Mortgage Payment Calculator with Taxes
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, 74, 153, 0.1);
border: 1px solid #e0e0e0;
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 20px;
}
.input-group {
margin-bottom: 20px;
padding: 15px;
background-color: #f1f8ff;
border-radius: 5px;
border: 1px solid #cce0ff;
display: flex;
flex-wrap: wrap;
justify-content: space-between;
align-items: center;
}
.input-group label {
font-weight: bold;
margin-right: 10px;
flex-basis: 40%; /* Adjust for responsiveness */
min-width: 150px;
color: #0056b3;
}
.input-group input[type="number"],
.input-group input[type="text"],
.input-group select {
flex-grow: 1;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
min-width: 150px;
margin-top: 5px; /* For wrapping */
}
button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #004a99;
color: white;
border: none;
border-radius: 5px;
font-size: 1.1em;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
button:hover {
background-color: #003366;
}
#result {
margin-top: 30px;
padding: 20px;
background-color: #e8f5e9;
border: 1px solid #28a745;
border-radius: 5px;
text-align: center;
}
#result h3 {
color: #28a745;
margin-bottom: 15px;
}
#result-value {
font-size: 2.2em;
font-weight: bold;
color: #004a99;
}
.article-section {
margin-top: 40px;
padding-top: 30px;
border-top: 1px solid #eee;
}
.article-section h2 {
text-align: left;
color: #004a99;
}
.article-section p, .article-section ul {
margin-bottom: 15px;
}
.article-section li {
margin-bottom: 8px;
}
.error-message {
color: red;
font-weight: bold;
margin-top: 10px;
text-align: center;
}
@media (max-width: 600px) {
.input-group {
flex-direction: column;
align-items: stretch;
}
.input-group label {
flex-basis: auto;
margin-bottom: 5px;
}
.input-group input[type="number"],
.input-group input[type="text"],
.input-group select {
width: 100%;
margin-top: 0;
}
}
Mortgage Payment Calculator with Taxes
Your Estimated Monthly Mortgage Payment (PITI)
$0.00
This includes Principal, Interest, Taxes, Insurance, and PMI.
Understanding Your Monthly Mortgage Payment (PITI)
When you take out a mortgage to buy a home, your monthly payment typically goes beyond just the principal and interest.
A significant portion of your payment often includes an escrow account, which holds funds to cover property taxes, homeowners insurance, and sometimes private mortgage insurance (PMI).
This combined payment is commonly referred to as PITI: Principal, Interest, Taxes, and Insurance.
This calculator helps you estimate your total monthly mortgage payment, providing a more realistic financial picture for homeownership.
How the Calculation Works:
The calculator breaks down the total monthly payment into two main parts:
-
Principal and Interest (P&I): This is the core of your mortgage payment. It's calculated using a standard mortgage payment formula:
$M = P \left[ \frac{i(1+i)^n}{(1+i)^n – 1} \right]$
Where:
- $M$ = Your total monthly mortgage payment (Principal & Interest)
- $P$ = The loan principal amount (the amount you borrowed)
- $i$ = Your monthly interest rate (annual interest rate divided by 12)
- $n$ = The total number of payments over the loan's lifetime (loan term in years multiplied by 12)
-
Taxes, Insurance, and PMI (TI/PMI): These are the additional costs that are often collected monthly by your lender and paid to the respective parties on your behalf.
- Monthly Property Tax = Annual Property Tax / 12
- Monthly Home Insurance = Annual Home Insurance / 12
- Monthly PMI = The value entered if applicable. If not applicable, it's $0.
Total Monthly Mortgage Payment (PITI) = P&I + Monthly Property Tax + Monthly Home Insurance + Monthly PMI
Why Use This Calculator?
- Budgeting: Get a clear estimate of your total monthly housing expense to ensure it fits your budget.
- Loan Comparison: Compare different mortgage offers by seeing how variations in interest rates and terms affect your PITI.
- Affordability: Understand how much house you can realistically afford, considering all associated costs.
- Financial Planning: Make informed decisions about saving for a down payment and closing costs.
Disclaimer: This calculator provides an estimate based on the information you provide. It does not constitute financial advice. Actual loan terms, interest rates, taxes, and insurance costs may vary. It's essential to consult with a mortgage professional for precise figures and personalized advice.
function calculateMortgage() {
var principal = parseFloat(document.getElementById("principal").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTermYears = parseInt(document.getElementById("loanTermYears").value);
var annualPropertyTax = parseFloat(document.getElementById("annualPropertyTax").value);
var annualHomeInsurance = parseFloat(document.getElementById("annualHomeInsurance").value);
var monthlyPMI = parseFloat(document.getElementById("monthlyPMI").value);
var errorMessageDiv = document.getElementById("errorMessage");
var resultDiv = document.getElementById("result");
var resultValueDiv = document.getElementById("result-value");
errorMessageDiv.textContent = ""; // Clear previous errors
// Input validation
if (isNaN(principal) || principal <= 0) {
errorMessageDiv.textContent = "Please enter a valid loan amount greater than zero.";
return;
}
if (isNaN(annualInterestRate) || annualInterestRate <= 0) {
errorMessageDiv.textContent = "Please enter a valid annual interest rate greater than zero.";
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
errorMessageDiv.textContent = "Please enter a valid loan term greater than zero.";
return;
}
if (isNaN(annualPropertyTax) || annualPropertyTax < 0) {
errorMessageDiv.textContent = "Please enter a valid annual property tax (can be zero).";
return;
}
if (isNaN(annualHomeInsurance) || annualHomeInsurance < 0) {
errorMessageDiv.textContent = "Please enter a valid annual home insurance (can be zero).";
return;
}
if (isNaN(monthlyPMI) || monthlyPMI 0) {
principalAndInterest = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
principalAndInterest = principal / numberOfPayments; // If interest rate is 0
}
var monthlyPropertyTax = annualPropertyTax / 12;
var monthlyHomeInsurance = annualHomeInsurance / 12;
var totalMonthlyPayment = principalAndInterest + monthlyPropertyTax + monthlyHomeInsurance + monthlyPMI;
// Display result
resultValueDiv.textContent = "$" + totalMonthlyPayment.toFixed(2);
resultDiv.style.display = "block";
}