Mortgage Calculator in Us

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Mortgage Calculator (US)

Loan Details

30-Year Fixed 15-Year Fixed 20-Year Fixed 10-Year Fixed
$0.00

Understanding Your Mortgage Payment

A mortgage is a significant financial commitment, and understanding how your monthly payment is calculated is crucial. This calculator helps you estimate your principal and interest payment for a fixed-rate mortgage.

How the Calculation Works

The standard formula for calculating a fixed-rate mortgage payment (M) is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

  • P = Principal loan amount (the total amount borrowed)
  • i = Monthly interest rate (annual rate divided by 12)
  • n = Total number of payments (loan term in years multiplied by 12)

For example, if you borrow $300,000 at an annual interest rate of 3.5% for 30 years:

  • P = $300,000
  • Annual interest rate = 3.5%
  • Monthly interest rate (i) = 0.035 / 12 ≈ 0.00291667
  • Loan term = 30 years
  • Total number of payments (n) = 30 * 12 = 360

Plugging these values into the formula will give you the estimated monthly principal and interest payment.

What's Included in Your Monthly Payment?

It's important to note that the calculated payment is for Principal and Interest (P&I) only. Your actual total monthly housing expense will likely be higher and includes:

  • Principal: The amount that reduces your loan balance.
  • Interest: The cost of borrowing the money.
  • Property Taxes: Paid to your local government.
  • Homeowner's Insurance: Required by lenders to protect against damage.
  • Private Mortgage Insurance (PMI): If your down payment is less than 20% of the home's value.
  • HOA Fees: If applicable for your property.

Lenders often collect estimated amounts for taxes and insurance monthly and hold them in an escrow account, paying them on your behalf when due. This is often referred to as PITI (Principal, Interest, Taxes, Insurance).

Using This Calculator

This calculator is a valuable tool for:

  • Budgeting: Estimate how much home you can afford.
  • Comparing Loan Options: See how different interest rates or loan terms affect your monthly payment.
  • Financial Planning: Understand the long-term cost of homeownership.

Simply enter the loan amount, annual interest rate, and loan term, then click "Calculate Monthly Payment." You can also select from common fixed-rate loan terms. Remember to consult with a mortgage professional for personalized advice and to get pre-approved.

function calculateMortgage() { var loanAmount = parseFloat(document.getElementById("loanAmount").value); var interestRate = parseFloat(document.getElementById("interestRate").value); var loanTerm = parseInt(document.getElementById("loanTerm").value); // Use the input field's value for initial calculation var loanTypeSelect = document.getElementById("loanType"); var selectedLoanTerm = parseInt(loanTypeSelect.value); // Get the term from the select dropdown // If a specific term is selected, use that term; otherwise, use the input field's term. // This prioritizes the dropdown selection if it's used. var termInYears = loanTerm; if (loanTypeSelect.selectedIndex !== -1 && loanTypeSelect.options[loanTypeSelect.selectedIndex].value !== "") { termInYears = selectedLoanTerm; } var resultDiv = document.getElementById("result"); // Validate inputs if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(termInYears) || loanAmount <= 0 || interestRate < 0 || termInYears 0) { monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1); } else { // Handle 0% interest rate case monthlyPayment = loanAmount / numberOfPayments; } // Format the result to two decimal places and add a dollar sign var formattedPayment = "$" + monthlyPayment.toFixed(2); resultDiv.innerHTML = formattedPayment; } // Initial calculation on page load or after selecting loan type document.addEventListener("DOMContentLoaded", function() { var loanTypeSelect = document.getElementById("loanType"); var loanTermInput = document.getElementById("loanTerm"); // Update the loanTerm input when a selection is made in the dropdown loanTypeSelect.addEventListener("change", function() { loanTermInput.value = this.value; calculateMortgage(); // Recalculate when loan type changes }); // Recalculate if the loanTerm input is manually changed loanTermInput.addEventListener("input", function() { // Ensure the dropdown reflects the manual input if it matches an option if (loanTypeSelect.value !== this.value) { var optionExists = false; for (var i = 0; i < loanTypeSelect.options.length; i++) { if (loanTypeSelect.options[i].value === this.value) { loanTypeSelect.selectedIndex = i; optionExists = true; break; } } if (!optionExists) { // If manual input doesn't match any option, deselect or set to default // For simplicity, we'll just var the input drive the calculation } } calculateMortgage(); }); // Perform an initial calculation when the page loads calculateMortgage(); });

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