.mc-row { display: flex; flex-wrap: wrap; margin: 0 -10px; }
.mc-col { flex: 1; min-width: 250px; padding: 0 10px; margin-bottom: 15px; }
.mc-label { display: block; margin-bottom: 5px; font-weight: 600; color: #333; font-size: 14px; }
.mc-input { width: 100%; padding: 10px; border: 1px solid #ddd; border-radius: 4px; font-size: 16px; box-sizing: border-box; }
.mc-input:focus { border-color: #0073aa; outline: none; }
.mc-btn { width: 100%; background-color: #0073aa; color: white; border: none; padding: 15px; font-size: 18px; font-weight: bold; border-radius: 4px; cursor: pointer; transition: background 0.3s; margin-top: 10px; }
.mc-btn:hover { background-color: #005177; }
.mc-result-box { background-color: #f9f9f9; padding: 20px; border-radius: 4px; margin-top: 20px; border-left: 5px solid #0073aa; display: none; }
.mc-result-row { display: flex; justify-content: space-between; margin-bottom: 10px; border-bottom: 1px solid #eee; padding-bottom: 5px; }
.mc-result-row:last-child { border-bottom: none; font-size: 1.2em; font-weight: bold; color: #0073aa; margin-top: 15px; padding-top: 10px; border-top: 2px solid #ddd; }
.mc-article { margin-top: 40px; color: #444; line-height: 1.6; }
.mc-article h2 { color: #23282d; border-bottom: 1px solid #eee; padding-bottom: 10px; }
.mc-article h3 { color: #23282d; margin-top: 25px; }
.mc-article ul { margin-left: 20px; }
.mc-article li { margin-bottom: 8px; }
function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById('mcHomePrice').value);
var downPayment = parseFloat(document.getElementById('mcDownPayment').value);
var loanTermYears = parseFloat(document.getElementById('mcLoanTerm').value);
var annualRate = parseFloat(document.getElementById('mcInterestRate').value);
var annualTax = parseFloat(document.getElementById('mcPropertyTax').value);
var annualInsurance = parseFloat(document.getElementById('mcInsurance').value);
var monthlyHoa = parseFloat(document.getElementById('mcHoa').value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(loanTermYears) || isNaN(annualRate)) {
alert("Please enter valid numbers for all required fields.");
return;
}
// Defaults for optional fields if empty/NaN
if (isNaN(annualTax)) annualTax = 0;
if (isNaN(annualInsurance)) annualInsurance = 0;
if (isNaN(monthlyHoa)) monthlyHoa = 0;
// Calculate Loan Principal
var principal = homePrice – downPayment;
if (principal <= 0) {
alert("Down payment cannot be greater than or equal to home price.");
return;
}
// Calculate Monthly Interest Rate and Payments
var monthlyRate = (annualRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
// Mortgage Calculation Formula
var monthlyPI = 0;
if (monthlyRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * ( (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1) );
}
// Calculate Monthly Tax and Insurance
var monthlyTax = annualTax / 12;
var monthlyInsurance = annualInsurance / 12;
// Calculate Total
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance + monthlyHoa;
// Update UI
document.getElementById('resPI').innerText = "$" + monthlyPI.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTax').innerText = "$" + monthlyTax.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resIns').innerText = "$" + monthlyInsurance.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resHoa').innerText = "$" + monthlyHoa.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTotal').innerText = "$" + totalMonthly.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show result box
document.getElementById('mcResult').style.display = 'block';
}
Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Monthly Payment Breakdown
Principal & Interest:
$0.00
Property Tax (Monthly):
$0.00
Home Insurance (Monthly):
$0.00
HOA Fees:
$0.00
Total Monthly Payment:
$0.00
Understanding Your Mortgage Calculation
Purchasing a home is one of the most significant financial decisions you will make. This Mortgage Payment Calculator helps you estimate your monthly financial commitment by factoring in not just the loan repayment, but also the recurring costs of taxes, insurance, and association fees.
How the Mortgage Formula Works
The core of your mortgage payment is the Principal and Interest (P&I). This is calculated using the standard amortization formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
- M: Total monthly payment
- P: Principal loan amount (Home Price minus Down Payment)
- i: Monthly interest rate (Annual Rate divided by 12)
- n: Number of months (Loan Term in years multiplied by 12)
Additional Costs Included
Many first-time homebuyers focus solely on the mortgage loan rate, but the "real" monthly cost often includes escrow items:
- Property Taxes: Assessed by your local government, usually costing 0.8% to 2% of the home's value annually.
- Homeowners Insurance: Protects your property against damage. Lenders require this.
- HOA Fees: If you buy a condo or a home in a planned community, these monthly fees cover common area maintenance.
Tips for Lowering Your Monthly Payment
If the calculated total is higher than your budget allows, consider these strategies:
- Increase your Down Payment: This lowers the Principal (P), reducing both the monthly payment and the total interest paid over the life of the loan.
- Improve your Credit Score: A higher score can qualify you for a lower Interest Rate.
- Shop for Insurance: Insurance rates vary significantly between providers. Shopping around can save hundreds per year.