Estimate your monthly mortgage payments, including taxes and insurance.
30 Years
20 Years
15 Years
10 Years
Please check your inputs. Ensure Home Price is 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 Interest Paid:$0.00
Total Cost of Loan:$0.00
Understanding Your Mortgage Payment
Buying a home is one of the most significant financial decisions you will make. This Mortgage Payment Calculator is designed to help you understand exactly how much home you can afford by breaking down the monthly costs associated with a mortgage loan. Unlike simple calculators that only look at principal and interest, this tool accounts for property taxes, homeowners insurance, and HOA fees to give you a realistic "out-the-door" monthly expense.
Components of a Mortgage Payment
Your monthly payment is typically composed of four main parts, often referred to as PITI:
Principal: The portion of your payment that goes toward paying down the loan balance.
Interest: The cost of borrowing money from the lender. In the early years of a mortgage, a large percentage of your payment goes toward interest.
Taxes: Property taxes assessed by your local government. These are often collected by the lender in an escrow account and paid annually.
Insurance: Homeowners insurance protects your property against damage. Like taxes, this is often included in your monthly payment.
How Interest Rates Affect Your Payment
Even a small difference in interest rates can have a massive impact on your monthly payment and the total cost of the loan. For example, on a $300,000 loan, the difference between a 6% and a 7% interest rate can amount to over $200 per month and tens of thousands of dollars over the life of a 30-year loan.
Choosing the Right Loan Term
Most homebuyers choose between a 15-year and a 30-year fixed-rate mortgage. A 30-year term offers lower monthly payments, making the home more affordable on a monthly basis, but you will pay significantly more in interest over the life of the loan. A 15-year term has higher monthly payments but allows you to build equity much faster and save on total interest costs.
Using This Calculator
To get the most accurate result, try to find the exact property tax rate for the area where you are looking to buy, as this varies significantly by county. Additionally, if you are putting down less than 20%, you may also need to account for Private Mortgage Insurance (PMI), which is not included in this calculation but can add 0.5% to 1% of the loan amount annually to your costs.
function calculateMortgage() {
// Get Input Values
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var loanTermYears = parseFloat(document.getElementById('loanTerm').value);
var interestRateAnnual = parseFloat(document.getElementById('interestRate').value);
var propertyTaxAnnual = parseFloat(document.getElementById('propertyTax').value);
var homeInsuranceAnnual = parseFloat(document.getElementById('homeInsurance').value);
var hoaFeesMonthly = parseFloat(document.getElementById('hoaFees').value);
// UI Elements
var errorDiv = document.getElementById('mpError');
var resultsDiv = document.getElementById('mpResults');
// Reset display
errorDiv.style.display = 'none';
resultsDiv.style.display = 'none';
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRateAnnual) || homePrice = homePrice) {
errorDiv.innerHTML = "Down Payment cannot be equal to or greater than the Home Price.";
errorDiv.style.display = 'block';
return;
}
// Handle optional fields if empty (NaN)
if (isNaN(propertyTaxAnnual)) propertyTaxAnnual = 0;
if (isNaN(homeInsuranceAnnual)) homeInsuranceAnnual = 0;
if (isNaN(hoaFeesMonthly)) hoaFeesMonthly = 0;
// Core Calculations
var loanAmount = homePrice – downPayment;
var monthlyInterestRate = (interestRateAnnual / 100) / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPrincipalInterest = 0;
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (monthlyInterestRate === 0) {
monthlyPrincipalInterest = loanAmount / numberOfPayments;
} else {
monthlyPrincipalInterest = loanAmount *
(monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) /
(Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
var monthlyTax = propertyTaxAnnual / 12;
var monthlyInsurance = homeInsuranceAnnual / 12;
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyInsurance + hoaFeesMonthly;
var totalPaymentOverTerm = (monthlyPrincipalInterest * numberOfPayments);
var totalInterestPaid = totalPaymentOverTerm – loanAmount;
var totalCostOfLoan = totalPaymentOverTerm + downPayment + (monthlyTax * numberOfPayments) + (monthlyInsurance * numberOfPayments) + (hoaFeesMonthly * numberOfPayments);
// Note: Total Cost of Loan usually refers to P+I+Down, but sometimes includes escrow. Here we track total P+I cost + down payment.
// Let's stick to standard definition: Total Paid to Lender (P+I).
// Actually, users want to know total cost. Let's do Total Principal + Interest.
var totalPrincipalInterestCost = totalPaymentOverTerm;
// Formatting Helper
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Update DOM
document.getElementById('resPrincipalInterest').innerText = formatter.format(monthlyPrincipalInterest);
document.getElementById('resTax').innerText = formatter.format(monthlyTax);
document.getElementById('resInsurance').innerText = formatter.format(monthlyInsurance);
document.getElementById('resHOA').innerText = formatter.format(hoaFeesMonthly);
document.getElementById('resTotalMonthly').innerText = formatter.format(totalMonthlyPayment);
document.getElementById('resTotalInterest').innerText = formatter.format(totalInterestPaid);
document.getElementById('resTotalCost').innerText = formatter.format(totalPrincipalInterestCost);
// Show Results
resultsDiv.style.display = 'block';
}