3.00 Interest Rate Calculator

Mortgage Affordability Calculator

Use this calculator to estimate how much you can borrow for a mortgage based on your income, debts, and desired monthly payment.

function calculateMortgageAffordability() { var annualIncome = parseFloat(document.getElementById("annualIncome").value); var monthlyDebtPayments = parseFloat(document.getElementById("monthlyDebtPayments").value); var downPayment = parseFloat(document.getElementById("downPayment").value); var interestRate = parseFloat(document.getElementById("interestRate").value); var loanTerm = parseFloat(document.getElementById("loanTerm").value); var maxDTI = parseFloat(document.getElementById("maxDTI").value); var resultDiv = document.getElementById("result"); resultDiv.innerHTML = ""; // Clear previous results // — Input Validation — if (isNaN(annualIncome) || annualIncome <= 0) { resultDiv.innerHTML = "Please enter a valid annual gross income."; return; } if (isNaN(monthlyDebtPayments) || monthlyDebtPayments < 0) { resultDiv.innerHTML = "Please enter a valid amount for monthly debt payments."; return; } if (isNaN(downPayment) || downPayment < 0) { resultDiv.innerHTML = "Please enter a valid down payment amount."; return; } if (isNaN(interestRate) || interestRate <= 0) { resultDiv.innerHTML = "Please enter a valid annual interest rate."; return; } if (isNaN(loanTerm) || loanTerm <= 0) { resultDiv.innerHTML = "Please enter a valid loan term in years."; return; } if (isNaN(maxDTI) || maxDTI <= 0) { resultDiv.innerHTML = "Please enter a valid maximum debt-to-income ratio."; return; } // — Calculations — // 1. Calculate maximum allowable monthly housing payment var monthlyIncome = annualIncome / 12; var maxTotalDebtPayment = monthlyIncome * (maxDTI / 100); var maxHousingPayment = maxTotalDebtPayment – monthlyDebtPayments; if (maxHousingPayment 0) { maxLoanAmount = maxHousingPayment * (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments)) / monthlyInterestRate; } else { // Handle 0% interest rate case maxLoanAmount = maxHousingPayment * numberOfPayments; } // 3. Calculate maximum home price var maxHomePrice = maxLoanAmount + downPayment; // — Display Results — var formattedMaxLoan = maxLoanAmount.toLocaleString('en-US', { style: 'currency', currency: 'USD' }); var formattedMaxHomePrice = maxHomePrice.toLocaleString('en-US', { style: 'currency', currency: 'USD' }); var formattedMaxHousingPayment = maxHousingPayment.toLocaleString('en-US', { style: 'currency', currency: 'USD' }); resultDiv.innerHTML = "
" + "Estimated Maximum Loan Amount: " + formattedMaxLoan + "" + "Estimated Maximum Home Price (including down payment): " + formattedMaxHomePrice + "" + "Estimated Maximum Monthly Housing Payment (Principal & Interest): " + formattedMaxHousingPayment + "" + "Note: This calculation is an estimate and does not include property taxes, homeowner's insurance, or private mortgage insurance (PMI), which will increase your total monthly housing cost." + "
"; } .calculator-container { font-family: sans-serif; padding: 20px; border: 1px solid #ddd; border-radius: 8px; max-width: 600px; margin: 20px auto; background-color: #f9f9f9; } .calculator-container h2 { text-align: center; margin-bottom: 15px; color: #333; } .calculator-container p { text-align: center; margin-bottom: 25px; color: #555; font-size: 0.95em; } .calculator-inputs { display: grid; grid-template-columns: repeat(auto-fit, minmax(250px, 1fr)); gap: 15px; margin-bottom: 20px; } .form-group { display: flex; flex-direction: column; } .form-group label { margin-bottom: 5px; font-weight: bold; color: #444; } .form-group input[type="number"] { padding: 10px; border: 1px solid #ccc; border-radius: 4px; font-size: 1em; width: calc(100% – 22px); /* Adjust for padding and border */ } .calculator-container button { display: block; width: 100%; padding: 12px 20px; background-color: #007bff; color: white; border: none; border-radius: 5px; font-size: 1.1em; cursor: pointer; transition: background-color 0.3s ease; margin-top: 10px; } .calculator-container button:hover { background-color: #0056b3; } .calculator-result { margin-top: 30px; padding: 15px; border: 1px dashed #ccc; border-radius: 5px; background-color: #fff; text-align: center; } .calculator-result p { margin-bottom: 10px; color: #333; font-size: 1em; } .calculator-result p strong { color: #007bff; } .calculator-result small { font-size: 0.8em; color: #777; display: block; margin-top: 15px; }

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