#mortgage-calculator-wrapper .calc-container {
background: #ffffff;
border: 1px solid #e0e0e0;
border-radius: 8px;
box-shadow: 0 4px 12px rgba(0,0,0,0.05);
padding: 30px;
margin-bottom: 40px;
}
#mortgage-calculator-wrapper h2 {
text-align: center;
color: #2c3e50;
margin-bottom: 25px;
}
#mortgage-calculator-wrapper .calc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
#mortgage-calculator-wrapper .input-group {
display: flex;
flex-direction: column;
}
#mortgage-calculator-wrapper label {
font-size: 14px;
color: #555;
margin-bottom: 6px;
font-weight: 600;
}
#mortgage-calculator-wrapper input {
padding: 10px 12px;
border: 1px solid #ddd;
border-radius: 4px;
font-size: 16px;
transition: border-color 0.3s;
}
#mortgage-calculator-wrapper input:focus {
border-color: #3498db;
outline: none;
}
#mortgage-calculator-wrapper button.calc-btn {
grid-column: span 2;
background-color: #27ae60;
color: white;
border: none;
padding: 15px;
font-size: 18px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
margin-top: 10px;
transition: background 0.3s;
}
#mortgage-calculator-wrapper button.calc-btn:hover {
background-color: #219150;
}
#mortgage-calculator-wrapper .results-area {
grid-column: span 2;
background: #f8f9fa;
border-radius: 6px;
padding: 20px;
margin-top: 20px;
border-left: 5px solid #3498db;
display: none;
}
#mortgage-calculator-wrapper .result-row {
display: flex;
justify-content: space-between;
margin-bottom: 10px;
font-size: 16px;
}
#mortgage-calculator-wrapper .result-total {
font-size: 24px;
font-weight: bold;
color: #2c3e50;
border-top: 1px solid #ddd;
padding-top: 10px;
margin-top: 10px;
}
#mortgage-calculator-wrapper .article-content {
line-height: 1.6;
color: #333;
padding: 0 10px;
}
#mortgage-calculator-wrapper .article-content h3 {
color: #2980b9;
margin-top: 30px;
}
@media (max-width: 600px) {
#mortgage-calculator-wrapper .calc-grid {
grid-template-columns: 1fr;
}
#mortgage-calculator-wrapper button.calc-btn,
#mortgage-calculator-wrapper .results-area {
grid-column: span 1;
}
}
function calculateMortgage() {
// Get Input Values
var homePrice = parseFloat(document.getElementById('mc-home-price').value);
var downPayment = parseFloat(document.getElementById('mc-down-payment').value);
var interestRate = parseFloat(document.getElementById('mc-interest-rate').value);
var loanTerm = parseFloat(document.getElementById('mc-loan-term').value);
var propertyTax = parseFloat(document.getElementById('mc-property-tax').value);
var homeInsurance = parseFloat(document.getElementById('mc-home-insurance').value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm)) {
alert("Please enter valid numbers for all fields.");
return;
}
// Calculation Logic
var loanAmount = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Handle edge case if interest rate is 0
var monthlyPrincipalInterest = 0;
if (interestRate === 0) {
monthlyPrincipalInterest = loanAmount / numberOfPayments;
} else {
// Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
monthlyPrincipalInterest = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = 0;
if (!isNaN(propertyTax)) {
monthlyTax = propertyTax / 12;
}
var monthlyInsurance = 0;
if (!isNaN(homeInsurance)) {
monthlyInsurance = homeInsurance / 12;
}
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyInsurance;
// Display Results
document.getElementById('res-pi').innerHTML = "$" + monthlyPrincipalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-tax').innerHTML = "$" + monthlyTax.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-ins').innerHTML = "$" + monthlyInsurance.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res-total').innerHTML = "$" + totalMonthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show Results Container
document.getElementById('mc-results').style.display = 'block';
}
Mortgage Payment Calculator
Principal & Interest:
$0.00
Monthly Tax:
$0.00
Monthly Insurance:
$0.00
Total Monthly Payment:
$0.00
Understanding Your Mortgage Payment
Calculating your potential mortgage payment is the first critical step in the home buying process. This tool is designed to provide a comprehensive look at your monthly financial commitment by breaking down the key components of PITI: Principal, Interest, Taxes, and Insurance.
What Goes Into a Monthly Payment?
While most buyers focus on the interest rate and home price, your actual monthly check to the bank includes several factors:
- Principal & Interest (P&I): This is the core of your loan repayment. The principal reduces your debt balance, while interest is the cost of borrowing money. In the early years of a fixed-rate mortgage, a larger portion of this amount goes toward interest.
- Property Taxes: Local governments assess taxes based on your property's value. These are often collected by your lender in an escrow account and paid annually on your behalf.
- Homeowners Insurance: Lenders require insurance to protect the asset against damage. Like taxes, this is usually divided into 12 monthly payments and held in escrow.
How Interest Rates Impact Affordability
Even a small fluctuation in interest rates can significantly alter your monthly payment and total purchasing power. For example, on a $300,000 loan, a 1% increase in interest rate can raise your monthly payment by hundreds of dollars, potentially costing tens of thousands more over the life of the loan. Use the calculator above to test different rate scenarios to see what fits your budget best.