.mc-row { display: flex; flex-wrap: wrap; margin: 0 -10px; }
.mc-col { flex: 1; min-width: 250px; padding: 0 10px; margin-bottom: 20px; }
.mc-label { display: block; font-weight: 600; margin-bottom: 8px; color: #333; font-size: 14px; }
.mc-input-group { position: relative; }
.mc-input { width: 100%; padding: 12px 12px 12px 35px; border: 1px solid #ccc; border-radius: 6px; font-size: 16px; box-sizing: border-box; transition: border-color 0.3s; }
.mc-input:focus { border-color: #2c7be5; outline: none; }
.mc-symbol { position: absolute; left: 12px; top: 50%; transform: translateY(-50%); color: #666; font-weight: 500; }
.mc-suffix { position: absolute; right: 12px; top: 50%; transform: translateY(-50%); color: #666; font-weight: 500; }
.mc-btn { width: 100%; background: #2c7be5; color: white; border: none; padding: 15px; font-size: 18px; font-weight: 700; border-radius: 6px; cursor: pointer; transition: background 0.2s; margin-top: 10px; }
.mc-btn:hover { background: #1a68d1; }
.mc-results { margin-top: 30px; background: #f8f9fa; padding: 25px; border-radius: 8px; border-left: 5px solid #2c7be5; display: none; }
.mc-result-row { display: flex; justify-content: space-between; margin-bottom: 12px; padding-bottom: 12px; border-bottom: 1px solid #e9ecef; }
.mc-result-row:last-child { border-bottom: none; margin-bottom: 0; padding-bottom: 0; }
.mc-result-label { color: #555; font-size: 15px; }
.mc-result-value { font-weight: 700; color: #333; font-size: 16px; }
.mc-total-highlight { font-size: 24px; color: #2c7be5; }
.mc-article { margin-top: 40px; line-height: 1.6; color: #444; }
.mc-article h2 { color: #222; margin-top: 30px; font-size: 24px; }
.mc-article h3 { color: #333; margin-top: 20px; font-size: 18px; }
.mc-article ul { margin-bottom: 20px; padding-left: 20px; }
.mc-article li { margin-bottom: 8px; }
.mc-error { color: #d63384; margin-top: 10px; display: none; font-weight: 600; }
Please enter valid positive numbers for all fields.
Principal & Interest:
$0.00
Property Tax (Monthly):
$0.00
Home Insurance (Monthly):
$0.00
HOA Fees:
$0.00
Total Monthly Payment:
$0.00
function calculateMortgage() {
// Get inputs
var homePrice = parseFloat(document.getElementById('mc-home-price').value);
var downPayment = parseFloat(document.getElementById('mc-down-payment').value);
var interestRate = parseFloat(document.getElementById('mc-interest-rate').value);
var loanTerm = parseFloat(document.getElementById('mc-loan-term').value);
var annualTax = parseFloat(document.getElementById('mc-property-tax').value);
var annualIns = parseFloat(document.getElementById('mc-home-insurance').value);
var monthlyHOA = parseFloat(document.getElementById('mc-hoa-fees').value);
var errorMsg = document.getElementById('mc-error-msg');
var resultsDiv = document.getElementById('mc-results-container');
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm) ||
isNaN(annualTax) || isNaN(annualIns) || isNaN(monthlyHOA) ||
homePrice < 0 || downPayment < 0 || interestRate < 0 || loanTerm <= 0) {
errorMsg.style.display = 'block';
resultsDiv.style.display = 'none';
return;
}
errorMsg.style.display = 'none';
// Calculations
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Principal & Interest Calculation
// M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPI = 0;
if (monthlyRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
// Other components
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyIns + monthlyHOA;
// Update UI
document.getElementById('mc-res-pi').innerHTML = '$' + monthlyPI.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc-res-tax').innerHTML = '$' + monthlyTax.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc-res-ins').innerHTML = '$' + monthlyIns.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc-res-hoa').innerHTML = '$' + monthlyHOA.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc-res-total').innerHTML = '$' + totalMonthly.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
resultsDiv.style.display = 'block';
}
Understanding Your Mortgage Payment
Purchasing a home is one of the largest financial decisions you will make. This Mortgage Payment Calculator helps you estimate your monthly financial commitment by breaking down the costs associated with homeownership. Understanding these components is vital for budgeting and ensuring you choose a loan that fits your financial situation.
What Goes Into a Monthly Mortgage Payment?
Your monthly payment is typically referred to as PITI, which stands for:
- Principal: The portion of your payment that goes toward paying down the loan balance (the amount you borrowed).
- Interest: The cost of borrowing money, paid to 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. Lenders often collect this monthly and pay it annually on your behalf via an escrow account.
- Insurance: Homeowners insurance protects your property against damage. Like taxes, this is often collected monthly in escrow.
Additionally, if you buy a condo or a home in a planned community, you may have HOA (Homeowners Association) Fees, which are included in this calculator's total estimate.
How Interest Rates Affect Your Buying Power
The interest rate plays a massive role in your monthly payment. Even a small increase in rates (e.g., from 6.0% to 7.0%) can significantly increase your monthly obligation and total interest paid over the life of the loan. Use the calculator above to experiment with different rates to see how they impact your affordability.
The Impact of Your Down Payment
Your down payment reduces the principal amount you need to borrow. A larger down payment (typically 20% or more) can not only lower your monthly principal and interest payments but also help you avoid Private Mortgage Insurance (PMI), further reducing your monthly costs.
How to Use This Calculator
Simply enter the Home Price, your planned Down Payment, the Interest Rate offered by your lender, and the Loan Term (usually 15 or 30 years). Don't forget to estimate your annual Property Taxes and Home Insurance for a more accurate result.