.calculator-wrapper {
max-width: 800px;
margin: 0 auto;
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", sans-serif;
color: #333;
line-height: 1.6;
}
.mc-box {
background: #ffffff;
border: 1px solid #e5e5e5;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
margin-bottom: 40px;
}
.mc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
.mc-grid {
grid-template-columns: 1fr;
}
}
.mc-input-group {
margin-bottom: 15px;
}
.mc-input-group label {
display: block;
font-weight: 600;
margin-bottom: 8px;
color: #2c3e50;
font-size: 14px;
}
.mc-input-group input {
width: 100%;
padding: 10px 12px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
transition: border-color 0.3s;
}
.mc-input-group input:focus {
border-color: #0073aa;
outline: none;
}
.mc-btn {
background-color: #0073aa;
color: white;
border: none;
padding: 12px 24px;
font-size: 16px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
transition: background-color 0.2s;
margin-top: 10px;
}
.mc-btn:hover {
background-color: #005177;
}
#mc-result-display {
margin-top: 25px;
padding: 20px;
background-color: #f8f9fa;
border-left: 5px solid #0073aa;
display: none;
}
.mc-result-header {
font-size: 18px;
font-weight: bold;
margin-bottom: 10px;
color: #2c3e50;
}
.mc-big-number {
font-size: 36px;
color: #0073aa;
font-weight: 800;
margin-bottom: 15px;
}
.mc-breakdown-row {
display: flex;
justify-content: space-between;
border-bottom: 1px solid #eee;
padding: 8px 0;
font-size: 14px;
}
.mc-breakdown-row:last-child {
border-bottom: none;
}
.seo-content h2 {
font-size: 24px;
color: #23282d;
margin-top: 30px;
margin-bottom: 15px;
}
.seo-content h3 {
font-size: 20px;
color: #23282d;
margin-top: 25px;
margin-bottom: 10px;
}
.seo-content p, .seo-content li {
font-size: 16px;
margin-bottom: 15px;
color: #444;
}
.seo-content ul {
padding-left: 20px;
margin-bottom: 20px;
}
function calculateMortgagePayment() {
// Get Input Values
var price = parseFloat(document.getElementById('mc_home_price').value);
var down = parseFloat(document.getElementById('mc_down_payment').value);
var termYears = parseFloat(document.getElementById('mc_loan_term').value);
var annualRate = parseFloat(document.getElementById('mc_interest_rate').value);
var annualTax = parseFloat(document.getElementById('mc_property_tax').value);
var annualIns = parseFloat(document.getElementById('mc_home_insurance').value);
// Validation to ensure numbers are valid
if (isNaN(price) || isNaN(down) || isNaN(termYears) || isNaN(annualRate)) {
alert("Please enter valid numbers for all fields.");
return;
}
// Core Calculations
var principal = price – down;
var monthlyRate = (annualRate / 100) / 12;
var totalPayments = termYears * 12;
// Tax and Insurance Monthly
var monthlyTax = 0;
var monthlyIns = 0;
if (!isNaN(annualTax)) {
monthlyTax = annualTax / 12;
}
if (!isNaN(annualIns)) {
monthlyIns = annualIns / 12;
}
// Calculate Monthly Principal & Interest (P&I)
var monthlyPI = 0;
// Handle edge case where rate is 0
if (annualRate === 0) {
monthlyPI = principal / totalPayments;
} else {
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, totalPayments)) / (Math.pow(1 + monthlyRate, totalPayments) – 1);
}
// Total Monthly Payment
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyIns;
// Display Results
// Helper function to format currency
function formatCurrency(num) {
return '$' + num.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
document.getElementById('mc_total_display').innerHTML = formatCurrency(totalMonthlyPayment);
document.getElementById('mc_pi_display').innerHTML = formatCurrency(monthlyPI);
document.getElementById('mc_tax_display').innerHTML = formatCurrency(monthlyTax);
document.getElementById('mc_ins_display').innerHTML = formatCurrency(monthlyIns);
document.getElementById('mc_loan_amount_display').innerHTML = formatCurrency(principal);
// Show the result div
document.getElementById('mc-result-display').style.display = 'block';
}
Mortgage Payment Calculator
Estimated Monthly Payment
$0.00
Principal & Interest:
$0.00
Property Tax:
$0.00
Home Insurance:
$0.00
Loan Amount:
$0.00
Understanding Your Mortgage Payment
Purchasing a home is one of the most significant financial decisions you will make. Our Mortgage Payment Calculator helps you estimate your monthly housing costs by breaking down the key components of a mortgage loan: Principal, Interest, Taxes, and Insurance (often referred to as PITI).
How to Use This Calculator
To get an accurate estimate, enter the following details into the calculator:
- Home Price: The total purchase price of the real estate property.
- Down Payment: The amount of money you pay upfront. A higher down payment reduces your loan amount and monthly payments.
- Loan Term: The duration of the loan in years. Common terms are 15 or 30 years.
- Interest Rate: The annual percentage rate charged by the lender.
- Property Tax & Insurance: Estimated annual costs for taxes and homeowner's insurance, which are typically escrowed and paid monthly with your mortgage.
The Components of Your Monthly Payment
Most borrowers focus on the interest rate, but your total monthly check includes several factors:
- Principal: The portion of your payment that goes toward paying down the loan balance.
- Interest: The cost of borrowing money, paid to the lender. In the early years of a mortgage, a large percentage of your payment goes toward interest.
- Property Taxes: Taxes assessed by your local government based on the value of your property.
- Homeowners Insurance: Protection against financial loss from hazards like fire or theft. Lenders require this to protect the asset securing the loan.
How Loan Term Affects Your Payment
Choosing between a 15-year and a 30-year mortgage significantly impacts your finances. A 30-year term spreads payments out longer, resulting in a lower monthly bill but significantly more interest paid over the life of the loan. A 15-year term has higher monthly payments but allows you to build equity faster and save thousands in interest.
Tips for Lowering Your Mortgage Payment
If the estimated payment is higher than your budget allows, consider these strategies:
- Increase your down payment: Putting 20% down eliminates Private Mortgage Insurance (PMI) and lowers the principal balance.
- Improve your credit score: Higher credit scores often qualify for lower interest rates.
- Shop around: Compare rates from multiple lenders to find the most competitive offer.