.mc-calculator-wrapper {
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif;
max-width: 800px;
margin: 0 auto;
padding: 20px;
background: #ffffff;
border: 1px solid #e0e0e0;
border-radius: 8px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
}
.mc-input-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
margin-bottom: 25px;
}
@media (max-width: 600px) {
.mc-input-grid {
grid-template-columns: 1fr;
}
}
.mc-field-group {
display: flex;
flex-direction: column;
}
.mc-field-group label {
font-size: 14px;
font-weight: 600;
color: #333;
margin-bottom: 8px;
}
.mc-field-group input, .mc-field-group select {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
}
.mc-field-group input:focus {
border-color: #0073aa;
outline: none;
}
.mc-btn {
background-color: #0073aa;
color: white;
border: none;
padding: 15px 30px;
font-size: 18px;
font-weight: bold;
border-radius: 5px;
cursor: pointer;
width: 100%;
transition: background-color 0.2s;
}
.mc-btn:hover {
background-color: #005177;
}
.mc-result-box {
margin-top: 30px;
padding: 20px;
background-color: #f9f9f9;
border-left: 5px solid #0073aa;
display: none;
}
.mc-result-header {
font-size: 24px;
color: #333;
margin-bottom: 20px;
text-align: center;
font-weight: bold;
}
.mc-breakdown {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 15px;
}
.mc-breakdown-item {
display: flex;
justify-content: space-between;
border-bottom: 1px solid #eee;
padding-bottom: 5px;
}
.mc-breakdown-label {
color: #666;
}
.mc-breakdown-value {
font-weight: bold;
color: #333;
}
.mc-total-row {
margin-top: 15px;
padding-top: 15px;
border-top: 2px solid #ddd;
font-size: 20px;
color: #0073aa;
}
/* Article Styling */
.mc-article-content {
max-width: 800px;
margin: 40px auto;
font-family: Georgia, 'Times New Roman', Times, serif;
line-height: 1.6;
color: #2c3e50;
}
.mc-article-content h2 {
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, sans-serif;
color: #1a1a1a;
margin-top: 30px;
}
.mc-article-content p {
margin-bottom: 15px;
}
.mc-article-content ul {
margin-bottom: 20px;
padding-left: 20px;
}
.mc-article-content li {
margin-bottom: 8px;
}
function calculateMortgage() {
// 1. Get Inputs using var
var price = parseFloat(document.getElementById('mc_home_price').value);
var downPayment = parseFloat(document.getElementById('mc_down_payment').value);
var rate = parseFloat(document.getElementById('mc_interest_rate').value);
var years = parseInt(document.getElementById('mc_loan_term').value);
var annualTax = parseFloat(document.getElementById('mc_property_tax').value);
var annualInsurance = parseFloat(document.getElementById('mc_insurance').value);
var monthlyHOA = parseFloat(document.getElementById('mc_hoa').value);
// 2. Validation
if (isNaN(price) || isNaN(downPayment) || isNaN(rate) || isNaN(years) ||
isNaN(annualTax) || isNaN(annualInsurance) || isNaN(monthlyHOA)) {
alert("Please enter valid numbers in all fields.");
return;
}
if (downPayment >= price) {
alert("Down payment cannot be greater than or equal to the home price.");
return;
}
// 3. Calculation Logic
var principal = price – downPayment;
var monthlyRate = (rate / 100) / 12;
var numberOfPayments = years * 12;
var monthlyPI = 0;
// Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (rate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) /
(Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = annualTax / 12;
var monthlyInsurance = annualInsurance / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance + monthlyHOA;
// 4. Formatting Output
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// 5. Display Results
document.getElementById('mc_pi_val').innerHTML = formatter.format(monthlyPI);
document.getElementById('mc_tax_val').innerHTML = formatter.format(monthlyTax);
document.getElementById('mc_ins_val').innerHTML = formatter.format(monthlyInsurance);
document.getElementById('mc_hoa_val').innerHTML = formatter.format(monthlyHOA);
document.getElementById('mc_total_monthly').innerHTML = formatter.format(totalMonthly);
document.getElementById('mc_final_total').innerHTML = formatter.format(totalMonthly);
document.getElementById('mc_result_container').style.display = "block";
}
Understanding Your Mortgage Payment (PITI)
When calculating the true cost of homeownership, looking solely at the loan principal and interest isn't enough. Financial experts use the acronym PITI to describe the four main components of a monthly mortgage payment: Principal, Interest, Taxes, and Insurance.
Our Advanced Mortgage Calculator accounts for all these variables, plus HOA fees, to give you a realistic estimate of your monthly obligation. Here is a breakdown of what each factor means for your wallet:
1. Principal and Interest
This is the core of your loan repayment. The Principal is the money you borrowed (Home Price minus Down Payment), and the Interest is the cost of borrowing that money. In the early years of a 30-year fixed-rate mortgage, a larger portion of your payment goes toward interest. As time passes, more of the payment is applied to the principal balance, building your equity faster.
2. Property Taxes
Local governments levy property taxes to fund schools, police, and infrastructure. These are typically calculated as a percentage of your home's assessed value. Lenders often collect this money as part of your monthly payment and hold it in an escrow account to pay the tax bill on your behalf when it's due. In our calculator, enter the estimated annual tax amount to see how it impacts your monthly cash flow.
3. Homeowner's Insurance
Lenders require you to carry hazard insurance to protect the property against fire, storms, and other damages. Like property taxes, this annual premium is usually divided by 12 and added to your monthly mortgage bill.
4. HOA Fees
If you are buying a condo or a home in a planned community, you will likely pay Homeowners Association (HOA) dues. While these are rarely paid through the lender (you pay them directly to the association), they are a critical part of your monthly housing budget and affect your debt-to-income ratio during loan approval.
How Interest Rates Affect Buying Power
Even a small change in interest rates can drastically alter your buying power. For example, on a $350,000 loan:
- At 6.0%, the Principal & Interest payment is roughly $2,098/month.
- At 7.0%, that payment jumps to $2,328/month.
That is a difference of over $200 a month, or $72,000 over the life of a 30-year loan. Use the input fields above to test different rate scenarios and see what fits your budget best.
Common Mortgage Terms Explained
Loan Term: The duration of the loan. A 30-year term offers lower monthly payments but costs more in total interest. A 15-year term has higher monthly payments but saves significantly on interest costs.
Down Payment: The upfront cash you pay toward the home purchase. A down payment of 20% or more typically allows you to avoid Private Mortgage Insurance (PMI), further lowering your monthly costs.