#mortgage-calculator-wrapper .calc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
margin-bottom: 25px;
}
#mortgage-calculator-wrapper .input-group {
display: flex;
flex-direction: column;
}
#mortgage-calculator-wrapper label {
font-weight: 600;
color: #333;
margin-bottom: 8px;
font-size: 14px;
}
#mortgage-calculator-wrapper input,
#mortgage-calculator-wrapper select {
padding: 12px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
transition: border-color 0.3s;
}
#mortgage-calculator-wrapper input:focus,
#mortgage-calculator-wrapper select:focus {
border-color: #0073aa;
outline: none;
}
#mortgage-calculator-wrapper .calc-btn {
background-color: #0073aa;
color: white;
border: none;
padding: 15px 30px;
font-size: 18px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
transition: background-color 0.2s;
}
#mortgage-calculator-wrapper .calc-btn:hover {
background-color: #005177;
}
#mortgage-calculator-wrapper .results-box {
background-color: #f9f9f9;
padding: 20px;
border-radius: 8px;
margin-top: 25px;
border-left: 5px solid #0073aa;
display: none;
}
#mortgage-calculator-wrapper .result-row {
display: flex;
justify-content: space-between;
margin-bottom: 10px;
font-size: 16px;
color: #555;
}
#mortgage-calculator-wrapper .result-row.total {
font-size: 24px;
font-weight: bold;
color: #333;
margin-top: 15px;
padding-top: 15px;
border-top: 1px solid #e0e0e0;
}
#mortgage-calculator-wrapper .seo-content {
margin-top: 40px;
color: #444;
line-height: 1.6;
}
#mortgage-calculator-wrapper .seo-content h2 {
font-size: 24px;
color: #222;
margin-top: 30px;
margin-bottom: 15px;
}
#mortgage-calculator-wrapper .seo-content p {
margin-bottom: 15px;
}
#mortgage-calculator-wrapper .seo-content ul {
margin-bottom: 20px;
padding-left: 20px;
}
@media (max-width: 600px) {
#mortgage-calculator-wrapper .calc-grid {
grid-template-columns: 1fr;
}
}
function calculateMortgage() {
// Get inputs using var
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 termYears = parseFloat(document.getElementById('mc_loan_term').value);
var annualTax = parseFloat(document.getElementById('mc_property_tax').value);
var annualIns = parseFloat(document.getElementById('mc_insurance').value);
// Validation logic
if (isNaN(homePrice) || homePrice <= 0) {
alert("Please enter a valid Home Price.");
return;
}
if (isNaN(downPayment)) downPayment = 0;
if (isNaN(interestRate) || interestRate < 0) {
alert("Please enter a valid Interest Rate.");
return;
}
if (isNaN(annualTax)) annualTax = 0;
if (isNaN(annualIns)) annualIns = 0;
// Calculations
var principal = homePrice – downPayment;
if (principal <= 0) {
alert("Down payment cannot be greater than or equal to Home Price.");
return;
}
var monthlyInterest = interestRate / 100 / 12;
var numberOfPayments = termYears * 12;
// Mortgage Formula: M = P[r(1+r)^n]/[(1+r)^n-1]
var monthlyPrincipalInterest = 0;
if (interestRate === 0) {
monthlyPrincipalInterest = principal / numberOfPayments;
} else {
monthlyPrincipalInterest = principal * (monthlyInterest * Math.pow(1 + monthlyInterest, numberOfPayments)) / (Math.pow(1 + monthlyInterest, numberOfPayments) – 1);
}
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
var totalMonthly = monthlyPrincipalInterest + monthlyTax + monthlyIns;
// Display Results with formatting
document.getElementById('mc_out_pi').innerHTML = "$" + monthlyPrincipalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc_out_tax').innerHTML = "$" + monthlyTax.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc_out_ins').innerHTML = "$" + monthlyIns.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mc_out_total').innerHTML = "$" + totalMonthly.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show result div
document.getElementById('mc_results').style.display = 'block';
}
Monthly Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Principal & Interest:
–
Property Taxes (Monthly):
–
Home Insurance (Monthly):
–
Total Monthly Payment:
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Understanding Your Mortgage Calculation
Using a comprehensive Mortgage Payment Calculator is an essential step in the home buying process. It helps prospective homeowners estimate their monthly financial obligations accurately by breaking down the PITI components: Principal, Interest, Taxes, and Insurance. Understanding these variables ensures you budget correctly for your new home.
Components of Your Monthly Payment
- Principal: The portion of your payment that goes directly toward reducing the loan balance.
- Interest: The cost of borrowing money, calculated based on your annual percentage rate (APR).
- Property Taxes: Fees paid to your local government, typically collected by your lender in an escrow account.
- Homeowners Insurance: Protection for your property against damages, also often escrowed by lenders.
How Interest Rates Affect Affordability
Even a small fluctuation in interest rates can significantly impact your monthly mortgage payment. For example, on a $300,000 loan, a 1% increase in interest rate can increase your monthly payment by hundreds of dollars over the life of a 30-year loan. Use the calculator above to scenario-test different interest rates to see what you can comfortably afford.
The Impact of Your Loan Term
Choosing between a 15-year and a 30-year fixed mortgage is a common dilemma. A 30-year term offers lower monthly payments but results in paying more interest over the life of the loan. Conversely, a 15-year term has higher monthly payments but allows you to build equity faster and save significantly on total interest costs.