Mortgage Calculator
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: #f8f9fa;
color: #333;
line-height: 1.6;
margin: 0;
padding: 20px;
}
.loan-calc-container {
max-width: 800px;
margin: 30px auto;
background-color: #ffffff;
padding: 30px;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 20px;
}
.input-section, .result-section {
margin-bottom: 30px;
padding: 20px;
border: 1px solid #dee2e6;
border-radius: 6px;
background-color: #fdfdfd;
}
.input-group {
margin-bottom: 20px;
display: flex;
flex-direction: column;
align-items: flex-start;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: bold;
color: #004a99;
}
.input-group input[type="number"],
.input-group input[type="text"] {
width: calc(100% – 20px); /* Account for padding */
padding: 10px;
border: 1px solid #ced4da;
border-radius: 4px;
font-size: 1rem;
box-sizing: border-box; /* Include padding in width */
}
.input-group input[type="number"]:focus,
.input-group input[type="text"]:focus {
outline: none;
border-color: #004a99;
box-shadow: 0 0 0 0.2rem rgba(0, 74, 153, 0.25);
}
button {
background-color: #004a99;
color: white;
border: none;
padding: 12px 25px;
font-size: 1.1rem;
border-radius: 5px;
cursor: pointer;
transition: background-color 0.3s ease, transform 0.2s ease;
display: block;
width: 100%;
margin-top: 10px;
}
button:hover {
background-color: #003366;
transform: translateY(-2px);
}
.result-section h2 {
color: #28a745;
}
#monthlyPayment, #totalInterest, #totalPayment {
font-size: 1.8rem;
font-weight: bold;
color: #28a745;
display: block;
margin-top: 10px;
}
.article-section {
margin-top: 40px;
padding: 20px;
border: 1px solid #dee2e6;
border-radius: 6px;
background-color: #f8f9fa;
}
.article-section h2 {
text-align: left;
margin-bottom: 15px;
color: #004a99;
}
.article-section p {
margin-bottom: 15px;
}
.article-section ul {
margin-left: 20px;
margin-bottom: 15px;
}
.article-section li {
margin-bottom: 8px;
}
@media (max-width: 768px) {
.loan-calc-container {
padding: 20px;
}
button {
font-size: 1rem;
padding: 10px 20px;
}
#monthlyPayment, #totalInterest, #totalPayment {
font-size: 1.5rem;
}
}
Mortgage Payment Calculator
Your Estimated Monthly Payment
$0.00
Total Interest Paid
$0.00
Total Paid Over Loan Term
$0.00
Understanding Your Mortgage Payment
A mortgage is a significant financial commitment, and understanding how your monthly payment is calculated is crucial. This calculator helps you estimate your principal and interest payments based on the loan amount, annual interest rate, and loan term.
The formula used for calculating the monthly mortgage payment (M) is based on the amortization formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
- P = Principal Loan Amount (the total amount borrowed)
- i = Monthly Interest Rate (annual rate divided by 12)
- n = Total Number of Payments (loan term in years multiplied by 12)
How the Calculator Works:
- Loan Amount (P): This is the total sum of money you are borrowing to purchase your home.
- Annual Interest Rate (%): This is the yearly percentage charged by the lender for borrowing the money. The calculator converts this to a monthly rate by dividing by 12.
- Loan Term (Years): This is the total duration over which you agree to repay the loan. The calculator converts this to the total number of monthly payments by multiplying by 12.
The calculator then plugs these values into the formula to determine your estimated monthly principal and interest payment. It also calculates the total interest you will pay over the life of the loan and the total amount repaid.
Important Considerations:
- This calculator provides an estimate for principal and interest only.
- Your actual monthly mortgage payment may be higher and will likely include:
- Property Taxes
- Homeowner's Insurance
- Private Mortgage Insurance (PMI) if your down payment is less than 20%
- Homeowner Association (HOA) Dues
- Interest rates can fluctuate, and lender fees can vary. Consult with a mortgage professional for a precise quote.
- This tool is for estimation purposes only and does not constitute financial advice.
function calculateMortgage() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseFloat(document.getElementById("loanTerm").value);
var monthlyPaymentElement = document.getElementById("monthlyPayment");
var totalInterestElement = document.getElementById("totalInterest");
var totalPaymentElement = document.getElementById("totalPayment");
// Clear previous results
monthlyPaymentElement.textContent = "$0.00";
totalInterestElement.textContent = "$0.00";
totalPaymentElement.textContent = "$0.00";
// Validate inputs
if (isNaN(loanAmount) || loanAmount <= 0) {
alert("Please enter a valid Loan Amount.");
return;
}
if (isNaN(interestRate) || interestRate <= 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (isNaN(loanTerm) || loanTerm 0) {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else { // Handle 0% interest rate case
monthlyPayment = loanAmount / numberOfPayments;
}
// Calculate total payment and total interest
var totalPayment = monthlyPayment * numberOfPayments;
var totalInterest = totalPayment – loanAmount;
// Display results, formatted to two decimal places
monthlyPaymentElement.textContent = "$" + monthlyPayment.toFixed(2);
totalInterestElement.textContent = "$" + totalInterest.toFixed(2);
totalPaymentElement.textContent = "$" + totalPayment.toFixed(2);
}