#mortgage-calculator-wrapper .calc-container {
background-color: #f9f9f9;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
}
#mortgage-calculator-wrapper .calc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
#mortgage-calculator-wrapper .calc-grid {
grid-template-columns: 1fr;
}
}
#mortgage-calculator-wrapper .input-group {
margin-bottom: 15px;
}
#mortgage-calculator-wrapper label {
display: block;
margin-bottom: 5px;
font-weight: 600;
font-size: 14px;
}
#mortgage-calculator-wrapper input {
width: 100%;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
}
#mortgage-calculator-wrapper .calc-btn {
background-color: #2c3e50;
color: white;
border: none;
padding: 12px 20px;
font-size: 16px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
margin-top: 10px;
transition: background-color 0.2s;
}
#mortgage-calculator-wrapper .calc-btn:hover {
background-color: #34495e;
}
#mortgage-calculator-wrapper .results-box {
background-color: #fff;
border: 1px solid #ddd;
border-radius: 6px;
padding: 20px;
margin-top: 25px;
text-align: center;
}
#mortgage-calculator-wrapper .result-item {
margin-bottom: 15px;
border-bottom: 1px solid #eee;
padding-bottom: 10px;
}
#mortgage-calculator-wrapper .result-item:last-child {
border-bottom: none;
margin-bottom: 0;
padding-bottom: 0;
}
#mortgage-calculator-wrapper .result-label {
font-size: 14px;
color: #666;
}
#mortgage-calculator-wrapper .result-value {
font-size: 24px;
font-weight: 700;
color: #27ae60;
margin-top: 5px;
}
#mortgage-calculator-wrapper .result-value.secondary {
font-size: 18px;
color: #333;
}
#mortgage-calculator-wrapper .seo-text {
margin-top: 40px;
line-height: 1.6;
}
#mortgage-calculator-wrapper h2 {
color: #2c3e50;
margin-top: 30px;
}
#mortgage-calculator-wrapper p {
margin-bottom: 15px;
}
#mortgage-calculator-wrapper ul {
margin-bottom: 15px;
padding-left: 20px;
}
function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTerm = parseFloat(document.getElementById('loanTerm').value);
var propertyTax = parseFloat(document.getElementById('propertyTax').value);
var homeInsurance = parseFloat(document.getElementById('homeInsurance').value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm)) {
alert("Please enter valid numbers for all fields.");
return;
}
if (downPayment >= homePrice) {
alert("Down payment cannot be greater than or equal to the home price.");
return;
}
// Calculation Logic
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Principal & Interest Calculation (M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1])
var monthlyPI = 0;
if (interestRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
// Escrow (Taxes & Insurance)
var annualEscrow = (isNaN(propertyTax) ? 0 : propertyTax) + (isNaN(homeInsurance) ? 0 : homeInsurance);
var monthlyEscrow = annualEscrow / 12;
var totalMonthly = monthlyPI + monthlyEscrow;
var totalRepaid = (totalMonthly * numberOfPayments);
// Formatting currency
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Display Results
document.getElementById('totalMonthlyPayment').innerHTML = formatter.format(totalMonthly);
document.getElementById('monthlyPI').innerHTML = formatter.format(monthlyPI);
document.getElementById('monthlyEscrow').innerHTML = formatter.format(monthlyEscrow);
document.getElementById('totalRepayment').innerHTML = formatter.format(totalRepaid);
document.getElementById('resultsSection').style.display = "block";
}
Monthly Mortgage Payment Calculator
Total Monthly Payment
$0.00
Principal & Interest
$0.00
Tax & Insurance
$0.00
Total Amount Repaid Over Loan Term
$0.00
Understanding Your Mortgage Calculation
Buying a home is one of the largest financial commitments most people will make in their lifetime. Our Mortgage Payment Calculator helps you estimate your monthly housing costs by factoring in the home price, down payment, interest rate, and loan term. Unlike basic calculators, this tool also allows you to include estimates for property taxes and home insurance, giving you a realistic view of your "PITI" (Principal, Interest, Taxes, and Insurance) payment.
How is the Monthly Payment Calculated?
Your total monthly payment is primarily composed of four parts:
- Principal: The portion of your payment that goes toward paying down the loan balance ($ minus Down Payment).
- Interest: The cost of borrowing money, calculated based on your annual interest rate. In the early years of a mortgage, a larger portion of your payment goes toward interest.
- Property Taxes: An annual tax levied by your local government, usually held in an escrow account and paid by your lender on your behalf.
- Homeowners Insurance: Protection for your property against damages, also typically paid via escrow.
The Amortization Formula
The core of the mortgage calculation uses the standard amortization formula:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
Where:
- M = Total monthly principal and interest payment
- P = Principal loan amount
- r = Monthly interest rate (Annual Rate divided by 12)
- n = Total number of payments (Loan term in years multiplied by 12)
Factors That Affect Your Payment
Even small changes in your input variables can significantly impact your monthly budget:
- Down Payment: Putting more money down reduces your principal loan amount, which lowers both your monthly payment and the total interest paid over the life of the loan.
- Loan Term: A 30-year term offers lower monthly payments but results in higher total interest costs compared to a 15-year term.
- Interest Rate: Your rate is determined by market conditions and your credit score. A difference of just 1% can cost or save you tens of thousands of dollars over the long run.
Why Include Taxes and Insurance?
Many first-time homebuyers focus solely on the principal and interest. However, property taxes and insurance can add 20-30% to your monthly housing bill. By inputting these values into the calculator above, you ensure that you are budgeting for the real cost of homeownership, avoiding financial surprises later.