.mc-calculator-box {
background: #ffffff;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 12px rgba(0,0,0,0.05);
margin-bottom: 40px;
}
.mc-title {
text-align: center;
color: #2c3e50;
margin-bottom: 25px;
font-size: 28px;
font-weight: 700;
}
.mc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
.mc-input-group {
margin-bottom: 15px;
}
.mc-label {
display: block;
margin-bottom: 8px;
font-weight: 600;
font-size: 14px;
color: #555;
}
.mc-input {
width: 100%;
padding: 12px;
border: 1px solid #ccc;
border-radius: 6px;
font-size: 16px;
box-sizing: border-box;
transition: border-color 0.3s;
}
.mc-input:focus {
border-color: #3498db;
outline: none;
}
.mc-btn {
width: 100%;
background-color: #2ecc71;
color: white;
border: none;
padding: 15px;
font-size: 18px;
font-weight: bold;
border-radius: 6px;
cursor: pointer;
margin-top: 10px;
transition: background-color 0.2s;
}
.mc-btn:hover {
background-color: #27ae60;
}
.mc-result {
margin-top: 30px;
padding: 20px;
background-color: #f8f9fa;
border-radius: 6px;
border-left: 5px solid #3498db;
display: none;
}
.mc-result-row {
display: flex;
justify-content: space-between;
margin-bottom: 10px;
font-size: 16px;
}
.mc-total {
font-size: 24px;
font-weight: 800;
color: #2c3e50;
border-top: 2px solid #ddd;
padding-top: 10px;
margin-top: 10px;
}
.mc-article {
line-height: 1.6;
color: #444;
}
.mc-article h2 {
color: #2c3e50;
margin-top: 30px;
}
.mc-article h3 {
color: #34495e;
margin-top: 20px;
}
.mc-article ul {
padding-left: 20px;
}
.mc-article li {
margin-bottom: 8px;
}
@media (max-width: 600px) {
.mc-grid {
grid-template-columns: 1fr;
}
}
function calculateMortgage() {
// Get values from 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 loanTermYears = 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);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTermYears)) {
alert("Please enter valid numbers for all fields.");
return;
}
// Calculations
var loanAmount = homePrice – downPayment;
var monthlyTax = 0;
var monthlyIns = 0;
if (!isNaN(annualTax)) {
monthlyTax = annualTax / 12;
}
if (!isNaN(annualIns)) {
monthlyIns = annualIns / 12;
}
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPrincipalAndInterest = 0;
// Handle edge case where interest rate is 0
if (interestRate === 0) {
monthlyPrincipalAndInterest = loanAmount / numberOfPayments;
} else {
// Standard Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
monthlyPrincipalAndInterest = loanAmount *
(monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) /
(Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
var totalMonthlyPayment = monthlyPrincipalAndInterest + monthlyTax + monthlyIns;
// Display Results
var resultDiv = document.getElementById('mc-result-display');
resultDiv.style.display = 'block';
document.getElementById('res-pi').innerHTML = '$' + monthlyPrincipalAndInterest.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-tax').innerHTML = '$' + monthlyTax.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-ins').innerHTML = '$' + monthlyIns.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-total').innerHTML = '$' + totalMonthlyPayment.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-loan-amount').innerHTML = '$' + loanAmount.toLocaleString('en-US');
}
Mortgage Payment Calculator
Principal & Interest:
–
Monthly Property Tax:
–
Monthly Insurance:
–
Total Monthly Payment:
–
Loan Amount:
Understanding Your Mortgage Payment (PITI)
Purchasing a home is one of the most significant financial decisions you will make. While the listing price of a home gives you a baseline, your actual monthly obligation is determined by four key components known as PITI: Principal, Interest, Taxes, and Insurance.
Breakdown of the Mortgage Components
- Principal: The portion of your payment that goes toward paying down the actual loan balance. In the early years of a standard amortization schedule, this amount is small but grows over time.
- Interest: The cost of borrowing money from your lender. This makes up the majority of your payment in the early years of the loan.
- Taxes: Property taxes assessed by your local government. These are typically collected by the lender in an escrow account and paid annually or semi-annually on your behalf.
- Insurance: Homeowners insurance protects your property against damage. Like taxes, this is usually divided into monthly installments and held in escrow.
How Interest Rates Impact Affordability
Even a small change in interest rates can drastically alter 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 amount to roughly $200 more per month and tens of thousands of dollars over the life of a 30-year loan.
Example Calculation
Consider a home priced at $400,000 with a 20% down payment ($80,000). The loan amount would be $320,000. If you secure a 30-year fixed-rate mortgage at 6.5%:
- Principal & Interest: Approximately $2,022 per month.
- Property Taxes: If taxes are $5,000/year, add ~$416 per month.
- Insurance: If insurance is $1,200/year, add $100 per month.
- Total Estimated Payment: ~$2,538 per month.
Use the calculator above to adjust these variables and see exactly how different down payments or interest rates affect your budget.