Effective Tax Rate Calculator 2020

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#mortgage-calculator-wrapper .mc-box {
background: #f9f9f9;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
margin-bottom: 40px;
}
#mortgage-calculator-wrapper h2 {
margin-top: 0;
color: #2c3e50;
font-size: 24px;
margin-bottom: 20px;
text-align: center;
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#mortgage-calculator-wrapper .mc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
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#mortgage-calculator-wrapper label {
display: block;
margin-bottom: 8px;
font-weight: 600;
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#mortgage-calculator-wrapper input {
width: 100%;
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}
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margin-top: 10px;
transition: background 0.3s;
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#mortgage-calculator-wrapper button:hover {
background-color: #34495e;
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#mortgage-calculator-wrapper .mc-results {
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color: #27ae60;
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@media (max-width: 600px) {
#mortgage-calculator-wrapper .mc-grid {
grid-template-columns: 1fr;
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color: #2c3e50;
margin-top: 30px;
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#mortgage-calculator-wrapper .mc-content p {
line-height: 1.6;
margin-bottom: 15px;
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#mortgage-calculator-wrapper .mc-content ul {
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#mortgage-calculator-wrapper .mc-content li {
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Mortgage Payment Calculator

$0.00
Monthly Principal & Interest
Loan Amount:
$0.00
Total Interest Paid:
$0.00
Total Cost of Loan:
$0.00

Understanding Your Mortgage Payment

Before committing to a home purchase, it is crucial to understand exactly how your monthly payments are calculated. This Mortgage Payment Calculator helps you estimate your monthly financial obligation based on the price of the home, your down payment, the interest rate, and the length of the loan.

How the Mortgage Formula Works

While the math can seem complex, the calculation relies on a standard amortization formula. The key factors influencing your payment include:

  • Principal: The actual amount of money you borrow (Home Price minus Down Payment).
  • Interest Rate: The cost of borrowing money, expressed as a percentage. Even a small difference (e.g., 0.5%) can save or cost you thousands of dollars over the life of the loan.
  • Loan Term: The duration of the loan. A 30-year term generally offers lower monthly payments, while a 15-year term results in higher monthly payments but significantly less interest paid over time.

Why the Down Payment Matters

Your down payment directly reduces your principal loan amount. A larger down payment (typically 20% or more) not only lowers your monthly principal and interest payment but may also help you avoid Private Mortgage Insurance (PMI), further reducing your monthly housing costs.

Using the Results

The output above displays your “Principal & Interest” payment. Keep in mind that your total monthly housing cost will likely be higher. Most lenders require you to pay property taxes and homeowners insurance into an escrow account, which are added on top of the figure calculated here. Always budget an additional 20-30% for these costs and potential maintenance expenses.

function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById(‘mc-home-price’).value);
var downPayment = parseFloat(document.getElementById(‘mc-down-payment’).value);
var interestRate = parseFloat(document.getElementById(‘mc-interest-rate’).value);
var loanTerm = parseFloat(document.getElementById(‘mc-loan-term’).value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm)) {
alert(“Please enter valid numbers in all fields.”);
return;
}
if (downPayment >= homePrice) {
alert(“Down payment cannot be equal to or greater than the home price.”);
return;
}
// Calculation Logic
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment = 0;
// Handle 0% interest edge case
if (interestRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
// Standard Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
monthlyPayment = principal *
(monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) /
(Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var totalPayment = monthlyPayment * numberOfPayments;
var totalInterest = totalPayment – principal;
// Update UI
document.getElementById(‘mc-monthly-payment’).innerHTML = “$” + monthlyPayment.toLocaleString(‘en-US’, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById(‘mc-total-loan’).innerText = “$” + principal.toLocaleString(‘en-US’, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById(‘mc-total-interest’).innerText = “$” + totalInterest.toLocaleString(‘en-US’, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById(‘mc-total-cost’).innerText = “$” + totalPayment.toLocaleString(‘en-US’, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show results section
document.getElementById(‘mc-results-area’).style.display = “block”;
}

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