Calculate your full monthly housing payment including taxes and insurance
30 Years
20 Years
15 Years
10 Years
Monthly Breakdown
Total Monthly Payment$0.00
Principal & Interest:$0.00
Property Tax:$0.00
Home Insurance:$0.00
Loan Summary
Loan Amount: $0
Total Interest Paid: $0
Payoff Date: –
function calculateMortgage() {
// Get inputs
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTermYears = parseInt(document.getElementById('loanTerm').value);
var annualTax = parseFloat(document.getElementById('propertyTax').value);
var annualInsurance = parseFloat(document.getElementById('homeInsurance').value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTermYears)) {
alert("Please enter valid numbers for all fields.");
return;
}
// Calculations
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
// Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPI = 0;
if (interestRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = isNaN(annualTax) ? 0 : annualTax / 12;
var monthlyInsurance = isNaN(annualInsurance) ? 0 : annualInsurance / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance;
var totalCost = monthlyPI * numberOfPayments;
var totalInterest = totalCost – principal;
// Payoff Date
var today = new Date();
var payoffYear = today.getFullYear() + loanTermYears;
var payoffMonth = today.toLocaleString('default', { month: 'short' });
// Update UI
document.getElementById('totalMonthlyResult').innerText = formatCurrency(totalMonthly);
document.getElementById('piResult').innerText = formatCurrency(monthlyPI);
document.getElementById('taxResult').innerText = formatCurrency(monthlyTax);
document.getElementById('insResult').innerText = formatCurrency(monthlyInsurance);
document.getElementById('loanAmountResult').innerText = formatCurrency(principal);
document.getElementById('totalInterestResult').innerText = formatCurrency(totalInterest);
document.getElementById('payoffDateResult').innerText = payoffMonth + " " + payoffYear;
}
function formatCurrency(num) {
return new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD' }).format(num);
}
// Initialize calculation on load
calculateMortgage();
Understanding Your Mortgage Payment (PITI)
When purchasing a home, the sticker price is just the beginning. Most first-time homebuyers focus solely on the principal and interest payments, often overlooking the critical components that make up the real monthly cost of homeownership. Our Mortgage Payment Calculator uses the PITI model to give you the most accurate financial picture possible.
What is PITI?
PITI is an acronym used by mortgage lenders to calculate exactly how much money a borrower needs to pay each month. It stands for:
P (Principal): The portion of your payment that pays down the loan balance.
I (Interest): The cost of borrowing the money, paid to the lender.
T (Taxes): Property taxes charged by your local municipality, typically held in escrow.
I (Insurance): Homeowners insurance to protect the property against damage.
How Interest Rates Impact Your Buying Power
Even a small change in interest rates can drastically affect your monthly payment and the total amount you pay over the life of the loan. For example, on a $350,000 loan, the difference between a 6% and a 7% interest rate is roughly $225 per month. Over a 30-year term, that 1% difference costs you over $80,000 in additional interest.
Strategies to Lower Your Monthly Payment
If the calculated payment is higher than your budget allows, consider these strategies:
Increase Your Down Payment: Putting more than 20% down not only lowers the loan amount but also eliminates the need for Private Mortgage Insurance (PMI).
Extend the Loan Term: Opting for a 30-year mortgage instead of a 15-year term will lower monthly payments, though you will pay more interest in the long run.
Shop for Insurance: Homeowners insurance premiums vary by provider. Shopping around can save you $30-$50 per month.
Expert Tip
Don't forget to budget for maintenance! A good rule of thumb is to set aside 1% of your home's value annually for repairs and upkeep, separate from your mortgage payment.