Tax Rate in Nyc Calculator

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Mortgage Payment Calculator

30 Years 20 Years 15 Years 10 Years
Please enter valid positive numbers for all fields.

Total Monthly Payment

$0.00
Principal & Interest: $0.00
Property Tax (Monthly): $0.00
Home Insurance (Monthly): $0.00
HOA Fees: $0.00
Loan Amount: $0.00
Total Interest Paid: $0.00
Total Cost of Loan: $0.00

Understanding Your Mortgage Calculation

Buying a home is one of the most significant financial decisions you will make. This Mortgage Payment Calculator helps you estimate your monthly payments by breaking down the core components: Principal, Interest, Taxes, and Insurance (often referred to as PITI).

1. Principal and Interest

The core of your mortgage payment consists of principal and interest. The principal is the money you borrowed to buy the house, while the interest is the fee charged by the lender for that privilege. In the early years of a standard amortization schedule, a larger portion of your payment goes toward interest. Over time, as the principal balance decreases, more of your payment goes toward paying off the loan itself.

2. The Impact of Interest Rates

Even a small difference in interest rates can have a massive impact on your monthly payment and the total cost of the loan over 30 years. For example, on a $300,000 loan, the difference between a 6% and a 7% interest rate can amount to hundreds of dollars per month and tens of thousands over the life of the loan. Use the calculator above to see how different rates affect your budget.

3. Taxes, Insurance, and HOA

Your mortgage payment often includes more than just the loan repayment. Lenders typically require an escrow account to pay for:

  • Property Taxes: Based on the assessed value of your home and local tax rates.
  • Homeowners Insurance: Protects your property against damage and liability.
  • HOA Fees: If you buy a condo or a home in a planned community, you may owe monthly Homeowners Association dues, which are usually paid separately but affect your total monthly affordability.

4. Choosing the Right Loan Term

The most common loan term is 30 years, which offers lower monthly payments but results in higher total interest paid. A 15-year term will have significantly higher monthly payments but saves you a substantial amount in interest and helps you build equity much faster. Adjust the "Loan Term" in the calculator to compare these scenarios.

function calculateMortgage() { // 1. 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 loanTermYears = parseFloat(document.getElementById("loanTerm").value); var annualTax = parseFloat(document.getElementById("propertyTax").value); var annualInsurance = parseFloat(document.getElementById("homeInsurance").value); var monthlyHOA = parseFloat(document.getElementById("hoaFees").value); // Get error message element var errorMsg = document.getElementById("errorMsg"); var resultsSection = document.getElementById("resultsSection"); // 2. Validate inputs // Check if basic required fields are numbers. // Note: HOA, Tax, Insurance can be 0, but Home Price, Rate, Term should be > 0. if (isNaN(homePrice) || homePrice <= 0 || isNaN(downPayment) || downPayment < 0 || isNaN(interestRate) || interestRate < 0 || isNaN(loanTermYears) || loanTermYears = home price, no loan needed if (loanAmount <= 0) { loanAmount = 0; var monthlyPI = 0; var totalInterest = 0; var totalCost = homePrice; } else { var monthlyRate = (interestRate / 100) / 12; var numberOfPayments = loanTermYears * 12; // Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1] // If interest rate is 0, just divide principal by months var monthlyPI; if (interestRate === 0) { monthlyPI = loanAmount / numberOfPayments; } else { monthlyPI = loanAmount * ( (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1) ); } var totalPayments = monthlyPI * numberOfPayments; var totalInterest = totalPayments – loanAmount; var totalCost = totalPayments + downPayment; } // Monthly Taxes and Insurance var monthlyTax = annualTax / 12; var monthlyInsurance = annualInsurance / 12; var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance + monthlyHOA; // 4. Update UI with formatted currency var formatter = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', minimumFractionDigits: 2 }); document.getElementById("totalMonthlyDisplay").innerHTML = formatter.format(totalMonthlyPayment); document.getElementById("piDisplay").innerHTML = formatter.format(monthlyPI); document.getElementById("taxDisplay").innerHTML = formatter.format(monthlyTax); document.getElementById("insDisplay").innerHTML = formatter.format(monthlyInsurance); document.getElementById("hoaDisplay").innerHTML = formatter.format(monthlyHOA); document.getElementById("loanAmountDisplay").innerHTML = formatter.format(loanAmount); document.getElementById("totalInterestDisplay").innerHTML = formatter.format(totalInterest); document.getElementById("totalCostDisplay").innerHTML = formatter.format(totalCost); // Total cost of loan + downpayment (asset cost) // Show results resultsSection.style.display = "block"; }

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