Calculate your estimated monthly mortgage payment, including principal, interest, taxes, and insurance.
30 Years
20 Years
15 Years
10 Years
Please enter valid positive numbers for Home Price and Interest Rate.
Principal & Interest:–
Property Tax (Monthly):–
Home Insurance (Monthly):–
HOA Fees (Monthly):–
TOTAL MONTHLY PAYMENT:–
Total Interest Paid over Loan:–
Understanding Your Mortgage Payment
Calculating your monthly mortgage payment is the first step in determining "how much house" you can afford. While the sticker price of a home is important, your monthly cash flow is dictated by several components that this calculator breaks down.
Components of a Monthly Payment (PITI)
Lenders often refer to your payment as PITI, which stands for:
Principal: The portion of your payment that goes toward paying down the loan balance ($Loan Amount).
Interest: The cost of borrowing money, determined by your interest rate.
Taxes: Property taxes charged by your local government, usually held in an escrow account.
Insurance: Homeowners insurance to protect the property against damage.
How Interest Rates Affect Your Payment
Even a small difference in interest rates can significantly impact your monthly payment and the total cost of the loan. For example, on a $300,000 loan, a 1% increase in interest rate can raise your monthly payment by hundreds of dollars and your total interest paid by over $60,000 over 30 years.
Strategies to Lower Your Monthly Payment
If the calculated payment is higher than your budget allows, consider these strategies:
Increase your down payment: This reduces the principal loan amount.
Eliminate PMI: If you put down less than 20%, you may be paying Private Mortgage Insurance (not included in this basic calculation). Reaching 20% equity removes this cost.
Shop for lower insurance: Homeowners insurance rates vary by provider.
Buy points: You can pay an upfront fee to lower your interest rate for the life of the loan.
function calculateMortgage() {
// 1. Get input values
var homePrice = parseFloat(document.getElementById('mcHomePrice').value);
var downPayment = parseFloat(document.getElementById('mcDownPayment').value);
var interestRate = parseFloat(document.getElementById('mcInterestRate').value);
var loanTermYears = parseInt(document.getElementById('mcLoanTerm').value);
var propertyTaxYearly = parseFloat(document.getElementById('mcPropertyTax').value);
var homeInsuranceYearly = parseFloat(document.getElementById('mcInsurance').value);
var hoaFeesMonthly = parseFloat(document.getElementById('mcHoaFees').value);
// 2. Validation
var errorDiv = document.getElementById('mcError');
var resultsDiv = document.getElementById('mcResults');
if (isNaN(homePrice) || isNaN(interestRate) || homePrice <= 0 || interestRate < 0) {
errorDiv.style.display = 'block';
resultsDiv.style.display = 'none';
return;
} else {
errorDiv.style.display = 'none';
}
// Handle optional fields being empty or NaN
if (isNaN(downPayment)) downPayment = 0;
if (isNaN(propertyTaxYearly)) propertyTaxYearly = 0;
if (isNaN(homeInsuranceYearly)) homeInsuranceYearly = 0;
if (isNaN(hoaFeesMonthly)) hoaFeesMonthly = 0;
// 3. Calculation Logic
var principal = homePrice – downPayment;
// Prevent negative principal
if (principal < 0) principal = 0;
var monthlyInterestRate = (interestRate / 100) / 12;
var totalPayments = loanTermYears * 12;
var monthlyPrincipalInterest = 0;
// Standard Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (interestRate === 0) {
monthlyPrincipalInterest = principal / totalPayments;
} else {
monthlyPrincipalInterest = principal * ( (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, totalPayments)) / (Math.pow(1 + monthlyInterestRate, totalPayments) – 1) );
}
var monthlyTax = propertyTaxYearly / 12;
var monthlyInsurance = homeInsuranceYearly / 12;
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyInsurance + hoaFeesMonthly;
var totalCostOfLoan = (monthlyPrincipalInterest * totalPayments);
var totalInterestPaid = totalCostOfLoan – principal;
// 4. Update UI
document.getElementById('resPrincipalInterest').innerHTML = '$' + formatMoney(monthlyPrincipalInterest);
document.getElementById('resTax').innerHTML = '$' + formatMoney(monthlyTax);
document.getElementById('resInsurance').innerHTML = '$' + formatMoney(monthlyInsurance);
document.getElementById('resHoa').innerHTML = '$' + formatMoney(hoaFeesMonthly);
document.getElementById('resTotalMonthly').innerHTML = '$' + formatMoney(totalMonthlyPayment);
document.getElementById('resTotalInterest').innerHTML = '$' + formatMoney(totalInterestPaid);
// Update article span text
document.getElementById('txtLoanAmt').innerHTML = 'Loan Amount: $' + formatMoney(principal);
resultsDiv.style.display = 'block';
}
function formatMoney(number) {
return number.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 });
}
{
"@context": "https://schema.org",
"@type": "FAQPage",
"mainEntity": [{
"@type": "Question",
"name": "How is a mortgage payment calculated?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Mortgage payments are calculated using a standard amortization formula that factors in principal loan amount, interest rate, and loan term. The basic formula determines the monthly principal and interest, while property taxes, insurance, and HOA fees are added on top."
}
}, {
"@type": "Question",
"name": "What is included in PITI?",
"acceptedAnswer": {
"@type": "Answer",
"text": "PITI stands for Principal, Interest, Taxes, and Insurance. These are the four main components that make up a standard monthly mortgage payment."
}
}, {
"@type": "Question",
"name": "Does a higher down payment lower monthly payments?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Yes, a higher down payment reduces the principal loan amount, which directly lowers the monthly principal and interest payment and reduces the total interest paid over the life of the loan."
}
}]
}