Mortgage Calculator Monthly Payments

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Mortgage Monthly Payment Calculator

Your Estimated Monthly Payment:

$0.00

Understanding Your Mortgage Payment

A mortgage is a long-term loan used to finance the purchase of real estate. The monthly payment for a mortgage is calculated based on three primary factors: the loan amount, the annual interest rate, and the loan term (the total number of years to repay the loan). This calculator helps you estimate that crucial monthly payment.

The Math Behind the Mortgage Payment

The formula used to calculate the monthly mortgage payment (M) is as follows:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

  • M = Your total monthly mortgage payment (principal and interest)
  • P = The principal loan amount (the amount you borrow)
  • i = Your monthly interest rate. This is your annual interest rate divided by 12 (e.g., if your annual rate is 6%, your monthly rate is 0.06 / 12 = 0.005).
  • n = The total number of payments over the loan's lifetime. This is your loan term in years multiplied by 12 (e.g., a 30-year mortgage has 30 * 12 = 360 payments).

How to Use This Calculator

1. Loan Amount (P): Enter the total amount of money you plan to borrow for your home purchase.

2. Annual Interest Rate (%): Input the annual interest rate that your lender is offering. Ensure you enter it as a percentage (e.g., 4.5 for 4.5%).

3. Loan Term (Years): Specify the duration of your mortgage in years (e.g., 15, 20, 30 years).

Clicking "Calculate Monthly Payment" will then display your estimated principal and interest payment.

Important Considerations

Please note that this calculator provides an estimate for the principal and interest (P&I) portion of your mortgage payment only. Your actual total monthly housing expense will likely be higher and may include:

  • Property Taxes: Annual taxes levied by your local government.
  • Homeowner's Insurance: Coverage for damages to your home.
  • Private Mortgage Insurance (PMI): If your down payment is less than 20%, lenders often require PMI.
  • HOA Fees: If your property is part of a Homeowners Association.

These additional costs, often referred to as PITI (Principal, Interest, Taxes, and Insurance), should be factored into your overall budget. Use this calculator as a starting point to understand your borrowing power and to compare loan offers.

function calculateMonthlyPayment() { var loanAmountInput = document.getElementById("loanAmount"); var annualInterestRateInput = document.getElementById("annualInterestRate"); var loanTermYearsInput = document.getElementById("loanTermYears"); var monthlyPaymentSpan = document.getElementById("monthlyPayment"); var loanAmount = parseFloat(loanAmountInput.value); var annualInterestRate = parseFloat(annualInterestRateInput.value); var loanTermYears = parseFloat(loanTermYearsInput.value); // Input validation if (isNaN(loanAmount) || loanAmount <= 0 || isNaN(annualInterestRate) || annualInterestRate < 0 || isNaN(loanTermYears) || loanTermYears 0) { // Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1] monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1); } else { // If interest rate is 0, payment is just principal divided by number of payments monthlyPayment = loanAmount / numberOfPayments; } // Format the monthly payment to two decimal places monthlyPaymentSpan.textContent = "$" + monthlyPayment.toFixed(2); }

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