Estimate your monthly mortgage payments including PITI.
Please check your input values. Ensure all fields contain positive numbers.
Principal & Interest:$0.00
Taxes & Insurance (Monthly):$0.00
HOA Fees:$0.00
Total Monthly Payment:$0.00
Loan Amount:$0.00
Understanding Your Mortgage Payment Calculation
Purchasing a home is one of the most significant financial decisions you will make. This Mortgage Payment Calculator is designed to give you a comprehensive view of your potential monthly housing costs. Unlike simple calculators that only look at principal and interest, this tool accounts for PITI (Principal, Interest, Taxes, and Insurance) and HOA fees, providing a realistic estimate of affordability.
Components of a Mortgage Payment
Principal: The portion of your payment that goes toward reducing the loan balance.
Interest: The cost of borrowing money from your lender.
Property Taxes: Taxes paid to your local government, usually held in escrow by the lender.
Homeowners Insurance: Protection for your property against damage, also typically held in escrow.
HOA Fees: Monthly dues for Homeowners Associations in condos or planned communities.
How Interest Rates Affect Your Buying Power
Even a small change in interest rates can significantly impact your monthly payment. For example, on a $400,000 loan, a 1% increase in interest rate can increase your monthly payment by hundreds of dollars. Use the input fields above to test different scenarios—adjusting the Interest Rate and Down Payment—to see how they influence your long-term costs.
Why Calculate "Total" Monthly Cost?
Many first-time homebuyers focus solely on the mortgage loan payment. However, banks qualify you based on your Total Monthly Payment relative to your gross income (Debt-to-Income Ratio). Don't forget to include realistic estimates for property taxes and insurance to ensure you don't overstretch your budget.
function calculateMortgage() {
// Clear previous errors
document.getElementById('error-display').style.display = 'none';
document.getElementById('results-area').style.display = 'none';
// Get Input Values
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTerm = parseFloat(document.getElementById('loanTerm').value);
var propertyTax = parseFloat(document.getElementById('propertyTax').value);
var homeInsurance = parseFloat(document.getElementById('homeInsurance').value);
var hoaFees = parseFloat(document.getElementById('hoaFees').value);
// Handle empty HOA
if (isNaN(hoaFees)) {
hoaFees = 0;
}
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(propertyTax) || isNaN(homeInsurance)) {
document.getElementById('error-display').style.display = 'block';
return;
}
if (homePrice <= 0 || loanTerm = home price
if (loanAmount <= 0) {
loanAmount = 0;
var monthlyPI = 0;
} else {
var monthlyRate = (interestRate / 100) / 12;
var totalMonths = loanTerm * 12;
// Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (interestRate === 0) {
var monthlyPI = loanAmount / totalMonths;
} else {
var monthlyPI = loanAmount * ( (monthlyRate * Math.pow(1 + monthlyRate, totalMonths)) / (Math.pow(1 + monthlyRate, totalMonths) – 1) );
}
}
var monthlyTax = propertyTax / 12;
var monthlyInsurance = homeInsurance / 12;
var taxesAndInsurance = monthlyTax + monthlyInsurance;
var totalMonthlyPayment = monthlyPI + taxesAndInsurance + hoaFees;
// Display Results
document.getElementById('res-pi').innerText = "$" + monthlyPI.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-ti').innerText = "$" + taxesAndInsurance.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-hoa').innerText = "$" + hoaFees.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-total').innerText = "$" + totalMonthlyPayment.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-loan-amount').innerText = "$" + loanAmount.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0});
document.getElementById('results-area').style.display = 'block';
}