Calculate your estimated monthly mortgage payment with NACA's potential terms.
$0.00
Estimated Monthly P&I
Understanding the NACA Mortgage Calculator
The NACA (Neighborhood Assistance Corporation of America) program is a unique homeownership initiative designed to make homeownership accessible to low-to-moderate income individuals and families. A key component of NACA's offering is its potential for highly favorable mortgage terms, often including below-market interest rates and no private mortgage insurance (PMI). This calculator helps you estimate your Principal and Interest (P&I) payment based on the general parameters of a mortgage, while keeping in mind that actual NACA terms are determined through their counseling and qualification process.
How the NACA Mortgage Calculator Works
This calculator uses standard mortgage payment formulas to provide an estimate. The primary inputs are:
Home Price: The total cost of the property you intend to purchase.
NACA Down Payment (%): While NACA aims to eliminate or significantly reduce upfront costs, some small down payments might be considered. For many NACA products, this can be 0%.
Loan Term (Years): The duration over which the mortgage will be repaid, typically 30 years for NACA programs.
Annual Interest Rate (%): The yearly interest rate applied to the loan. NACA is known for offering below-market rates, so the rate entered here should reflect potential NACA terms, not standard market rates.
The Math Behind the Payment
The estimated monthly Principal and Interest (P&I) payment is calculated using the standard mortgage payment formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly mortgage payment (Principal & Interest)
P = The principal loan amount (Home Price – Down Payment Amount)
i = Your monthly interest rate (Annual Interest Rate / 12 / 100)
n = The total number of payments over the loan's lifetime (Loan Term in Years * 12)
Important Considerations for NACA:
NACA Qualification: This calculator provides an estimate. Your actual NACA mortgage terms, including the interest rate and specific payment structure, will be determined after completing NACA's extensive counseling and qualification process.
No PMI: A significant benefit of NACA mortgages is the absence of Private Mortgage Insurance (PMI), which typically applies to conventional loans with less than 20% down payment. This calculator does not factor in PMI, aligning with NACA's typical benefits.
Property Taxes and Homeowner's Insurance: The calculated payment is for Principal and Interest (P&I) only. Your total monthly housing expense will also include property taxes, homeowner's insurance, and potentially HOA fees. These are often managed through an escrow account and are not included in this basic P&I calculation.
NACA Fees: NACA may have processing fees, but these are often structured differently than traditional lender fees. Consult directly with NACA for details.
This tool is designed to give you a preliminary idea of what your P&I payment might look like with NACA, encouraging you to engage with their program for definitive figures and assistance.
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPaymentPercent = parseFloat(document.getElementById("downPayment").value);
var loanTermYears = parseInt(document.getElementById("loanTerm").value);
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var resultElement = document.getElementById("result");
// Input validation
if (isNaN(homePrice) || homePrice <= 0) {
resultElement.innerHTML = "$0.00Please enter a valid Home Price.";
return;
}
if (isNaN(downPaymentPercent) || downPaymentPercent 100) {
resultElement.innerHTML = "$0.00Please enter a valid Down Payment percentage (0-100).";
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
resultElement.innerHTML = "$0.00Please enter a valid Loan Term in years.";
return;
}
if (isNaN(annualInterestRate) || annualInterestRate < 0) {
resultElement.innerHTML = "$0.00Please enter a valid Annual Interest Rate.";
return;
}
var downPaymentAmount = (homePrice * downPaymentPercent) / 100;
var principalLoanAmount = homePrice – downPaymentAmount;
// Handle case where down payment equals or exceeds home price
if (principalLoanAmount <= 0) {
resultElement.innerHTML = "$0.00Down payment covers the full price.";
return;
}
var monthlyInterestRate = annualInterestRate / 12 / 100;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment = 0;
if (monthlyInterestRate > 0) {
monthlyPayment = principalLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle 0% interest rate case
monthlyPayment = principalLoanAmount / numberOfPayments;
}
resultElement.innerHTML = "$" + monthlyPayment.toFixed(2) + "Estimated Monthly P&I";
}