How to Calculate Auto Loan Interest Rate

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Mortgage Calculator

Estimate your monthly mortgage payments including tax and insurance.

$
$
%
Years
$
$
$
Total Monthly Payment
$0.00
Principal & Interest: $0.00
Property Tax: $0.00
Home Insurance: $0.00
HOA Fees: $0.00
Total Loan Amount: $0.00
Total Interest Paid: $0.00

How to Use This Mortgage Calculator

Purchasing a home is one of the biggest financial decisions you will make. This mortgage calculator helps you estimate your monthly payments by factoring in the home price, down payment, interest rate, and loan term. Unlike simple calculators, this tool also includes estimates for property taxes, homeowners insurance, and HOA fees to give you a realistic "out-the-door" monthly cost.

Understanding the Components of Your Mortgage

Your monthly payment is typically composed of four main parts, often referred to as PITI:

  • Principal: The portion of your payment that goes toward paying down the loan balance.
  • Interest: The cost of borrowing money from the lender. In the early years of a mortgage, a larger portion of your payment goes toward interest.
  • Taxes: Property taxes assessed by your local government, usually held in an escrow account by your lender.
  • Insurance: Homeowners insurance to protect against damage and liability, also typically paid via escrow.

How Interest Rates Affect Affordability

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, the difference between a 6% and a 7% interest rate can add hundreds of dollars to your monthly payment and tens of thousands of dollars in total interest over a 30-year term.

Frequently Asked Questions

What is PMI?
Private Mortgage Insurance (PMI) is usually required if your down payment is less than 20% of the home's value. This calculator does not automatically add PMI, so you may want to factor in an additional 0.5% to 1% of the loan amount annually if you put down less than 20%.

Should I choose a 15-year or 30-year term?
A 30-year term offers lower monthly payments, making the home more affordable month-to-month. A 15-year term has higher monthly payments but saves you a significant amount in interest over the life of the loan and allows you to own your home outright much sooner.

function calculateMortgage() { // 1. 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 annualTax = parseFloat(document.getElementById("propertyTax").value); var annualInsurance = parseFloat(document.getElementById("homeInsurance").value); var monthlyHOA = parseFloat(document.getElementById("hoaFees").value); // 2. Validate Inputs if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTermYears)) { alert("Please enter valid numbers for Home Price, Down Payment, Rate, and Term."); return; } // 3. Core Calculations var loanAmount = homePrice – downPayment; // Handle case where down payment exceeds home price if (loanAmount 0) { monthlyPI = loanAmount / totalPayments; } else { monthlyPI = 0; } } else { // M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] var mathPower = Math.pow(1 + monthlyInterestRate, totalPayments); monthlyPI = loanAmount * (monthlyInterestRate * mathPower) / (mathPower – 1); } // Monthly Tax and Insurance var monthlyTax = annualTax / 12; var monthlyInsurance = annualInsurance / 12; // Total Monthly Payment var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance + monthlyHOA; // Total Interest Calculation var totalAmountPaid = (monthlyPI * totalPayments); var totalInterest = totalAmountPaid – loanAmount; // 4. Formatting Helper function formatCurrency(num) { return "$" + num.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); } // 5. Update UI document.getElementById("totalMonthlyDisplay").innerHTML = formatCurrency(totalMonthlyPayment); document.getElementById("piDisplay").innerHTML = formatCurrency(monthlyPI); document.getElementById("taxDisplay").innerHTML = formatCurrency(monthlyTax); document.getElementById("insuranceDisplay").innerHTML = formatCurrency(monthlyInsurance); document.getElementById("hoaDisplay").innerHTML = formatCurrency(monthlyHOA); document.getElementById("loanAmountDisplay").innerHTML = formatCurrency(loanAmount); document.getElementById("totalInterestDisplay").innerHTML = formatCurrency(totalInterest); // Show results section document.getElementById("mcResults").style.display = "block"; }

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