This estimate includes Principal, Interest, Property Taxes, Homeowner's Insurance, and PMI (if applicable).
Understanding Your Pennsylvania Mortgage Payment
This calculator helps estimate your total monthly mortgage payment in Pennsylvania. A typical mortgage payment, often referred to as PITI, comprises four main components: Principal, Interest, Taxes, and Insurance. For Pennsylvania, property taxes are a significant factor, and we've included them as a dedicated input. Homeowner's insurance is also crucial, and Private Mortgage Insurance (PMI) may apply if your down payment is less than 20%.
The Math Behind the Mortgage Calculation
The core of the mortgage payment is the Principal and Interest (P&I). This 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 (P&I only)
P = The principal loan amount (Home Price – Down Payment)
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)
Pennsylvania Specific Costs Included:
Property Taxes: Pennsylvania has a wide range of property tax rates depending on the county and municipality. The annual cost is calculated as: (Home Price * PA Property Tax Rate / 100). This amount is then divided by 12 to get a monthly property tax estimate.
Homeowner's Insurance: This is an estimated annual cost for insuring your home against damage or theft. This is divided by 12 for the monthly estimate.
Private Mortgage Insurance (PMI): If your down payment is less than 20% of the home price, you'll likely need to pay PMI. The annual cost is typically calculated as: (Loan Amount * PMI Rate / 100). This is then divided by 12 for the monthly estimate.
This calculator provides a more comprehensive estimate for potential homeowners in Pennsylvania by factoring in state-specific property taxes. It helps you:
Understand the total cost of homeownership beyond just the loan principal and interest.
Budget more effectively for your monthly expenses.
Compare different mortgage scenarios by adjusting down payments, interest rates, and loan terms.
Gauge affordability for homes in various Pennsylvania locations, considering their property tax rates.
Disclaimer: This calculator provides an estimate only. Actual mortgage payments may vary. Consult with a qualified mortgage lender or financial advisor for precise figures and personalized advice. Property tax rates can fluctuate and vary significantly by locality within Pennsylvania.
function calculateMortgagePA() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var paPropertyTaxRate = parseFloat(document.getElementById("paPropertyTaxRate").value);
var paHomeInsurance = parseFloat(document.getElementById("paHomeInsurance").value);
var pmiRate = parseFloat(document.getElementById("pmiRate").value);
var monthlyPaymentResult = "$0.00";
// Input validation
if (isNaN(homePrice) || homePrice <= 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(paPropertyTaxRate) || paPropertyTaxRate < 0 ||
isNaN(paHomeInsurance) || paHomeInsurance < 0 ||
isNaN(pmiRate) || pmiRate = homePrice) {
document.getElementById("monthlyPayment").innerText = "Down payment cannot exceed home price.";
return;
}
var loanAmount = homePrice – downPayment;
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var principalAndInterest = 0;
if (monthlyInterestRate > 0) {
principalAndInterest = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
principalAndInterest = loanAmount / numberOfPayments; // Handle 0% interest rate
}
var monthlyPropertyTax = (homePrice * (paPropertyTaxRate / 100)) / 12;
var monthlyHomeInsurance = paHomeInsurance / 12;
var monthlyPMI = 0;
// Check if PMI is applicable (down payment < 20%)
if (downPayment 0) {
monthlyPMI = (loanAmount * (pmiRate / 100)) / 12;
} else {
// If PMI rate is 0 but down payment is < 20%, it might imply lender doesn't require it, or the input was wrong.
// For calculation, we assume 0 PMI if rate is 0.
monthlyPMI = 0;
}
}
var totalMonthlyPayment = principalAndInterest + monthlyPropertyTax + monthlyHomeInsurance + monthlyPMI;
// Format the result to two decimal places
monthlyPaymentResult = "$" + totalMonthlyPayment.toFixed(2);
document.getElementById("monthlyPayment").innerText = monthlyPaymentResult;
}