.mortgage-calculator-container {
font-family: Arial, sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ddd;
border-radius: 8px;
background-color: #f9f9f9;
}
.mortgage-calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.mortgage-calculator-input-group {
margin-bottom: 15px;
display: flex;
align-items: center;
}
.mortgage-calculator-input-group label {
flex: 1;
margin-right: 10px;
color: #555;
font-weight: bold;
}
.mortgage-calculator-input-group input {
flex: 2;
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box; /* Important for flexbox */
}
.mortgage-calculator-input-group input[type="number"] {
text-align: right;
}
.mortgage-calculator-button {
display: block;
width: 100%;
padding: 10px 15px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 16px;
cursor: pointer;
transition: background-color 0.3s ease;
}
.mortgage-calculator-button:hover {
background-color: #0056b3;
}
.mortgage-calculator-result {
margin-top: 20px;
padding: 15px;
background-color: #e9ecef;
border: 1px solid #ced4da;
border-radius: 4px;
text-align: center;
font-size: 18px;
font-weight: bold;
color: #495057;
}
.mortgage-calculator-result span {
color: #28a745;
}
.mortgage-calculator-article {
margin-top: 30px;
line-height: 1.6;
color: #333;
}
.mortgage-calculator-article h3 {
color: #007bff;
margin-bottom: 10px;
}
.mortgage-calculator-article p {
margin-bottom: 15px;
}
Understanding Your Mortgage Payment
A mortgage is a significant financial commitment, and understanding how your monthly payment is calculated is crucial for responsible homeownership. The primary factors influencing your mortgage payment are the loan amount, the annual interest rate, and the loan term (the duration over which you'll repay the loan).
The monthly mortgage payment typically includes principal and interest (P&I). This calculator focuses on estimating this core component. However, keep in mind that your actual total monthly housing expense will likely be higher as it often includes property taxes, homeowner's insurance, and potentially private mortgage insurance (PMI) or homeowner's association (HOA) fees. These additional costs, often referred to as PITI (Principal, Interest, Taxes, Insurance), are not included in this simplified calculation but are vital considerations when budgeting for a home.
Loan Amount: This is the total sum of money you borrow from the lender to purchase your home. It's the purchase price of the home minus your down payment.
Annual Interest Rate: This is the percentage charged by the lender on the outstanding loan balance. A lower interest rate means you pay less in interest over the life of the loan. Rates fluctuate based on market conditions and your creditworthiness.
Loan Term: This is the length of time you have to repay the loan. Common terms are 15, 20, or 30 years. Shorter terms generally result in higher monthly payments but less total interest paid, while longer terms have lower monthly payments but accumulate more interest over time.
This calculator uses the standard mortgage payment formula to provide an estimate of your Principal and Interest payment.
function calculateMonthlyPayment() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTerm").value);
var resultElement = document.getElementById("result");
if (isNaN(principal) || principal <= 0 ||
isNaN(annualInterestRate) || annualInterestRate < 0 ||
isNaN(loanTermYears) || loanTermYears 0) {
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle zero interest rate case (simple division)
monthlyPayment = principal / numberOfPayments;
}
if (isNaN(monthlyPayment) || !isFinite(monthlyPayment)) {
resultElement.innerHTML = "Calculation error. Please check your inputs.";
return;
}
resultElement.innerHTML = "Estimated Monthly Payment (P&I):