Credit Union Auto Loan Rates Calculator

#mortgage-calculator-wrapper {
font-family: ‘Segoe UI’, Tahoma, Geneva, Verdana, sans-serif;
max-width: 800px;
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background: #fff;
padding: 20px;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0,0,0,0.05);
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.calc-grid {
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@media (max-width: 768px) {
.calc-grid {
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Mortgage Payment Calculator

Please enter valid positive numbers.

Understanding Your Mortgage Payment

Purchasing a home is one of the most significant financial decisions you will make in your lifetime. Our Mortgage Payment Calculator is designed to give you a comprehensive view of your monthly financial obligations. Unlike simple calculators that only look at the loan repayment, this tool factors in the critical escrow components—property taxes and home insurance—that significantly impact your monthly cash flow.

How the Mortgage Formula Works

A standard mortgage payment consists of four primary components, often abbreviated as PITI:

• Principal: The portion of your payment that reduces the loan balance.
• Interest: The cost of borrowing money, determined by your interest rate.
• Taxes: Property taxes assessed by your local government, typically held in escrow and paid annually.
• Insurance: Homeowners insurance to protect your property against damage, also typically paid through escrow.

While the Principal and Interest (P&I) are calculated using a standard amortization formula based on your loan amount, term, and rate, the taxes and insurance are variable costs that are divided by 12 and added to your monthly bill.

The Impact of Down Payments

Your down payment plays a crucial role in determining your monthly payment. In the example above, a higher down payment reduces the total loan amount (Principal). This not only lowers your monthly Principal & Interest payment but also significantly reduces the total amount of interest you will pay over the life of the loan. Additionally, if your down payment is less than 20% of the home’s value, you may be required to pay Private Mortgage Insurance (PMI), which would further increase your monthly costs.

Choosing the Right Loan Term

The term of your loan affects both your monthly payment and the total interest paid. A 30-year term offers lower monthly payments, making the home more affordable on a month-to-month basis, but results in higher total interest costs. Conversely, a 15-year term will have higher monthly payments but can save you tens of thousands of dollars in interest over the life of the loan.

Frequently Asked Questions

Does this calculator include PMI?
This specific calculator focuses on PITI (Principal, Interest, Taxes, Insurance). If your down payment is below 20%, you should budget an additional 0.5% to 1% of the loan amount annually for PMI.

Are property taxes and insurance exact?
No, the figures for taxes and insurance are estimates. Property tax rates vary widely by county, and insurance premiums depend on the provider and coverage level. You should consult local listings or an insurance agent for precise figures.

function calculateMortgage() {
// Get Input Values
var homeValue = parseFloat(document.getElementById(‘mc_home_value’).value);
var downPayment = parseFloat(document.getElementById(‘mc_down_payment’).value);
var interestRate = parseFloat(document.getElementById(‘mc_interest_rate’).value);
var loanTermYears = parseFloat(document.getElementById(‘mc_loan_term’).value);
var annualTax = parseFloat(document.getElementById(‘mc_property_tax’).value);
var annualIns = parseFloat(document.getElementById(‘mc_insurance’).value);
// Validation
var errorDiv = document.getElementById(‘mc_error’);
if (isNaN(homeValue) || isNaN(downPayment) || isNaN(interestRate) ||
isNaN(loanTermYears) || isNaN(annualTax) || isNaN(annualIns) ||
homeValue < 0 || downPayment < 0 || interestRate = Home Value
if (loanAmount 0 && interestRate > 0) {
monthlyPI = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
} else if (loanAmount > 0 && interestRate === 0) {
monthlyPI = loanAmount / numberOfPayments;
}
// Calculate Monthly Tax and Insurance
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
// Total Monthly Payment
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyIns;
// Total Lifetime Costs
var totalLoanCost = (monthlyPI * numberOfPayments) + downPayment; // This is total paid for the house excluding tax/ins
var totalInterest = (monthlyPI * numberOfPayments) – loanAmount;
// Formatting Function
function formatMoney(num) {
return ‘$’ + num.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
}
// Update DOM
document.getElementById(‘mc_total_monthly’).innerHTML = formatMoney(totalMonthlyPayment);
document.getElementById(‘mc_pi_payment’).innerHTML = formatMoney(monthlyPI);
document.getElementById(‘mc_tax_monthly’).innerHTML = formatMoney(monthlyTax);
document.getElementById(‘mc_ins_monthly’).innerHTML = formatMoney(monthlyIns);
document.getElementById(‘mc_loan_amount’).innerHTML = formatMoney(loanAmount);
document.getElementById(‘mc_total_interest’).innerHTML = formatMoney(totalInterest);
document.getElementById(‘mc_total_cost’).innerHTML = formatMoney(totalLoanCost + (annualTax * loanTermYears) + (annualIns * loanTermYears)); // Total cost including escrow over term
document.getElementById(‘mc_results’).style.display = ‘block’;
}