#mortgage-calculator-wrapper .calc-container {
background: #f9f9f9;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 25px;
margin-bottom: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
}
#mortgage-calculator-wrapper h2 {
color: #2c3e50;
margin-top: 0;
margin-bottom: 20px;
text-align: center;
}
#mortgage-calculator-wrapper .input-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
#mortgage-calculator-wrapper .input-grid {
grid-template-columns: 1fr;
}
}
#mortgage-calculator-wrapper .form-group {
margin-bottom: 15px;
}
#mortgage-calculator-wrapper label {
display: block;
margin-bottom: 5px;
font-weight: 600;
font-size: 0.9em;
color: #555;
}
#mortgage-calculator-wrapper input,
#mortgage-calculator-wrapper select {
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: #27ae60;
color: white;
border: none;
padding: 12px 20px;
font-size: 18px;
font-weight: bold;
border-radius: 4px;
cursor: pointer;
width: 100%;
margin-top: 10px;
transition: background-color 0.3s;
}
#mortgage-calculator-wrapper .calc-btn:hover {
background-color: #219150;
}
#mortgage-calculator-wrapper .results-box {
background: #fff;
border: 1px solid #ddd;
border-radius: 6px;
padding: 20px;
margin-top: 25px;
display: none;
}
#mortgage-calculator-wrapper .result-header {
text-align: center;
font-size: 1.2em;
color: #7f8c8d;
margin-bottom: 5px;
}
#mortgage-calculator-wrapper .main-result {
text-align: center;
font-size: 2.5em;
font-weight: bold;
color: #2c3e50;
margin-bottom: 20px;
}
#mortgage-calculator-wrapper .breakdown-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 15px;
border-top: 1px solid #eee;
padding-top: 15px;
}
#mortgage-calculator-wrapper .breakdown-item span {
display: block;
font-size: 0.9em;
color: #666;
}
#mortgage-calculator-wrapper .breakdown-item strong {
display: block;
font-size: 1.1em;
color: #333;
}
#mortgage-calculator-wrapper .content-section {
margin-top: 40px;
padding-top: 20px;
border-top: 2px solid #eee;
}
#mortgage-calculator-wrapper .content-section h3 {
color: #2c3e50;
margin-top: 25px;
}
#mortgage-calculator-wrapper .content-section ul {
padding-left: 20px;
}
#mortgage-calculator-wrapper .content-section li {
margin-bottom: 10px;
}
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 loanTermYears = parseFloat(document.getElementById("loanTerm").value);
var propertyTaxYearly = parseFloat(document.getElementById("propertyTax").value);
var homeInsuranceYearly = parseFloat(document.getElementById("homeInsurance").value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTermYears)) {
alert("Please enter valid numbers for all fields.");
return;
}
// Calculation Logic
var principal = homePrice – downPayment;
if (principal <= 0) {
alert("Down payment cannot be greater than or equal to the home price.");
return;
}
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
// Principal and Interest (PI) Calculation
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPI = 0;
if (interestRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
monthlyPI = principal * (
(monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) /
(Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1)
);
}
// Tax and Insurance
var monthlyTax = isNaN(propertyTaxYearly) ? 0 : propertyTaxYearly / 12;
var monthlyInsurance = isNaN(homeInsuranceYearly) ? 0 : homeInsuranceYearly / 12;
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance;
var totalTotalCost = (monthlyPI * numberOfPayments);
var totalInterest = totalTotalCost – principal;
// Formatting Function
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
});
// Update UI
document.getElementById("monthlyTotal").innerText = formatter.format(totalMonthlyPayment);
document.getElementById("piResult").innerText = formatter.format(monthlyPI);
document.getElementById("taxResult").innerText = formatter.format(monthlyTax);
document.getElementById("insResult").innerText = formatter.format(monthlyInsurance);
document.getElementById("totalInterestResult").innerText = formatter.format(totalInterest);
// Show Results Container
document.getElementById("results").style.display = "block";
}
Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Estimated Monthly Payment
$0.00
Principal & Interest
$0.00
Property Tax
$0.00
Home Insurance
$0.00
Total Interest Paid
$0.00
Understanding Your Mortgage Payment
Calculating your potential mortgage payment is a crucial first step in the home buying process. This Mortgage Payment Calculator helps you estimate your monthly financial commitment by factoring in the four key components of a mortgage payment, often referred to as PITI: Principal, Interest, Taxes, and Insurance.
Breakdown of Mortgage Costs
When you take out a home loan, your monthly payment covers more than just the repayment of the money you borrowed. Here is a detailed look at the variables involved:
- Principal: This is the portion of your payment that goes directly toward paying down the loan balance (the Home Price minus your Down Payment).
- Interest: This is the cost of borrowing money, determined by your interest rate. In the early years of a mortgage, a significant portion of your payment goes toward interest.
- Property Taxes: Most lenders collect a portion of your estimated annual property taxes each month and hold it in an escrow account to pay the government on your behalf.
- Homeowners Insurance: Similar to taxes, lenders often require you to pay a portion of your annual insurance premium monthly to ensure the property is protected against damage.
How Interest Rates Affect Your Payment
Even a small difference in interest rates can have a massive impact on your monthly payment and the total cost of your loan over time. For example, on a $300,000 loan, a 1% difference in interest rate can change your monthly payment by hundreds of dollars and your total interest paid by tens of thousands over a 30-year term.
Fixed-Rate vs. Adjustable-Rate Mortgages
This calculator assumes a Fixed-Rate Mortgage, where the interest rate remains the same for the life of the loan. This provides stability and predictable payments. Adjustable-Rate Mortgages (ARMs) have rates that can fluctuate after an initial fixed period, making long-term planning more challenging.
Tips for Lowering Your Mortgage Payment
- Increase Your Down Payment: Putting more money down reduces the principal loan amount, which lowers your monthly P&I payment and may eliminate the need for Private Mortgage Insurance (PMI).
- Improve Your Credit Score: A higher credit score often qualifies you for a lower interest rate.
- Shop Around: Compare rates from different lenders. Even a 0.25% reduction can save you significant money.
- Choose a Longer Term: A 30-year term will have lower monthly payments than a 15-year term, though you will pay more in total interest over the life of the loan.