This estimate includes Principal, Interest, Taxes, and Insurance.
Understanding Your South Carolina Mortgage Payment (PITI)
This calculator helps you estimate your total monthly mortgage payment for a home in South Carolina. The payment is commonly referred to as PITI, which stands for:
Principal
Interest
Taxes (Property Taxes)
Insurance (Homeowners Insurance and potentially Private Mortgage Insurance – PMI)
The Math Behind the Calculation
The calculator breaks down the calculation into several components:
1. Principal and Interest (P&I)
This is the core part of your mortgage payment that goes towards paying down the loan balance and the interest charged by the lender. The formula used is the standard mortgage payment formula:
n = Total Number of Payments (Loan Term in Years * 12)
2. Property Taxes
South Carolina has some of the lowest property taxes in the United States. The calculator uses the annual property tax rate you provide to calculate the monthly portion.
Note: In many cases, property taxes are assessed based on the *appraised value* of the home, not necessarily the loan amount. For simplicity, this calculator uses the loan amount as a proxy, but the actual tax bill might differ.
3. Homeowners Insurance
This covers potential damage to your home and belongings. You input the estimated annual cost, and the calculator divides it by 12.
If your down payment is less than 20% of the home's value, your lender may require PMI. This protects the lender in case you default on the loan. You input the estimated annual cost, and the calculator divides it by 12.
Monthly PMI = Annual PMI / 12
Total Monthly Payment (PITI)
The final estimated monthly payment is the sum of all these components:
Understanding your full monthly housing cost is crucial for budgeting and ensuring you can comfortably afford a home in South Carolina. This calculator provides a clear estimate of your PITI payment, helping you:
Compare different loan scenarios.
Determine affordability based on your budget.
Factor in the specific tax advantages of South Carolina.
Make more informed decisions when seeking pre-approval or choosing a mortgage.
Disclaimer: This calculator provides an estimate for informational purposes only. Actual mortgage payments may vary based on lender fees, specific loan terms, appraisal values, insurance policies, and changes in tax rates. Consult with a qualified mortgage professional and real estate agent for precise figures.
function calculateMortgage() {
var principal = parseFloat(document.getElementById("principal").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var propertyTaxRate = parseFloat(document.getElementById("propertyTaxRate").value);
var homeownersInsurance = parseFloat(document.getElementById("homeownersInsurance").value);
var pmi = parseFloat(document.getElementById("pmi").value);
var monthlyPaymentElement = document.getElementById("monthlyPayment");
// Input validation
if (isNaN(principal) || principal <= 0) {
monthlyPaymentElement.innerText = "Invalid Loan Amount";
return;
}
if (isNaN(interestRate) || interestRate < 0) {
monthlyPaymentElement.innerText = "Invalid Interest Rate";
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
monthlyPaymentElement.innerText = "Invalid Loan Term";
return;
}
if (isNaN(propertyTaxRate) || propertyTaxRate < 0) {
monthlyPaymentElement.innerText = "Invalid Property Tax Rate";
return;
}
if (isNaN(homeownersInsurance) || homeownersInsurance < 0) {
monthlyPaymentElement.innerText = "Invalid Homeowners Insurance";
return;
}
if (isNaN(pmi) || pmi 0) {
principalInterest = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
principalInterest = principal / numberOfPayments; // Handle 0% interest rate
}
// Calculate Monthly Taxes
var monthlyPropertyTax = (principal * (propertyTaxRate / 100)) / 12;
// Calculate Monthly Insurance
var monthlyHomeownersInsurance = homeownersInsurance / 12;
// Calculate Monthly PMI
var monthlyPMI = pmi / 12;
// Calculate Total Monthly Payment (PITI)
var totalMonthlyPayment = principalInterest + monthlyPropertyTax + monthlyHomeownersInsurance + monthlyPMI;
// Display Result
monthlyPaymentElement.innerText = "$" + totalMonthlyPayment.toFixed(2);
}