Federal Income Tax Rate 2018 Calculator

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Mortgage Payment Calculator

Please enter valid numbers for all fields.
Monthly Principal & Interest: $0.00
Monthly Property Tax: $0.00
Monthly Home Insurance: $0.00
Total Monthly Payment: $0.00

How to Calculate Your Mortgage Payment

Understanding your monthly mortgage payment is the first step toward homeownership. This calculator breaks down the "PITI" components of your payment: Principal, Interest, Taxes, and Insurance.

1. Principal and Interest (P&I)

The core of your mortgage payment consists of:

  • Principal: The portion of your payment that goes toward paying down the loan balance ($…).
  • Interest: The cost of borrowing money from the lender, calculated at your annual interest rate.
In the early years of a mortgage, the majority of your payment goes toward interest. As the loan matures, more of your payment goes toward reducing the principal.

2. Property Taxes

Local governments collect property taxes to fund schools, roads, and public services. This calculator estimates the monthly portion of your annual tax bill. Keep in mind that property taxes can increase over time based on your home's assessed value.

3. Homeowners Insurance

Lenders require you to carry homeowners insurance to protect the asset against fire, theft, and other damages. This cost is often bundled into your monthly mortgage payment and held in an escrow account.

How Interest Rates Affect Affordability

Even a small change in interest rates can significantly impact your monthly payment. For example, on a $300,000 loan, a 1% increase in interest rate can increase your monthly payment by approximately $150 to $200. Use the calculator above to test different rate scenarios to see what fits your budget.

function calculateMortgage() { // 1. Get Input Values var homePrice = document.getElementById("homePrice").value; var downPayment = document.getElementById("downPayment").value; var interestRate = document.getElementById("interestRate").value; var loanTerm = document.getElementById("loanTerm").value; var propertyTax = document.getElementById("propertyTax").value; var homeInsurance = document.getElementById("homeInsurance").value; var errorDiv = document.getElementById("calcError"); var resultDiv = document.getElementById("mcResult"); // 2. Validate Inputs if (homePrice === "" || downPayment === "" || interestRate === "" || loanTerm === "" || propertyTax === "" || homeInsurance === "") { errorDiv.style.display = "block"; resultDiv.style.display = "none"; return; } // Convert to floats var priceVal = parseFloat(homePrice); var downVal = parseFloat(downPayment); var rateVal = parseFloat(interestRate); var termVal = parseFloat(loanTerm); var taxVal = parseFloat(propertyTax); var insVal = parseFloat(homeInsurance); if (isNaN(priceVal) || isNaN(downVal) || isNaN(rateVal) || isNaN(termVal) || isNaN(taxVal) || isNaN(insVal)) { errorDiv.style.display = "block"; resultDiv.style.display = "none"; return; } // Reset error errorDiv.style.display = "none"; // 3. Calculation Logic var principal = priceVal – downVal; // Handle case where down payment >= price if (principal <= 0) { document.getElementById("resPrincipal").innerHTML = "$0.00"; document.getElementById("resTax").innerHTML = "$" + (taxVal / 12).toFixed(2); document.getElementById("resInsurance").innerHTML = "$" + (insVal / 12).toFixed(2); document.getElementById("resTotal").innerHTML = "$" + ((taxVal + insVal) / 12).toFixed(2); resultDiv.style.display = "block"; return; } // Monthly Interest Rate var monthlyRate = rateVal / 100 / 12; // Total Number of Payments var numberOfPayments = termVal * 12; // Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] var monthlyPI = 0; if (rateVal === 0) { monthlyPI = principal / numberOfPayments; } else { monthlyPI = principal * ( (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1) ); } var monthlyTax = taxVal / 12; var monthlyIns = insVal / 12; var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyIns; // 4. Update UI document.getElementById("resPrincipal").innerHTML = "$" + monthlyPI.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); document.getElementById("resTax").innerHTML = "$" + monthlyTax.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); document.getElementById("resInsurance").innerHTML = "$" + monthlyIns.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); document.getElementById("resTotal").innerHTML = "$" + totalMonthlyPayment.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,'); // Update text in article for dynamic feel var loanAmtDisplay = principal.toFixed(0).replace(/\d(?=(\d{3})+$)/g, '$&,'); document.getElementById("textLoanAmount").innerText = loanAmtDisplay; resultDiv.style.display = "block"; }

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