#mortgage-calculator-wrapper .mc-card {
background: #ffffff;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 25px;
box-shadow: 0 4px 12px rgba(0,0,0,0.05);
margin-bottom: 30px;
}
#mortgage-calculator-wrapper .mc-header {
text-align: center;
margin-bottom: 25px;
color: #2c3e50;
}
#mortgage-calculator-wrapper .mc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
#mortgage-calculator-wrapper .mc-grid {
grid-template-columns: 1fr;
}
}
#mortgage-calculator-wrapper .mc-input-group {
margin-bottom: 15px;
}
#mortgage-calculator-wrapper label {
display: block;
margin-bottom: 5px;
font-weight: 600;
font-size: 14px;
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 input:focus {
border-color: #3498db;
outline: none;
box-shadow: 0 0 5px rgba(52,152,219,0.3);
}
#mortgage-calculator-wrapper button.mc-btn {
width: 100%;
padding: 15px;
background-color: #27ae60;
color: white;
border: none;
border-radius: 4px;
font-size: 18px;
font-weight: bold;
cursor: pointer;
transition: background 0.3s;
margin-top: 10px;
}
#mortgage-calculator-wrapper button.mc-btn:hover {
background-color: #219150;
}
#mortgage-calculator-wrapper .mc-results {
margin-top: 25px;
padding-top: 20px;
border-top: 2px solid #f0f0f0;
display: none;
}
#mortgage-calculator-wrapper .mc-result-row {
display: flex;
justify-content: space-between;
align-items: center;
padding: 10px 0;
border-bottom: 1px dashed #eee;
}
#mortgage-calculator-wrapper .mc-result-row.total {
background: #f9fbfd;
padding: 15px;
border-radius: 6px;
border-bottom: none;
margin-top: 10px;
}
#mortgage-calculator-wrapper .mc-result-label {
font-weight: 500;
color: #666;
}
#mortgage-calculator-wrapper .mc-result-value {
font-weight: 700;
font-size: 18px;
color: #2c3e50;
}
#mortgage-calculator-wrapper .mc-result-row.total .mc-result-value {
color: #27ae60;
font-size: 24px;
}
#mortgage-calculator-wrapper h2 {
color: #2c3e50;
border-bottom: 2px solid #3498db;
padding-bottom: 10px;
margin-top: 40px;
}
#mortgage-calculator-wrapper h3 {
color: #34495e;
margin-top: 30px;
}
#mortgage-calculator-wrapper p {
margin-bottom: 15px;
text-align: justify;
}
#mortgage-calculator-wrapper ul {
margin-bottom: 20px;
padding-left: 20px;
}
#mortgage-calculator-wrapper li {
margin-bottom: 8px;
}
function calculateMortgage() {
// 1. Get Input Values
var homePrice = parseFloat(document.getElementById('mc_homePrice').value);
var downPayment = parseFloat(document.getElementById('mc_downPayment').value);
var interestRate = parseFloat(document.getElementById('mc_interestRate').value);
var loanTermYears = parseInt(document.getElementById('mc_loanTerm').value);
var annualTax = parseFloat(document.getElementById('mc_propertyTax').value);
var annualInsurance = parseFloat(document.getElementById('mc_homeInsurance').value);
var monthlyHOA = parseFloat(document.getElementById('mc_hoaFees').value);
// 2. Validate Inputs
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTermYears)) {
alert("Please enter valid numbers for Home Price, Down Payment, Interest Rate, and Loan Term.");
return;
}
// Handle optional fields
if (isNaN(annualTax)) annualTax = 0;
if (isNaN(annualInsurance)) annualInsurance = 0;
if (isNaN(monthlyHOA)) monthlyHOA = 0;
// 3. Core Calculations
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;
// Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPrincipalInterest = 0;
if (interestRate === 0) {
monthlyPrincipalInterest = principal / numberOfPayments;
} else {
var mathPower = Math.pow(1 + monthlyInterestRate, numberOfPayments);
monthlyPrincipalInterest = principal * ((monthlyInterestRate * mathPower) / (mathPower – 1));
}
var monthlyTax = annualTax / 12;
var monthlyInsurance = annualInsurance / 12;
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyInsurance + monthlyHOA;
var totalCostOfLoan = (monthlyPrincipalInterest * numberOfPayments) + downPayment; // This is total paid for house (excluding tax/ins/hoa)
var totalInterestPaid = (monthlyPrincipalInterest * numberOfPayments) – principal;
// 4. Formatting Output Currency
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// 5. Update DOM
document.getElementById('res_principalInterest').innerHTML = formatter.format(monthlyPrincipalInterest);
document.getElementById('res_tax').innerHTML = formatter.format(monthlyTax);
document.getElementById('res_insurance').innerHTML = formatter.format(monthlyInsurance);
document.getElementById('res_hoa').innerHTML = formatter.format(monthlyHOA);
document.getElementById('res_totalMonthly').innerHTML = formatter.format(totalMonthlyPayment);
document.getElementById('res_loanAmount').innerHTML = formatter.format(principal);
document.getElementById('res_totalInterest').innerHTML = formatter.format(totalInterestPaid);
document.getElementById('res_totalCost').innerHTML = formatter.format((monthlyPrincipalInterest * numberOfPayments));
// Show results section
document.getElementById('mc_results').style.display = "block";
}
Mortgage Payment Calculator
Estimate your monthly house payments accurately
30 Years
20 Years
15 Years
10 Years
Principal & Interest:
—
Property Tax (Monthly):
—
Home Insurance (Monthly):
—
HOA Fees (Monthly):
—
Total Monthly Payment:
$0.00
Loan Summary:
Total Loan Amount: —
Total Interest Paid: —
Total Cost of Loan: —
Understanding Your Mortgage Calculation
Purchasing a home is one of the most significant financial decisions you will make in your lifetime. Understanding how your monthly mortgage payment is calculated is crucial for budgeting and long-term financial planning. Our Mortgage Calculator is designed to provide a comprehensive breakdown of your costs, moving beyond simple principal and interest to include taxes, insurance, and association fees.
The 4 Components of a Mortgage Payment (PITI)
Most lenders use the acronym PITI to describe the components of a mortgage payment. Here is what each letter represents:
- Principal: The portion of your payment that goes directly toward reducing the loan balance. In the early years of a mortgage, this amount is small but grows over time.
- Interest: The cost of borrowing money. This is paid to the lender. With an amortization schedule, you pay more interest at the beginning of the loan term.
- Taxes: Property taxes assessed by your local government. Lenders often collect this monthly and hold it in an escrow account to pay the bill annually on your behalf.
- Insurance: Homeowners insurance protects your property against damage. Like taxes, this is usually collected monthly into an escrow account.
How Loan Term Affects Your Payment
The length of your loan, known as the "term," significantly impacts both your monthly payment and the total interest paid over the life of the loan.
30-Year Fixed: This is the most common loan type. It offers lower monthly payments because the principal repayment is spread over a longer period. However, you will pay significantly more in total interest compared to shorter terms.
15-Year Fixed: These loans come with higher monthly payments, but you build equity much faster and usually secure a lower interest rate. The total interest savings over the life of the loan can be substantial.
Private Mortgage Insurance (PMI)
If your down payment is less than 20% of the home's purchase price, lenders typically require Private Mortgage Insurance (PMI). This protects the lender if you default on the loan. While this calculator focuses on PITI and HOA, remember that PMI can add 0.5% to 1% of the loan amount annually to your costs until you reach 20% equity.
Strategies to Lower Your Monthly Payment
If the calculated payment is higher than your budget allows, consider these strategies:
- Increase Your Down Payment: Putting more money down reduces the principal loan amount and may eliminate the need for PMI.
- Shop for Lower Interest Rates: Even a fraction of a percentage point can save you thousands over the life of the loan. Improving your credit score can help secure better rates.
- Reconsider the Home Price: Look for properties in a lower price range or in areas with lower property taxes.