.calculator-wrapper {
max-width: 800px;
margin: 0 auto;
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif;
color: #333;
line-height: 1.6;
}
.calc-container {
background-color: #f8f9fa;
border: 1px solid #e9ecef;
border-radius: 8px;
padding: 25px;
margin-bottom: 40px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
}
.calc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
.calc-grid {
grid-template-columns: 1fr;
}
}
.input-group {
margin-bottom: 15px;
}
.input-group label {
display: block;
margin-bottom: 5px;
font-weight: 600;
font-size: 0.95em;
}
.input-group input {
width: 100%;
padding: 10px;
border: 1px solid #ced4da;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
}
.input-group input:focus {
border-color: #007bff;
outline: none;
}
.calc-btn {
background-color: #007bff;
color: white;
border: none;
padding: 12px 20px;
font-size: 16px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
margin-top: 10px;
transition: background-color 0.2s;
}
.calc-btn:hover {
background-color: #0056b3;
}
.result-section {
background-color: #ffffff;
border: 1px solid #dee2e6;
border-radius: 6px;
padding: 20px;
margin-top: 25px;
text-align: center;
display: none;
}
.result-value {
font-size: 2.5em;
font-weight: 700;
color: #28a745;
margin: 10px 0;
}
.result-breakdown {
display: flex;
justify-content: space-around;
margin-top: 15px;
border-top: 1px solid #eee;
padding-top: 15px;
font-size: 0.9em;
}
.breakdown-item span {
display: block;
font-weight: bold;
color: #555;
}
.content-section h2 {
color: #2c3e50;
margin-top: 30px;
font-size: 1.8em;
}
.content-section p {
margin-bottom: 15px;
}
.content-section ul {
margin-bottom: 20px;
padding-left: 20px;
}
.content-section li {
margin-bottom: 8px;
}
function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById("homeValue").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var rate = parseFloat(document.getElementById("interestRate").value);
var years = parseFloat(document.getElementById("loanTerm").value);
var annualTax = parseFloat(document.getElementById("propertyTax").value);
var annualIns = parseFloat(document.getElementById("homeInsurance").value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(rate) || isNaN(years)) {
alert("Please enter valid numbers for the main loan details.");
return;
}
// Default optional fields to 0 if empty
if (isNaN(annualTax)) annualTax = 0;
if (isNaN(annualIns)) annualIns = 0;
// Calculations
var principal = homePrice – downPayment;
var monthlyRate = rate / 100 / 12;
var numberOfPayments = years * 12;
var monthlyPI = 0;
if (rate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyIns;
// Update DOM
document.getElementById("totalMonthlyPayment").innerHTML = "$" + totalMonthly.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("piResult").innerHTML = "$" + monthlyPI.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("taxInsResult").innerHTML = "$" + (monthlyTax + monthlyIns).toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show result section
document.getElementById("resultSection").style.display = "block";
}
Mortgage Payment Calculator
Your Estimated Monthly Payment
$0.00
Principal & Interest
$0.00
Tax & Insurance
$0.00
Understanding Your Mortgage Calculation
Purchasing a home is likely the largest financial commitment you will make in your lifetime. Understanding exactly how your monthly mortgage payment is calculated is crucial for budgeting and financial planning. This calculator breaks down the costs into Principal & Interest (P&I) and escrow items like taxes and insurance.
The 4 Pillars of Your Mortgage Payment
When you write that check to the bank every month, the money is usually split into four distinct buckets, often referred to as PITI:
- Principal: The portion of your payment that goes directly toward paying down the loan balance. In the early years of a 30-year mortgage, this amount is small but grows over time.
- Interest: The fee the lender charges for lending you the money. This makes up the bulk of your payment in the early years.
- Taxes: Property taxes charged by your local government. Lenders often collect this monthly and pay the bill for you annually via an escrow account.
- Insurance: Homeowners insurance protects your property against damage. Like taxes, this is often bundled into your monthly payment.
How Interest Rates Impact Your Buying Power
Even a small change in interest rates can significantly affect your monthly payment and the total cost of the loan. For example, on a $300,000 loan, the difference between a 6.0% and a 7.0% interest rate is roughly $200 per month. Over the life of a 30-year loan, that 1% difference costs you an extra $72,000.
Tips for Lowering Your Monthly Payment
If the estimated payment above is higher than your budget allows, consider these strategies:
- Increase your down payment: Putting more money down reduces the principal amount you need to borrow, which lowers your monthly P&I.
- Improve your credit score: A higher credit score often qualifies you for a lower interest rate.
- Shop for insurance: Homeowners insurance rates vary wildly between providers. Shopping around can save you hundreds per year.
- Consider a longer term: While a 15-year mortgage saves on total interest, a 30-year mortgage offers lower monthly payments.
Using This Calculator
To get the most accurate result, try to find the exact property tax rate for the specific town you are looking in, as this can vary from 1% to over 3% of the home's value depending on your location. Likewise, input a realistic interest rate based on today's market conditions.