.calculator-wrapper {
max-width: 800px;
margin: 0 auto;
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif;
color: #333;
}
.calc-container {
background: #f9f9f9;
padding: 30px;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0,0,0,0.1);
margin-bottom: 40px;
}
.calc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
.calc-grid { grid-template-columns: 1fr; }
}
.input-group {
margin-bottom: 15px;
}
.input-group label {
display: block;
margin-bottom: 5px;
font-weight: 600;
font-size: 14px;
}
.input-group input, .input-group select {
width: 100%;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
}
.calc-btn {
background-color: #2c3e50;
color: white;
border: none;
padding: 15px 30px;
font-size: 18px;
border-radius: 4px;
cursor: pointer;
width: 100%;
margin-top: 10px;
font-weight: bold;
transition: background 0.3s;
}
.calc-btn:hover {
background-color: #34495e;
}
.results-area {
margin-top: 30px;
padding: 20px;
background: #fff;
border: 1px solid #e0e0e0;
border-radius: 4px;
display: none;
}
.results-area.visible {
display: block;
}
.result-row {
display: flex;
justify-content: space-between;
padding: 10px 0;
border-bottom: 1px solid #eee;
}
.result-row.total {
border-bottom: none;
border-top: 2px solid #333;
font-weight: bold;
font-size: 1.2em;
margin-top: 10px;
padding-top: 15px;
color: #2c3e50;
}
.article-content {
line-height: 1.6;
font-size: 18px;
}
.article-content h2 {
color: #2c3e50;
margin-top: 40px;
}
.article-content h3 {
color: #34495e;
}
.error-msg {
color: red;
font-size: 14px;
display: none;
margin-top: 5px;
}
function calculateMortgage() {
// Get Input Values
var price = parseFloat(document.getElementById('homePrice').value);
var down = parseFloat(document.getElementById('downPayment').value);
var rate = parseFloat(document.getElementById('interestRate').value);
var term = parseFloat(document.getElementById('loanTerm').value);
var taxYear = parseFloat(document.getElementById('propertyTax').value);
var insYear = parseFloat(document.getElementById('homeInsurance').value);
var hoa = parseFloat(document.getElementById('hoaFees').value);
var errorDiv = document.getElementById('errorDisplay');
var resultDiv = document.getElementById('calcResults');
// Reset Error
errorDiv.style.display = 'none';
errorDiv.innerHTML = ";
// Validation
if (isNaN(price) || isNaN(down) || isNaN(rate) || isNaN(term)) {
errorDiv.innerHTML = 'Please fill in all required fields with valid numbers.';
errorDiv.style.display = 'block';
resultDiv.classList.remove('visible');
return;
}
if (down >= price) {
errorDiv.innerHTML = 'Down payment cannot be greater than or equal to the home price.';
errorDiv.style.display = 'block';
resultDiv.classList.remove('visible');
return;
}
// Handle optional fields if empty
if (isNaN(taxYear)) taxYear = 0;
if (isNaN(insYear)) insYear = 0;
if (isNaN(hoa)) hoa = 0;
// Calculations
var principal = price – down;
var monthlyRate = rate / 100 / 12;
var numPayments = term * 12;
var mortgagePayment = 0;
// If interest rate is 0, handle simple division
if (rate === 0) {
mortgagePayment = principal / numPayments;
} else {
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
mortgagePayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numPayments)) / (Math.pow(1 + monthlyRate, numPayments) – 1);
}
var monthlyTax = taxYear / 12;
var monthlyIns = insYear / 12;
var totalMonthly = mortgagePayment + monthlyTax + monthlyIns + hoa;
var totalInterest = (mortgagePayment * numPayments) – principal;
// Display Results
document.getElementById('resPrincipalInterest').innerHTML = '$' + mortgagePayment.toFixed(2);
document.getElementById('resTax').innerHTML = '$' + monthlyTax.toFixed(2);
document.getElementById('resInsurance').innerHTML = '$' + monthlyIns.toFixed(2);
document.getElementById('resHOA').innerHTML = '$' + hoa.toFixed(2);
document.getElementById('resTotal').innerHTML = '$' + totalMonthly.toFixed(2);
document.getElementById('resLoanAmount').innerHTML = '$' + principal.toLocaleString();
document.getElementById('resTotalInterest').innerHTML = '$' + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 0, maximumFractionDigits: 0});
resultDiv.classList.add('visible');
}
Monthly Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Payment Breakdown
Principal & Interest:
–
Monthly Property Tax:
–
Monthly Home Insurance:
–
HOA Fees:
–
Total Monthly Payment:
–
Loan Summary:
Loan Amount: | Total Interest Paid:
Loan Amount: | Total Interest Paid:
Understanding Your Mortgage Payments
Before purchasing a home, it is critical to understand exactly what your monthly financial obligation will look like. While many buyers focus solely on the principal and interest, a true mortgage payment often includes several other costs, collectively known as PITI (Principal, Interest, Taxes, and Insurance).
How is the Mortgage Payment Calculated?
This calculator uses the standard amortization formula to determine your monthly principal and interest payments based on your loan amount, interest rate, and loan term. Additionally, it factors in the necessary escrow items that most lenders require.
- Principal: The portion of your payment that reduces the loan balance.
- Interest: The cost of borrowing money, paid to the lender.
- Taxes: Property taxes assessed by your local government, usually divided by 12 and collected monthly.
- Insurance: Homeowners insurance to protect the property, also typically collected monthly.
The Impact of Interest Rates
Even a small difference 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 raise your monthly payment by hundreds of dollars and your total interest paid by tens of thousands over the life of a 30-year loan.
Why Include HOA Fees?
If you are buying a condo or a home in a planned community, you likely have to pay Homeowners Association (HOA) fees. While these are usually paid directly to the association and not the lender, they affect your debt-to-income ratio and overall affordability, which is why we include them in this calculation.
How 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 loan amount.
- Shop for Lower Rates: Improve your credit score to qualify for better interest rates.
- Eliminate PMI: If you put down at least 20%, you avoid Private Mortgage Insurance (though this calculator assumes 20% down or no PMI for simplicity, PMI can add $100-$300/month).
- Choose a Longer Term: A 30-year loan will have lower monthly payments than a 15-year loan, although you will pay more interest over time.