.calc-wrapper {
max-width: 800px;
margin: 0 auto;
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif;
color: #333;
line-height: 1.6;
}
.calculator-card {
background: #ffffff;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
margin-bottom: 40px;
}
.calc-title {
text-align: center;
margin-bottom: 25px;
color: #2c3e50;
font-size: 24px;
font-weight: 700;
}
.input-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
.input-group {
margin-bottom: 15px;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: 600;
font-size: 14px;
color: #555;
}
.input-wrapper {
position: relative;
display: flex;
align-items: center;
}
.input-prefix, .input-suffix {
background: #f4f4f4;
padding: 10px 12px;
border: 1px solid #ccc;
color: #666;
font-size: 14px;
}
.input-prefix {
border-right: none;
border-radius: 4px 0 0 4px;
}
.input-suffix {
border-left: none;
border-radius: 0 4px 4px 0;
}
.calc-input {
width: 100%;
padding: 10px;
border: 1px solid #ccc;
font-size: 16px;
border-radius: 0;
}
.calc-input:focus {
outline: none;
border-color: #3498db;
}
.calc-input.rounded-left {
border-radius: 4px 0 0 4px;
}
.calc-input.rounded-right {
border-radius: 0 4px 4px 0;
}
.calc-input.rounded {
border-radius: 4px;
}
.full-width {
grid-column: span 2;
}
.calc-btn {
background-color: #27ae60;
color: white;
border: none;
padding: 15px;
width: 100%;
font-size: 18px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
transition: background 0.3s;
margin-top: 10px;
}
.calc-btn:hover {
background-color: #219150;
}
.result-section {
margin-top: 30px;
padding-top: 20px;
border-top: 2px solid #f0f0f0;
display: none;
}
.result-header {
text-align: center;
font-size: 16px;
color: #7f8c8d;
margin-bottom: 5px;
}
.monthly-payment {
text-align: center;
font-size: 42px;
font-weight: 800;
color: #2c3e50;
margin-bottom: 25px;
}
.breakdown-grid {
display: grid;
grid-template-columns: repeat(2, 1fr);
gap: 15px;
}
.breakdown-item {
background: #f8f9fa;
padding: 15px;
border-radius: 6px;
text-align: center;
}
.breakdown-label {
font-size: 13px;
color: #777;
margin-bottom: 5px;
text-transform: uppercase;
letter-spacing: 0.5px;
}
.breakdown-value {
font-size: 18px;
font-weight: 600;
color: #333;
}
.error-msg {
color: #e74c3c;
text-align: center;
margin-top: 10px;
display: none;
font-weight: bold;
}
/* Article Styles */
.seo-content {
margin-top: 50px;
padding: 20px;
}
.seo-content h2 {
color: #2c3e50;
font-size: 26px;
margin-top: 30px;
margin-bottom: 15px;
border-bottom: 2px solid #eee;
padding-bottom: 10px;
}
.seo-content h3 {
color: #34495e;
font-size: 20px;
margin-top: 25px;
margin-bottom: 10px;
}
.seo-content p {
margin-bottom: 18px;
font-size: 16px;
color: #444;
}
.seo-content ul {
margin-bottom: 20px;
padding-left: 20px;
}
.seo-content li {
margin-bottom: 10px;
}
.faq-section {
background: #f9f9f9;
padding: 25px;
border-radius: 8px;
margin-top: 40px;
}
@media (max-width: 600px) {
.input-grid {
grid-template-columns: 1fr;
}
.full-width {
grid-column: span 1;
}
.breakdown-grid {
grid-template-columns: 1fr;
}
}
function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTermYears = parseFloat(document.getElementById('loanTerm').value);
var propertyTaxAnnual = parseFloat(document.getElementById('propertyTax').value);
var homeInsuranceAnnual = parseFloat(document.getElementById('homeInsurance').value);
var hoaFeesMonthly = parseFloat(document.getElementById('hoaFees').value);
var errorDiv = document.getElementById('error-message');
var resultDiv = document.getElementById('results');
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTermYears) ||
homePrice < 0 || downPayment < 0 || interestRate < 0 || loanTermYears = homePrice) {
errorDiv.innerText = "Down payment cannot be equal to or greater than home price.";
errorDiv.style.display = "block";
resultDiv.style.display = "none";
return;
} else {
errorDiv.innerText = "Please enter valid positive numbers for all fields.";
errorDiv.style.display = "none";
}
// Calculations
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var totalPayments = loanTermYears * 12;
var monthlyPI = 0;
// Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (interestRate === 0) {
monthlyPI = principal / totalPayments;
} else {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, totalPayments)) / (Math.pow(1 + monthlyRate, totalPayments) – 1);
}
var monthlyTax = propertyTaxAnnual / 12;
var monthlyInsurance = homeInsuranceAnnual / 12;
// Handle NaN for optional fields if user cleared them
if (isNaN(monthlyTax)) monthlyTax = 0;
if (isNaN(monthlyInsurance)) monthlyInsurance = 0;
if (isNaN(hoaFeesMonthly)) hoaFeesMonthly = 0;
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance + hoaFeesMonthly;
var totalCostOfLoan = (monthlyPI * totalPayments);
var totalInterestPaid = totalCostOfLoan – principal;
// Update UI
document.getElementById('totalMonthlyPayment').innerHTML = formatCurrency(totalMonthly);
document.getElementById('piAmount').innerHTML = formatCurrency(monthlyPI);
document.getElementById('taxAmount').innerHTML = formatCurrency(monthlyTax);
document.getElementById('insAmount').innerHTML = formatCurrency(monthlyInsurance);
document.getElementById('totalInterest').innerHTML = formatCurrency(totalInterestPaid);
resultDiv.style.display = "block";
}
function formatCurrency(num) {
return '$' + num.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
Understanding Your Mortgage Calculation
Purchasing a home is likely the largest financial commitment you will make in your lifetime. Understanding how your monthly payments are calculated is crucial for maintaining financial health. This Mortgage Calculator breaks down the costs associated with your loan, giving you a clear picture of your financial obligations.
The 4 Key Components of a Mortgage Payment (PITI)
Mortgage professionals often refer to your monthly payment as PITI, which stands for Principal, Interest, Taxes, and Insurance.
- Principal: The portion of your payment that goes toward paying down the loan balance (the amount you borrowed).
- Interest: The fee charged by the lender for borrowing the money. In the early years of a fixed-rate mortgage, the majority of your payment goes toward interest.
- Taxes: Property taxes assessed by your local government. Lenders often collect this monthly and hold it in an escrow account to pay the bill when it's due.
- Insurance: Homeowners insurance protects your property against damage. Like taxes, this is often collected monthly in escrow.
How Interest Rates Affect Your Buying Power
Even a small change in interest rates can significantly impact your monthly payment and the total cost of the loan. For example, on a $300,000 loan, a 1% increase in interest rate can increase your monthly payment by hundreds of dollars and your total interest paid by tens of thousands over the life of the loan.
When using the mortgage calculator, try adjusting the interest rate field to see how sensitive your monthly budget is to rate fluctuations. This can help you determine if buying down your rate with "points" is a viable strategy.
What is PMI?
If your down payment is less than 20% of the home price, lenders typically require Private Mortgage Insurance (PMI). This protects the lender if you stop making payments. While our basic calculation includes standard escrow items, remember to budget an extra 0.5% to 1% of the loan amount annually if you are putting down less than 20%.
Strategies to Lower Your Monthly Payment
If the calculated payment is higher than your budget allows, consider these strategies:
- Increase your down payment: This lowers the principal amount you need to borrow.
- Extend the loan term: Changing from a 15-year to a 30-year term will lower monthly payments, though you will pay more in interest over time.
- Shop for lower insurance rates: Homeowners insurance premiums vary wildly; shop around to find a better deal.
- Appeal your property taxes: If your home's assessed value is too high, you can appeal to your local tax authority to lower your tax burden.
Frequently Asked Questions
How much of my income should go toward my mortgage?
A common rule of thumb is the 28/36 rule. Most financial advisors suggest that your housing expenses (PITI) should not exceed 28% of your gross monthly income, and your total debt-to-income ratio (including car loans, student loans, etc.) should not exceed 36%.
Does this calculator include closing costs?
No, this calculator estimates your recurring monthly payments. Closing costs are one-time fees paid at the signing of the mortgage, typically ranging from 2% to 5% of the loan amount. These are separate from your monthly obligations.
What happens if I pay extra on my principal?
Making extra payments toward your principal reduces your loan balance faster, which reduces the amount of interest you pay over the life of the loan. It also helps you pay off your mortgage earlier than the scheduled term.