Municipal Rates and Taxes Calculator

by
.wp-calc-container { max-width: 800px; margin: 20px auto; padding: 30px; background-color: #f9fbfd; border: 1px solid #e1e8ed; border-radius: 12px; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", sans-serif; color: #333; } .wp-calc-header { text-align: center; margin-bottom: 25px; } .wp-calc-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 20px; } @media (max-width: 600px) { .wp-calc-grid { grid-template-columns: 1fr; } } .wp-calc-field { margin-bottom: 15px; } .wp-calc-field label { display: block; font-weight: 600; margin-bottom: 8px; font-size: 14px; } .wp-calc-field input { width: 100%; padding: 12px; border: 1px solid #ccd0d4; border-radius: 6px; font-size: 16px; box-sizing: border-box; } .wp-calc-btn { width: 100%; padding: 15px; background-color: #007cba; color: white; border: none; border-radius: 6px; font-size: 18px; font-weight: 700; cursor: pointer; margin-top: 10px; transition: background-color 0.2s; } .wp-calc-btn:hover { background-color: #006799; } .wp-calc-result-box { margin-top: 30px; padding: 20px; background-color: #fff; border-radius: 8px; border-left: 5px solid #007cba; box-shadow: 0 2px 10px rgba(0,0,0,0.05); } .wp-calc-result-row { display: flex; justify-content: space-between; margin-bottom: 10px; padding-bottom: 10px; border-bottom: 1px dashed #eee; } .wp-calc-result-row:last-child { border-bottom: none; } .wp-calc-val { font-weight: 800; color: #007cba; } .wp-calc-content { margin-top: 40px; line-height: 1.6; color: #444; } .wp-calc-content h2 { color: #1d2327; margin-top: 30px; }

Mortgage Monthly Payment Calculator

Estimate your monthly home loan repayments and total interest costs.

Estimated Monthly Payment: $0.00
Total Loan Amount: $0.00
Total Interest Paid: $0.00
Total Cost of Loan: $0.00

How to Use the Mortgage Payment Calculator

Planning a home purchase requires a clear understanding of your long-term financial commitments. This calculator helps you break down the cost of a mortgage into manageable monthly figures. Simply enter the purchase price of the home, the amount you plan to pay upfront (down payment), the current market interest rate, and the duration of the loan.

Understanding the Calculation

The calculator uses the standard amortization formula to determine your fixed monthly payment. This payment includes both the principal repayment and the interest charged by the lender. The formula used is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

  • M: Total monthly payment.
  • P: Principal loan amount (Home Price – Down Payment).
  • i: Monthly interest rate (Annual rate divided by 12).
  • n: Number of months (Loan term in years multiplied by 12).

Example Scenario

Suppose you are buying a home for $400,000 with a $80,000 down payment (20%). Your loan amount would be $320,000. If you secure a 30-year fixed rate at 6.5%, your monthly principal and interest payment would be approximately $2,022.62. Over the life of the loan, you would pay a total of $408,144.33 in interest.

Important Considerations

Keep in mind that this calculator provides an estimate for the Principal and Interest (P&I) only. In a real-world scenario, your monthly mortgage bill will likely include other costs such as:

  • Property Taxes: Usually calculated annually and divided by 12.
  • Homeowners Insurance: Required by lenders to protect the asset.
  • Private Mortgage Insurance (PMI): Typically required if your down payment is less than 20%.
  • HOA Fees: If you are purchasing a condo or a home in a managed community.
function calculateMortgage() { var homePrice = parseFloat(document.getElementById("mort_home_price").value); var downPayment = parseFloat(document.getElementById("mort_down_payment").value); var annualRate = parseFloat(document.getElementById("mort_interest_rate").value); var years = parseFloat(document.getElementById("mort_loan_term").value); if (isNaN(homePrice) || isNaN(downPayment) || isNaN(annualRate) || isNaN(years) || homePrice <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var principal = homePrice – downPayment; if (principal <= 0) { alert("Down payment cannot be equal to or greater than the home price."); return; } var monthlyRate = (annualRate / 100) / 12; var numberOfPayments = years * 12; var monthlyPayment = 0; // Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] if (monthlyRate === 0) { monthlyPayment = principal / numberOfPayments; } else { var x = Math.pow(1 + monthlyRate, numberOfPayments); monthlyPayment = (principal * x * monthlyRate) / (x – 1); } var totalCost = monthlyPayment * numberOfPayments; var totalInterest = totalCost – principal; // Formatting results document.getElementById("res_monthly_payment").innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("res_loan_amount").innerHTML = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("res_total_interest").innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("res_total_cost").innerHTML = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); } // Run once on load to show initial state window.onload = function() { calculateMortgage(); };

Leave a Comment