.mc-container {
background-color: #ffffff;
border: 1px solid #e0e0e0;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
margin-bottom: 40px;
}
.mc-header {
text-align: center;
margin-bottom: 25px;
color: #2c3e50;
}
.mc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
.mc-grid { grid-template-columns: 1fr; }
}
.mc-input-group {
margin-bottom: 15px;
}
.mc-label {
display: block;
margin-bottom: 5px;
font-weight: 600;
font-size: 14px;
color: #555;
}
.mc-input {
width: 100%;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box; /* Important for padding */
}
.mc-input:focus {
border-color: #3498db;
outline: none;
}
.mc-btn {
width: 100%;
padding: 15px;
background-color: #27ae60;
color: white;
border: none;
border-radius: 4px;
font-size: 18px;
font-weight: bold;
cursor: pointer;
margin-top: 10px;
transition: background-color 0.3s;
}
.mc-btn:hover {
background-color: #219150;
}
.mc-results {
margin-top: 30px;
background-color: #f8f9fa;
border-radius: 6px;
padding: 20px;
border-left: 5px solid #3498db;
display: none; /* Hidden by default */
}
.mc-result-row {
display: flex;
justify-content: space-between;
padding: 10px 0;
border-bottom: 1px solid #e9ecef;
}
.mc-result-row:last-child {
border-bottom: none;
}
.mc-result-label {
color: #666;
}
.mc-result-value {
font-weight: bold;
color: #2c3e50;
}
.mc-total {
font-size: 24px;
color: #27ae60;
font-weight: 800;
}
.mc-article h2 {
color: #2c3e50;
border-bottom: 2px solid #eee;
padding-bottom: 10px;
margin-top: 30px;
}
.mc-article p {
line-height: 1.6;
color: #444;
margin-bottom: 15px;
}
.mc-article ul {
margin-bottom: 20px;
padding-left: 20px;
}
.mc-article li {
margin-bottom: 10px;
color: #444;
}
function calculateMortgage() {
// Get Input Values
var price = parseFloat(document.getElementById("mc-price").value);
var downPayment = parseFloat(document.getElementById("mc-down").value);
var interestRate = parseFloat(document.getElementById("mc-rate").value);
var termYears = parseFloat(document.getElementById("mc-term").value);
var annualTax = parseFloat(document.getElementById("mc-tax").value);
var annualInsurance = parseFloat(document.getElementById("mc-insurance").value);
// Validation: Ensure inputs are numbers
if (isNaN(price) || isNaN(downPayment) || isNaN(interestRate) || isNaN(termYears)) {
alert("Please enter valid numbers for all fields.");
return;
}
// Core Logic
var principal = price – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = termYears * 12;
// Calculate Principal & Interest (P&I) using standard amortization formula
// Formula: 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) );
}
// Calculate Escrow items (Tax & Insurance)
var monthlyTax = annualTax / 12;
var monthlyInsurance = annualInsurance / 12;
// Total Monthly Payment
var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance;
// Formatter for currency
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Update UI
document.getElementById("res-pi").innerText = formatter.format(monthlyPI);
document.getElementById("res-tax").innerText = formatter.format(monthlyTax);
document.getElementById("res-ins").innerText = formatter.format(monthlyInsurance);
document.getElementById("res-total").innerText = formatter.format(totalMonthly);
// Show Result Box
document.getElementById("mc-result-box").style.display = "block";
}
Mortgage Payment Calculator
Calculate your estimated monthly payment including taxes and insurance.
Principal & Interest:
$0.00
Property Tax (Monthly):
$0.00
Home Insurance (Monthly):
$0.00
TOTAL MONTHLY PAYMENT:
$0.00
Understanding Your Mortgage Payment
Purchasing a home is one of the most significant financial decisions you will make. This Mortgage Payment Calculator is designed to provide a realistic estimate of your monthly housing costs, going beyond just the loan repayment to include essential factors like property taxes and homeowners insurance.
Components of a Mortgage Payment
When you make a mortgage payment, it is typically split into four main components, often referred to as PITI:
- Principal: The portion of your payment that reduces the loan balance.
- Interest: The cost of borrowing money, calculated based on your annual interest rate.
- Taxes: Property taxes charged by your local government, usually collected in escrow by your lender.
- Insurance: Homeowners insurance to protect against damage and liability, also typically escrowed.
How Interest Rates Affect Affordability
Even a small fluctuation in interest rates can significantly impact your monthly payment. For example, on a $300,000 loan, the difference between a 6% and a 7% interest rate can increase your monthly payment by nearly $200. Using this calculator allows you to test different rate scenarios to see how they fit your budget.
The Importance of the Down Payment
Your down payment reduces the principal amount of the loan immediately. A larger down payment (typically 20% or more) not only lowers your monthly Principal & Interest payment but also helps you avoid Private Mortgage Insurance (PMI), further reducing your monthly obligations.