.mc-row {
display: flex;
flex-wrap: wrap;
margin: 0 -10px;
}
.mc-col {
flex: 1;
min-width: 250px;
padding: 0 10px;
margin-bottom: 15px;
}
.mc-label {
display: block;
font-weight: 600;
margin-bottom: 5px;
color: #333;
font-size: 14px;
}
.mc-input {
width: 100%;
padding: 10px;
border: 1px solid #ddd;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
}
.mc-input:focus {
border-color: #0073aa;
outline: none;
box-shadow: 0 0 0 2px rgba(0,115,170,0.2);
}
.mc-btn {
background-color: #0073aa;
color: white;
border: none;
padding: 12px 24px;
font-size: 16px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
transition: background 0.2s;
}
.mc-btn:hover {
background-color: #005177;
}
.mc-results {
background-color: #f7f9fc;
padding: 20px;
border-radius: 6px;
margin-top: 20px;
border-left: 4px solid #0073aa;
}
.mc-result-row {
display: flex;
justify-content: space-between;
margin-bottom: 10px;
font-size: 15px;
}
.mc-result-row.total {
font-size: 20px;
font-weight: bold;
color: #0073aa;
border-top: 1px solid #ddd;
padding-top: 10px;
margin-top: 10px;
}
.mc-currency {
font-family: monospace;
font-weight: 600;
}
.mc-content {
margin-top: 40px;
line-height: 1.6;
color: #444;
}
.mc-content h2 {
color: #222;
border-bottom: 2px solid #eee;
padding-bottom: 10px;
margin-top: 30px;
}
.mc-content h3 {
color: #333;
margin-top: 20px;
}
.mc-error {
color: #d63638;
font-weight: bold;
display: none;
margin-bottom: 10px;
}
function calculateMortgage() {
// Get Input Values
var price = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var rate = parseFloat(document.getElementById('interestRate').value);
var years = parseFloat(document.getElementById('loanTerm').value);
var taxYear = parseFloat(document.getElementById('propertyTax').value);
var insuranceYear = parseFloat(document.getElementById('homeInsurance').value);
var hoaMonth = parseFloat(document.getElementById('hoaFees').value);
var errorDiv = document.getElementById('mcError');
var resultsDiv = document.getElementById('mcResults');
// Reset Error
errorDiv.style.display = 'none';
// Validation
if (isNaN(price) || isNaN(downPayment) || isNaN(rate) || isNaN(years)) {
errorDiv.innerText = "Please enter valid numbers for all required fields.";
errorDiv.style.display = 'block';
resultsDiv.style.display = 'none';
return;
}
if (downPayment >= price) {
errorDiv.innerText = "Down payment cannot be equal to or greater than the home price.";
errorDiv.style.display = 'block';
resultsDiv.style.display = 'none';
return;
}
// Calculations
var loanAmount = price – downPayment;
var numPayments = years * 12;
var monthlyRate = (rate / 100) / 12;
// Principal and Interest Payment Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPI = 0;
if (rate === 0) {
monthlyPI = loanAmount / numPayments;
} else {
monthlyPI = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numPayments)) / (Math.pow(1 + monthlyRate, numPayments) – 1);
}
// Monthly Escrow Costs
var monthlyTax = (isNaN(taxYear) ? 0 : taxYear) / 12;
var monthlyInsurance = (isNaN(insuranceYear) ? 0 : insuranceYear) / 12;
var monthlyHOA = isNaN(hoaMonth) ? 0 : hoaMonth;
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance + monthlyHOA;
var totalCost = (monthlyPI * numPayments);
var totalInterest = totalCost – loanAmount;
// Payoff Date
var today = new Date();
var payoffDate = new Date(today.setMonth(today.getMonth() + numPayments));
var payoffString = payoffDate.toLocaleDateString('en-US', { month: 'short', year: 'numeric' });
// Update DOM
document.getElementById('resPrincipalInterest').innerText = formatMoney(monthlyPI);
document.getElementById('resTax').innerText = formatMoney(monthlyTax);
document.getElementById('resInsurance').innerText = formatMoney(monthlyInsurance);
document.getElementById('resHOA').innerText = formatMoney(monthlyHOA);
document.getElementById('resTotalMonthly').innerText = formatMoney(totalMonthly);
document.getElementById('resLoanAmount').innerText = formatMoney(loanAmount);
document.getElementById('resTotalInterest').innerText = formatMoney(totalInterest);
document.getElementById('resPayoffDate').innerText = payoffString;
// Show Results
resultsDiv.style.display = 'block';
}
function formatMoney(amount) {
return '$' + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
Mortgage Payment Calculator
Please check your inputs. Home price must be greater than down payment.
Principal & Interest:
$0.00
Property Tax (Monthly):
$0.00
Home Insurance (Monthly):
$0.00
HOA Fees (Monthly):
$0.00
Total Monthly Payment:
$0.00
Total Loan Amount:
$0.00
Total Interest Paid:
$0.00
Payoff Date:
—
Understanding Your Mortgage Payment
Calculating your potential monthly mortgage payment is a crucial step in the home buying process. This calculator helps you estimate your monthly costs by factoring in principal, interest, taxes, insurance, and homeowner association (HOA) fees—collectively known as PITI.
Breakdown of Mortgage Costs
- Principal: The portion of your payment that goes toward reducing the loan balance.
- Interest: The cost of borrowing money, determined by your interest rate.
- Property Taxes: Taxes paid to your local government, often bundled into your monthly payment via an escrow account.
- Homeowners Insurance: Protects your property against damage; usually required by lenders.
- HOA Fees: Monthly dues for community maintenance in condos or planned subdivisions.
How Interest Rates Affect Affordability
Your interest rate significantly impacts your monthly payment and the total cost of the 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 by tens of thousands over 30 years.
Strategies to Lower Your Payment
If the calculated payment is higher than your budget allows, consider:
- Increasing your down payment: This lowers the principal loan amount and may remove the need for Private Mortgage Insurance (PMI).
- Improving your credit score: Higher scores often qualify for lower interest rates.
- Choosing a longer loan term: A 30-year term has lower monthly payments than a 15-year term, though you will pay more interest over time.
Frequently Asked Questions
Does this calculator include PMI?
Private Mortgage Insurance (PMI) is usually required if your down payment is less than 20%. While this calculator includes taxes and insurance, you should add estimated PMI (typically 0.5% – 1% of the loan annually) to the HOA field for a more conservative estimate if you are putting down less than 20%.
What is an amortization schedule?
Amortization refers to how your loan is paid off over time. In the early years, a larger portion of your payment goes toward interest. As the loan matures, more of your payment is applied to the principal balance.