Mortgage Payment Calculator
.mp-calculator-container {
max-width: 800px;
margin: 20px auto;
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margin-top: 10px;
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.mp-results {
margin-top: 25px;
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Mortgage Payment Calculator
Monthly Breakdown
Principal & Interest:
$0.00
Property Tax:
$0.00
Home Insurance:
$0.00
Total Monthly Payment:
$0.00
Loan Amount:
Understanding Your Mortgage Payment
Calculating your monthly mortgage payment is a critical step in the home buying process. This calculator helps you estimate your monthly housing costs by factoring in the key components of a mortgage, often referred to as PITI (Principal, Interest, Taxes, and Insurance).
What is Included in My Monthly Payment?
- Principal: The portion of your payment that goes toward paying down the loan balance. In the early years of a mortgage, this amount is small but grows over time.
- Interest: The cost of borrowing money from the lender. This usually makes up the majority of your payment in the beginning of the loan term.
- Property Taxes: Taxes charged by your local government based on the value of your property. These are typically paid annually but are often divided into monthly payments held in escrow by your lender.
- Homeowners Insurance: Insurance that covers damages to your home and liability. Like taxes, this is often paid monthly into an escrow account.
How Interest Rates Affect Affordability
Even a small change in interest rates can significantly impact your monthly payment and total loan cost. For example, on a $300,000 loan, a 1% increase in interest rate can increase your monthly payment by over $150 and cost you tens of thousands of dollars more over the life of the loan.
Tips for Lowering Your Mortgage Payment
If the estimated payment is higher than your budget allows, consider these strategies:
- Increase your down payment: This lowers the principal loan amount and reduces monthly payments.
- Improve your credit score: A better credit score can qualify you for lower interest rates.
- Shop for cheaper insurance: Compare quotes from different insurance providers to reduce your monthly premium.
- Consider a longer loan term: While you will pay more interest overall, a 30-year term will have lower monthly payments than a 15-year term.
function calculateMortgage() {
// 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);
// Validate inputs
if (isNaN(homePrice) || homePrice <= 0) {
alert("Please enter a valid Home Price.");
return;
}
if (isNaN(downPayment) || downPayment < 0) {
downPayment = 0;
}
if (isNaN(interestRate) || interestRate < 0) {
interestRate = 0;
}
if (isNaN(propertyTax) || propertyTax < 0) {
propertyTax = 0;
}
if (isNaN(homeInsurance) || homeInsurance < 0) {
homeInsurance = 0;
}
// Calculate Loan Variables
var loanAmount = homePrice – downPayment;
// Handle case where down payment exceeds home price
if (loanAmount 0) {
if (interestRate === 0) {
monthlyPI = loanAmount / totalPayments;
} else {
monthlyPI = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, totalPayments)) / (Math.pow(1 + monthlyRate, totalPayments) – 1);
}
}
// Calculate Taxes and Insurance
var monthlyTax = propertyTax / 12;
var monthlyInsurance = homeInsurance / 12;
// Calculate Total
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance;
// Format numbers for display
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
});
// Update HTML results
document.getElementById("resultPI").innerText = formatter.format(monthlyPI);
document.getElementById("resultTax").innerText = formatter.format(monthlyTax);
document.getElementById("resultIns").innerText = formatter.format(monthlyInsurance);
document.getElementById("resultTotal").innerText = formatter.format(totalMonthly);
document.getElementById("resultLoanAmount").innerText = formatter.format(loanAmount);
// Show result section
document.getElementById("mpResultsSection").style.display = "block";
}