House Loan Principal and Interest Calculator

30 Years Fixed 20 Years Fixed 15 Years Fixed 10 Years Fixed

Your Estimated Monthly Payment

Total Loan Amount:

Total Interest Paid:

function calculateMortgage() { var homePrice = parseFloat(document.getElementById('homePrice').value); var downPayment = parseFloat(document.getElementById('downPayment').value); var annualRate = parseFloat(document.getElementById('interestRate').value); var years = parseInt(document.getElementById('loanTerm').value); if (isNaN(homePrice) || isNaN(downPayment) || isNaN(annualRate) || homePrice <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var principal = homePrice – downPayment; if (principal <= 0) { alert("Down payment cannot be greater than or equal to the home price."); return; } var monthlyRate = annualRate / 100 / 12; var numberOfPayments = years * 12; var monthlyPayment; if (monthlyRate === 0) { monthlyPayment = principal / numberOfPayments; } else { monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1); } var totalCost = monthlyPayment * numberOfPayments; var totalInterest = totalCost – principal; document.getElementById('monthlyPayment').innerHTML = '$' + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalLoanAmount').innerHTML = '$' + principal.toLocaleString(); document.getElementById('totalInterestPaid').innerHTML = '$' + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resultArea').style.display = 'block'; }

How to Use the Mortgage Payment Calculator

Planning your dream home requires more than just looking at the listing price. Our Mortgage Payment Calculator helps you estimate your monthly financial commitment by factoring in the home price, your down payment, current interest rates, and the length of the loan.

Understanding the Calculation

The standard formula for calculating a fixed-rate monthly mortgage payment is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

• P: The principal loan amount (Home Price minus Down Payment).
• i: The monthly interest rate (Annual Rate divided by 12).
• n: The total number of months in your loan term (Years multiplied by 12).

Factors That Influence Your Payment

While this calculator provides the Principal and Interest (P&I), your actual housing costs may also include:

1. Property Taxes: Usually assessed annually by your local government and often rolled into an escrow account.
2. Homeowners Insurance: Protection against hazards like fire or storms, required by most lenders.
3. Private Mortgage Insurance (PMI): Typically required if your down payment is less than 20% of the home's value.
4. HOA Fees: Monthly or quarterly dues paid to a Homeowners Association if you live in a managed community or condo.

Realistic Example

Suppose you are looking at a home priced at $450,000. You have saved $90,000 for a 20% down payment, leaving you with a loan balance of $360,000. With a 30-year fixed interest rate of 6.5%, your monthly principal and interest payment would be approximately $2,275.44. Over the life of the loan, you would pay roughly $459,158 in total interest.

Disclaimer: This calculator is for informational purposes only. Actual rates and payments may vary based on credit score, debt-to-income ratio, and lender-specific requirements. Consult with a qualified financial advisor before making home-buying decisions.