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Mortgage Payment Calculator

Use this calculator to estimate your monthly mortgage payment based on the home price, your down payment, the loan term, and the interest rate. This tool helps you understand how different factors impact your monthly housing costs.

Enter your details above to see your estimated monthly payment.

function calculateMortgagePayment() { var homePriceStr = document.getElementById('calc-home-price').value; var downPaymentStr = document.getElementById('calc-down-payment').value; var loanTermStr = document.getElementById('calc-loan-term').value; var interestRateStr = document.getElementById('calc-interest-rate').value; var resultDiv = document.getElementById('calc-result'); if (homePriceStr === "" || downPaymentStr === "" || loanTermStr === "" || interestRateStr === "") { resultDiv.innerHTML = 'Please fill in all fields to calculate.'; return; } var homePrice = parseFloat(homePriceStr); var downPayment = parseFloat(downPaymentStr); var loanTermYears = parseFloat(loanTermStr); var annualInterestRate = parseFloat(interestRateStr); if (isNaN(homePrice) || isNaN(downPayment) || isNaN(loanTermYears) || isNaN(annualInterestRate) || homePrice <= 0 || loanTermYears <= 0) { resultDiv.innerHTML = 'Please enter valid positive numbers.'; return; } var principal = homePrice – downPayment; if (principal <= 0) { resultDiv.innerHTML = 'Down payment must be less than the home price.'; return; } var monthlyInterestRate = (annualInterestRate / 100) / 12; var numberOfPayments = loanTermYears * 12; var monthlyPayment = 0; if (monthlyInterestRate === 0) { monthlyPayment = principal / numberOfPayments; } else { // Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] var items = Math.pow(1 + monthlyInterestRate, numberOfPayments); monthlyPayment = principal * (monthlyInterestRate * items) / (items – 1); } resultDiv.innerHTML = '

Estimated Monthly Payment: $' + monthlyPayment.toFixed(2) + '

' + 'Loan Amount: $' + principal.toFixed(2) + " + 'Total Payments: ' + numberOfPayments + " + '*This amount typically includes principal and interest only. Property taxes and insurance are not included.'; }

Understanding Your Mortgage Payment

For many prospective homeowners, the monthly mortgage payment is the most critical figure in determining affordability. Our calculator helps you estimate this cost by considering the four primary components of a standard mortgage.

Here is a breakdown of the factors involved in the calculation:

  • Home Price: The total purchase price of the property you intend to buy.
  • Down Payment: The portion of the home price you pay upfront in cash. A larger down payment reduces the amount you need to borrow (the principal).
  • Loan Term: The duration over which you agree to repay the loan, typically expressed in years. Common terms are 15 or 30 years. A longer term results in lower monthly payments but more interest paid over the life of the loan.
  • Interest Rate: The annual cost of borrowing money, expressed as a percentage. Even a small difference in interest rate can significantly affect your monthly payment and total loan cost.

Real-World Example

Let's look at a realistic scenario to see how these numbers work together. Assume you are looking to purchase a home with the following parameters:

  • Home Price: $400,000
  • Down Payment: $80,000 (20% of the home price)
  • Loan Term: 30 Years
  • Interest Rate: 7.0%

In this case, your loan amount (principal) would be $320,000 ($400,000 – $80,000). Entering these figures into the calculator reveals an estimated principal and interest payment of approximately $2,129.01 per month. This calculation helps you set a realistic budget before you begin your home search.

Please note that this figure usually represents only the principal and interest portion of your payment. Your actual monthly outlay will likely be higher, as lenders often collect additional funds for property taxes, homeowners insurance, and potentially private mortgage insurance (PMI) if your down payment is less than 20%.

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