Loan Calculator to Figure Out Interest Rate

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Mortgage Payment Calculator .mpc-calculator-container { max-width: 800px; margin: 20px auto; font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif; background: #fff; border: 1px solid #e0e0e0; border-radius: 8px; box-shadow: 0 4px 10px rgba(0,0,0,0.05); padding: 30px; } .mpc-header { text-align: center; margin-bottom: 30px; border-bottom: 2px solid #0073aa; padding-bottom: 15px; } .mpc-header h2 { color: #333; margin: 0; font-size: 28px; } .mpc-row { display: flex; flex-wrap: wrap; gap: 20px; margin-bottom: 20px; } .mpc-col { flex: 1; min-width: 250px; } .mpc-form-group { margin-bottom: 15px; } .mpc-form-group label { display: block; margin-bottom: 8px; font-weight: 600; color: #555; } .mpc-input-wrapper { position: relative; } .mpc-input-wrapper input { width: 100%; padding: 12px 12px 12px 35px; border: 1px solid #ddd; border-radius: 4px; font-size: 16px; box-sizing: border-box; transition: border-color 0.3s; } .mpc-input-wrapper input:focus { border-color: #0073aa; outline: none; } .mpc-symbol { position: absolute; left: 12px; top: 50%; transform: translateY(-50%); color: #888; font-weight: bold; } .mpc-btn { width: 100%; padding: 15px; background-color: #0073aa; color: white; border: none; border-radius: 5px; font-size: 18px; font-weight: bold; cursor: pointer; transition: background-color 0.3s; margin-top: 10px; } .mpc-btn:hover { background-color: #005177; } .mpc-results { background-color: #f9f9f9; border: 1px solid #eee; border-radius: 6px; padding: 25px; margin-top: 30px; display: none; } .mpc-result-item { display: flex; justify-content: space-between; align-items: center; margin-bottom: 15px; padding-bottom: 10px; border-bottom: 1px solid #eee; } .mpc-result-item:last-child { border-bottom: none; margin-bottom: 0; padding-bottom: 0; } .mpc-result-label { color: #666; font-size: 16px; } .mpc-result-value { font-weight: bold; font-size: 18px; color: #333; } .mpc-total-payment { background-color: #e6f3fa; padding: 15px; border-radius: 5px; border: 1px solid #bce0f5; margin-bottom: 20px; } .mpc-total-label { color: #0073aa; font-weight: bold; font-size: 18px; } .mpc-total-value { color: #0073aa; font-weight: 800; font-size: 28px; float: right; } .mpc-error { color: #d32f2f; margin-top: 10px; text-align: center; display: none; font-weight: bold; } .mpc-article { margin-top: 40px; line-height: 1.6; color: #444; } .mpc-article h3 { color: #2c3e50; font-size: 22px; margin-bottom: 15px; border-bottom: 1px solid #eee; padding-bottom: 10px; } .mpc-article p { margin-bottom: 15px; } .mpc-article ul { margin-bottom: 20px; padding-left: 20px; } .mpc-article li { margin-bottom: 8px; } @media (max-width: 600px) { .mpc-row { flex-direction: column; gap: 0; } .mpc-total-value { float: none; display: block; margin-top: 5px; } }

Mortgage Payment Calculator

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Please enter valid numeric values for all fields.
Total Monthly Payment $0.00
Principal & Interest $0.00
Property Tax (Monthly) $0.00
Home Insurance (Monthly) $0.00
Loan Amount $0.00
Total Interest Paid $0.00

Understanding Your Mortgage Payment

Calculating your monthly mortgage payment is a crucial step in the home buying process. This specific calculator breaks down the costs involved, ensuring you understand exactly where your money is going each month. A standard mortgage payment typically consists of four main components, often referred to as PITI: Principal, Interest, Taxes, and Insurance.

Key Factors Affecting Your Calculation

  • Principal: The portion of your payment that goes toward paying off the loan balance.
  • Interest: The cost of borrowing money from your lender, calculated as a percentage of the remaining principal.
  • Property Taxes: Taxes assessed by your local government, usually held in escrow and paid by your lender on your behalf.
  • Homeowners Insurance: Protection for your property against damages, also typically paid through an escrow account.

How to Use This Mortgage Calculator

To get the most accurate estimate, input the current home price and your planned down payment. The difference between these two figures determines your total loan amount. Don't forget to adjust the interest rate based on current market trends and include estimates for annual property taxes and insurance, as these can significantly impact your total monthly obligation.

This tool helps you visualize the long-term financial commitment of a mortgage, allowing you to adjust variables like the loan term (e.g., 15 years vs. 30 years) to see how they affect both your monthly cash flow and the total interest paid over the life of the loan.

function calculateMortgage() { // Get input values var homePrice = document.getElementById("mpcHomePrice").value; var downPayment = document.getElementById("mpcDownPayment").value; var interestRate = document.getElementById("mpcInterestRate").value; var loanTerm = document.getElementById("mpcLoanTerm").value; var propertyTax = document.getElementById("mpcPropertyTax").value; var homeInsurance = document.getElementById("mpcInsurance").value; var errorDiv = document.getElementById("mpcError"); var resultsDiv = document.getElementById("mpcResults"); // Reset error state errorDiv.style.display = "none"; resultsDiv.style.display = "none"; // Validate inputs if (homePrice === "" || downPayment === "" || interestRate === "" || loanTerm === "" || propertyTax === "" || homeInsurance === "") { errorDiv.innerText = "Please fill in all fields."; errorDiv.style.display = "block"; return; } var price = parseFloat(homePrice); var down = parseFloat(downPayment); var rate = parseFloat(interestRate); var years = parseFloat(loanTerm); var tax = parseFloat(propertyTax); var insurance = parseFloat(homeInsurance); if (isNaN(price) || isNaN(down) || isNaN(rate) || isNaN(years) || isNaN(tax) || isNaN(insurance) || years <= 0) { errorDiv.innerText = "Please enter valid positive numbers."; errorDiv.style.display = "block"; return; } // Calculations var loanAmount = price – down; if (loanAmount <= 0) { errorDiv.innerText = "Down payment cannot be greater than or equal to Home Price."; errorDiv.style.display = "block"; return; } var monthlyRate = (rate / 100) / 12; var numberOfPayments = years * 12; var monthlyPrincipalInterest = 0; // Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1] if (rate === 0) { monthlyPrincipalInterest = loanAmount / numberOfPayments; } else { monthlyPrincipalInterest = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1); } var monthlyTax = tax / 12; var monthlyInsurance = insurance / 12; var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyInsurance; var totalCostOfLoan = (monthlyPrincipalInterest * numberOfPayments); var totalInterestPaid = totalCostOfLoan – loanAmount; // Display Results document.getElementById("mpcTotalMonthly").innerText = formatCurrency(totalMonthlyPayment); document.getElementById("mpcPrincipalInterest").innerText = formatCurrency(monthlyPrincipalInterest); document.getElementById("mpcMonthlyTax").innerText = formatCurrency(monthlyTax); document.getElementById("mpcMonthlyInsurance").innerText = formatCurrency(monthlyInsurance); document.getElementById("mpcLoanAmount").innerText = formatCurrency(loanAmount); document.getElementById("mpcTotalInterest").innerText = formatCurrency(totalInterestPaid); resultsDiv.style.display = "block"; } function formatCurrency(num) { return "$" + num.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); }

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