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.mc-col { flex: 1; min-width: 200px; }
.mc-label { display: block; font-weight: 600; margin-bottom: 5px; color: #333; }
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function calculateMortgage() {
// 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 loanTerm = parseInt(document.getElementById("loanTerm").value);
var propertyTaxYearly = parseFloat(document.getElementById("propertyTax").value);
var insuranceYearly = parseFloat(document.getElementById("homeInsurance").value);
var hoaMonthly = parseFloat(document.getElementById("hoaFees").value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(propertyTaxYearly) || isNaN(insuranceYearly)) {
document.getElementById("errorMessage").style.display = "block";
document.getElementById("resultsSection").style.display = "none";
return;
} else {
document.getElementById("errorMessage").style.display = "none";
}
if (isNaN(hoaMonthly)) { hoaMonthly = 0; }
// Core Calculations
var principal = homePrice – downPayment;
// Handle edge case where down payment >= home price
if (principal 0 && interestRate > 0) {
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
} else if (principal > 0 && interestRate === 0) {
monthlyPI = principal / numberOfPayments;
}
// Calculate Monthly Components
var monthlyTax = propertyTaxYearly / 12;
var monthlyInsurance = insuranceYearly / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance + hoaMonthly;
// Calculate Totals
var totalPaymentOverTerm = monthlyPI * numberOfPayments;
var totalInterest = totalPaymentOverTerm – principal;
var totalCost = totalPaymentOverTerm + (monthlyTax * numberOfPayments) + (monthlyInsurance * numberOfPayments) + (hoaMonthly * numberOfPayments);
// Payoff Date
var today = new Date();
var payoffYear = today.getFullYear() + loanTerm;
var payoffMonth = today.toLocaleString('default', { month: 'long' });
var payoffDateString = payoffMonth + " " + payoffYear;
// Formatting Function
function formatMoney(num) {
return "$" + num.toLocaleString("en-US", { minimumFractionDigits: 2, maximumFractionDigits: 2 });
}
// Display Results
document.getElementById("totalMonthlyPayment").innerHTML = formatMoney(totalMonthly);
document.getElementById("piAmount").innerHTML = formatMoney(monthlyPI);
document.getElementById("taxAmount").innerHTML = formatMoney(monthlyTax);
document.getElementById("insAmount").innerHTML = formatMoney(monthlyInsurance);
document.getElementById("hoaAmount").innerHTML = formatMoney(hoaMonthly);
document.getElementById("loanAmountResult").innerHTML = formatMoney(principal);
document.getElementById("totalInterestResult").innerHTML = formatMoney(totalInterest);
document.getElementById("totalCostResult").innerHTML = formatMoney(totalCost);
document.getElementById("payoffDateResult").innerHTML = payoffDateString;
document.getElementById("resultsSection").style.display = "block";
}
Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Please enter valid numeric values for all fields.
Estimated Monthly Payment
Total Amount
$0.00
Principal & Interest:
$0.00
Property Tax:
$0.00
Home Insurance:
$0.00
HOA Fees:
$0.00
Loan Summary
Loan Amount:
$0.00
Total Interest Paid:
$0.00
Total Cost of Loan:
$0.00
Payoff Date:
–
How to Use This Mortgage Calculator
Purchasing a home is one of the largest financial decisions you will make. This Mortgage Payment Calculator helps you estimate your monthly housing costs by factoring in not just your loan repayment, but also taxes, insurance, and HOA fees.
Understanding the Inputs
- Home Price: The total purchase price of the real estate property.
- Down Payment: The upfront cash you pay towards the home. A higher down payment reduces your loan amount and monthly payments.
- Interest Rate: The annual percentage rate charged by the lender. Even a small difference here can impact your monthly payment significantly.
- Loan Term: The duration of the loan. 30 years is standard, but 15-year loans often have lower interest rates and pay off debt faster.
Components of Your Monthly Mortgage Payment
Your monthly payment is typically referred to as PITI (Principal, Interest, Taxes, and Insurance):
Principal: This portion of the payment goes directly towards reducing the loan balance. In the early years of a mortgage, this amount is small compared to interest.
Interest: This is the cost of borrowing money. In the beginning of a 30-year loan, the majority of your payment goes toward interest rather than equity.
Property Taxes: Local governments assess taxes based on your property's value. This calculator divides your annual tax bill by 12 to find the monthly escrow amount.
Homeowners Insurance: Lenders require insurance to protect the property against damage. Like taxes, this is often paid monthly into an escrow account.
How to Lower Your Monthly Payment
If the estimated payment is higher than your budget allows, consider these strategies:
- Increase your Down Payment: Putting 20% down avoids Private Mortgage Insurance (PMI) and lowers the principal.
- Shop for Lower Rates: Improve your credit score or shop multiple lenders to find a better interest rate.
- Choose a Longer Term: A 30-year term has lower monthly payments than a 15-year term, though you will pay more interest over the life of the loan.