#mortgage-calculator-wrapper .calc-container {
background: #ffffff;
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 .calc-row {
display: flex;
flex-wrap: wrap;
gap: 20px;
margin-bottom: 20px;
}
#mortgage-calculator-wrapper .calc-col {
flex: 1;
min-width: 250px;
}
#mortgage-calculator-wrapper label {
display: block;
font-weight: 600;
margin-bottom: 8px;
color: #333;
}
#mortgage-calculator-wrapper input {
width: 100%;
padding: 12px;
border: 1px solid #ddd;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
}
#mortgage-calculator-wrapper input:focus {
border-color: #0073aa;
outline: none;
}
#mortgage-calculator-wrapper .calc-btn {
background-color: #0073aa;
color: white;
border: none;
padding: 15px 30px;
font-size: 18px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
transition: background 0.3s;
}
#mortgage-calculator-wrapper .calc-btn:hover {
background-color: #005177;
}
#mortgage-calculator-wrapper .results-box {
background-color: #f8f9fa;
border-left: 5px solid #0073aa;
padding: 20px;
margin-top: 30px;
display: none;
}
#mortgage-calculator-wrapper .result-item {
display: flex;
justify-content: space-between;
margin-bottom: 10px;
font-size: 16px;
border-bottom: 1px solid #eee;
padding-bottom: 5px;
}
#mortgage-calculator-wrapper .result-item.total {
font-size: 24px;
font-weight: bold;
color: #0073aa;
border-bottom: none;
margin-top: 15px;
padding-top: 10px;
border-top: 2px solid #ddd;
}
#mortgage-calculator-wrapper .error-msg {
color: #d63638;
margin-top: 10px;
display: none;
}
#mortgage-calculator-wrapper .seo-content h2 {
color: #2c3e50;
margin-top: 30px;
}
#mortgage-calculator-wrapper .seo-content p {
line-height: 1.6;
color: #444;
margin-bottom: 15px;
}
#mortgage-calculator-wrapper .seo-content ul {
margin-bottom: 20px;
padding-left: 20px;
}
#mortgage-calculator-wrapper .seo-content li {
margin-bottom: 8px;
line-height: 1.5;
}
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 hoaMonth = parseFloat(document.getElementById("hoaFees").value);
// Handle optional fields if empty
if (isNaN(down)) down = 0;
if (isNaN(taxYear)) taxYear = 0;
if (isNaN(insYear)) insYear = 0;
if (isNaN(hoaMonth)) hoaMonth = 0;
// Validation
var errorDiv = document.getElementById("error-message");
var resultDiv = document.getElementById("calc-results");
if (isNaN(price) || isNaN(rate) || isNaN(term) || price <= 0 || term <= 0) {
errorDiv.style.display = "block";
resultDiv.style.display = "none";
return;
} else {
errorDiv.style.display = "none";
}
// Calculations
var loanAmount = price – down;
// If loan amount is 0 or negative
if (loanAmount <= 0) {
// Just display zeros or handle gracefully
loanAmount = 0;
}
var monthlyRate = rate / 100 / 12;
var numPayments = term * 12;
var monthlyPI = 0;
// Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
if (rate === 0) {
monthlyPI = loanAmount / numPayments;
} else {
monthlyPI = (loanAmount * monthlyRate * Math.pow(1 + monthlyRate, numPayments)) / (Math.pow(1 + monthlyRate, numPayments) – 1);
}
// Calculate Components
var monthlyTax = taxYear / 12;
var monthlyIns = insYear / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyIns + hoaMonth;
// Total Loan Stats
var totalPaymentOverLife = (monthlyPI * numPayments);
var totalInterest = totalPaymentOverLife – loanAmount;
var totalCost = totalPaymentOverLife + (monthlyTax * numPayments) + (monthlyIns * numPayments) + (hoaMonth * numPayments);
// Note: Total cost usually refers to P+I, but user might want total out of pocket.
// Let's stick to Total Cost of Loan (Principal + Interest) or Total Out of Pocket.
// Standard is usually Principal + Interest. Let's show P+I cost separately.
// Formatting helper
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Update DOM
document.getElementById("res-pi").innerHTML = formatter.format(monthlyPI);
document.getElementById("res-tax").innerHTML = formatter.format(monthlyTax);
document.getElementById("res-ins").innerHTML = formatter.format(monthlyIns);
document.getElementById("res-hoa").innerHTML = formatter.format(hoaMonth);
document.getElementById("res-total").innerHTML = formatter.format(totalMonthly);
document.getElementById("res-loan-amount").innerHTML = formatter.format(loanAmount);
document.getElementById("res-total-interest").innerHTML = formatter.format(totalInterest);
document.getElementById("res-total-cost").innerHTML = formatter.format(totalPaymentOverLife); // P + I
// Show results
resultDiv.style.display = "block";
}
Monthly Mortgage Payment Calculator
Please enter valid numeric values for Home Price, Rate, and Term.
Payment Breakdown
Principal & Interest:
$0.00
Property Tax (Monthly):
$0.00
Home Insurance (Monthly):
$0.00
HOA Fees:
$0.00
Total Monthly Payment:
$0.00
Loan Summary:
Loan Amount: $0.00
Total Interest Paid: $0.00
Total Cost of Loan: $0.00
Loan Amount: $0.00
Total Interest Paid: $0.00
Total Cost of Loan: $0.00
Understanding Your Mortgage Calculation
Purchasing a home is likely the largest financial commitment you will make in your lifetime. Our Mortgage Payment Calculator is designed to provide clarity on your monthly financial obligations. By inputting key variables like your home price, down payment, interest rate, and term, you can get a realistic estimate of your monthly mortgage payment.
What is Included in Your Monthly Mortgage Payment?
A standard mortgage payment is often referred to as PITI, which stands for:
- Principal: The portion of your payment that goes towards paying down the original loan amount.
- Interest: The cost of borrowing money from the lender.
- Taxes: Property taxes assessed by your local government, typically collected by your lender in escrow and paid annually.
- Insurance: Homeowners insurance to protect your property against damage, also usually paid via escrow.
Additionally, if you buy a condo or a home in a planned community, you may have Homeowners Association (HOA) fees, which are included in this calculator to give you the full picture of your housing costs.
How Interest Rates Affect Your Payment
Even a small change in interest rates can significantly impact your monthly payment and the total cost of your loan. For example, on a $300,000 loan, a 1% difference in interest rate can change your monthly payment by hundreds of dollars and your total interest paid over 30 years by tens of thousands.
Tips for Lowering Your Mortgage Payment
- Increase Your Down Payment: Putting more money down reduces the principal loan amount and can eliminate the need for Private Mortgage Insurance (PMI).
- Improve Your Credit Score: Higher credit scores often qualify for lower interest rates.
- Choose a Longer Loan Term: While a 30-year term has higher total interest costs than a 15-year term, the monthly payments are significantly lower.
- Shop Around: Compare rates from multiple lenders to ensure you are getting the best deal.
Frequently Asked Questions (FAQ)
How much house can I afford?
Most financial experts recommend that your total monthly housing costs (principal, interest, taxes, insurance, and HOA) should not exceed 28% of your gross monthly income. This is known as the front-end ratio.
What is a good down payment?
A 20% down payment is considered ideal because it typically allows you to avoid paying for Private Mortgage Insurance (PMI). However, many loan programs allow for down payments as low as 3% or 3.5%.
Does this calculator include PMI?
This specific calculator focuses on Principal, Interest, Taxes, Insurance, and HOA. It does not automatically calculate PMI, which is usually required if your down payment is less than 20%. PMI typically costs between 0.5% to 1% of the loan amount annually.