 8px; box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1); width: 100%; max-width: 700px; box-sizing: border-box; } h1, h2 { color: var(–primary-blue); text-align: center; margin-bottom: 20px; } .input-group { margin-bottom: 18px; display: flex; flex-direction: column; } .input-group label { font-weight: 600; margin-bottom: 8px; color: #555; display: block; } .input-group input[type="number"], .input-group input[type="range"] { padding: 12px; border: 1px solid var(–gray-border); border-radius: 4px; font-size: 1rem; width: calc(100% – 24px); /* Adjust for padding */ box-sizing: border-box; } .input-group input[type="range"] { width: 100%; cursor: pointer; } .slider-container { display: flex; align-items: center; gap: 15px; } .slider-container span { font-size: 0.9rem; color: #6c757d; min-width: 60px; text-align: right; } button { background-color: var(–primary-blue); color: var(–white); border: none; padding: 12px 20px; border-radius: 4px; font-size: 1.1rem; cursor: pointer; transition: background-color 0.3s ease; width: 100%; margin-top: 10px; } button:hover { background-color: #003b7a; } #result { background-color: var(–success-green); color: var(–white); padding: 20px; margin-top: 30px; border-radius: 4px; text-align: center; font-size: 1.5rem; font-weight: bold; box-shadow: inset 0 0 10px rgba(0, 0, 0, 0.1); } #result p { margin: 0; font-size: 1rem; font-weight: normal; color: rgba(255, 255, 255, 0.9); } #result span { font-size: 1.8rem; display: block; margin-top: 5px; } .article-section { margin-top: 40px; padding-top: 20px; border-top: 1px solid var(–gray-border); } .article-section h2 { text-align: left; margin-bottom: 15px; } .article-section p, .article-section ul, .article-section li { color: #444; margin-bottom: 15px; } .article-section ul { padding-left: 20px; } strong { color: var(–primary-blue); } /* Responsive adjustments */ @media (max-width: 600px) { .loan-calc-container { padding: 20px; } .slider-container { flex-direction: column; align-items: flex-start; } .slider-container span { margin-top: 5px; text-align: left; } #result span { font-size: 1.5rem; } }

Mortgage Payment Calculator

Calculate your estimated monthly mortgage payment.

4.0%
30 Years

Your Estimated Monthly Payment:

$0.00

Understanding Your Mortgage Payment

A mortgage is a loan used to purchase real estate. The monthly payment for a mortgage typically includes principal and interest. This calculator helps you estimate that principal and interest payment based on the loan amount, interest rate, and loan term. It does not include property taxes, homeowners insurance, or private mortgage insurance (PMI), which are often escrowed and added to your total monthly housing cost.

The Math Behind the Calculation

The standard formula for calculating a fixed-rate mortgage payment (M) is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

  • M = Your total monthly mortgage payment (principal and interest)
  • P = The principal loan amount (the amount you borrow)
  • i = Your monthly interest rate. This is the annual interest rate divided by 12. For example, a 6% annual rate becomes 0.06 / 12 = 0.005 per month.
  • n = The total number of payments over the loan's lifetime. This is the loan term in years multiplied by 12. For example, a 30-year mortgage has 30 * 12 = 360 payments.

How to Use This Calculator

Simply enter the following information into the fields above:

  • Loan Amount: The total amount of money you plan to borrow for the home.
  • Annual Interest Rate: The yearly interest rate offered by your lender (as a percentage).
  • Loan Term (Years): The total number of years you have to repay the loan. Common terms are 15 or 30 years.

Click the "Calculate Monthly Payment" button to see your estimated P&I payment.

Example Calculation

Let's say you are looking to buy a home and need a mortgage with the following details:

  • Loan Amount (P): $350,000
  • Annual Interest Rate: 5.5%
  • Loan Term: 30 years

First, we convert these to the formula's variables:

  • P = $350,000
  • i = 5.5% / 12 = 0.055 / 12 ≈ 0.00458333
  • n = 30 years * 12 months/year = 360 payments

Plugging these into the formula:

M = 350,000 [ 0.00458333(1 + 0.00458333)^360 ] / [ (1 + 0.00458333)^360 – 1]

Calculating this would yield an estimated monthly principal and interest payment of approximately $1,986.59. This calculator performs these exact steps to provide your estimate.

Important Considerations

Remember that this calculator provides an estimate for Principal and Interest (P&I) only. Your actual total monthly housing expense (often called your PITI payment) will likely be higher due to:

  • Property Taxes: Paid to your local government.
  • Homeowners Insurance: Required by lenders to protect against damage.
  • Private Mortgage Insurance (PMI): If your down payment is less than 20% of the home's value.

Always consult with a mortgage professional for a precise quote tailored to your financial situation.

function calculateMortgage() { var principal = parseFloat(document.getElementById("loanAmount").value); var annualRate = parseFloat(document.getElementById("annualInterestRate").value); var years = parseInt(document.getElementById("loanTermYears").value); var resultDiv = document.getElementById("result"); var resultSpan = resultDiv.getElementsByTagName("span")[0]; if (isNaN(principal) || principal <= 0 || isNaN(annualRate) || annualRate <= 0 || isNaN(years) || years <= 0) { resultSpan.textContent = "Invalid input"; return; } var monthlyRate = annualRate / 100 / 12; var numberOfPayments = years * 12; // Calculate monthly payment using the mortgage formula var numerator = principal * monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments); var denominator = Math.pow(1 + monthlyRate, numberOfPayments) – 1; var monthlyPayment = numerator / denominator; if (isNaN(monthlyPayment) || !isFinite(monthlyPayment)) { resultSpan.textContent = "Calculation Error"; return; } resultSpan.textContent = "$" + monthlyPayment.toFixed(2); } // Update slider value display and calculate on initial load document.addEventListener('DOMContentLoaded', function() { var rateSlider = document.getElementById("annualInterestRate"); var rateValueSpan = document.getElementById("annualInterestRateValue"); rateValueSpan.textContent = parseFloat(rateSlider.value).toFixed(1) + "%"; rateSlider.oninput = function() { rateValueSpan.textContent = parseFloat(this.value).toFixed(1) + "%"; calculateMortgage(); }; var termSlider = document.getElementById("loanTermYears"); var termValueSpan = document.getElementById("loanTermYearsValue"); termValueSpan.textContent = termSlider.value + " Years"; termSlider.oninput = function() { termValueSpan.textContent = this.value + " Years"; calculateMortgage(); }; // Initial calculation on page load calculateMortgage(); }); // Recalculate when input values change document.getElementById("loanAmount").addEventListener("input", calculateMortgage);

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