Mortgage Calculator with Amortization Schedule
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: #f4f7f6;
color: #333;
line-height: 1.6;
margin: 0;
padding: 20px;
}
.loan-calc-container {
max-width: 900px;
margin: 30px auto;
background-color: #ffffff;
padding: 30px;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 25px;
}
.input-section, .result-section, .amortization-section {
margin-bottom: 30px;
padding: 25px;
border: 1px solid #e0e0e0;
border-radius: 6px;
background-color: #fdfdfd;
}
.input-group {
margin-bottom: 20px;
display: flex;
align-items: center;
flex-wrap: wrap;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: 600;
color: #004a99;
min-width: 150px; /* Ensures labels align nicely */
}
.input-group input[type="number"],
.input-group input[type="text"],
.input-group select {
flex-grow: 1;
padding: 10px 12px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1rem;
box-sizing: border-box; /* Include padding and border in the element's total width and height */
min-width: 180px; /* Minimum width for input fields */
}
.input-group span {
margin-left: 10px;
font-weight: 500;
color: #555;
}
button {
background-color: #004a99;
color: white;
padding: 12px 25px;
border: none;
border-radius: 5px;
font-size: 1.1rem;
cursor: pointer;
transition: background-color 0.3s ease;
display: block;
width: 100%;
margin-top: 10px;
}
button:hover {
background-color: #003366;
}
.result-display {
text-align: center;
margin-top: 20px;
}
.result-display h3 {
color: #004a99;
margin-bottom: 10px;
}
.monthly-payment, .total-interest, .total-paid {
font-size: 1.8rem;
font-weight: bold;
color: #28a745;
margin: 10px 0;
display: block;
}
.amortization-table {
width: 100%;
border-collapse: collapse;
margin-top: 20px;
overflow-x: auto; /* Make table scrollable on small screens */
display: block; /* Needed for overflow-x */
}
.amortization-table th, .amortization-table td {
padding: 10px 12px;
text-align: right;
border: 1px solid #ddd;
white-space: nowrap; /* Prevent text wrapping in cells */
}
.amortization-table th {
background-color: #004a99;
color: white;
font-weight: bold;
}
.amortization-table td {
background-color: #ffffff;
}
.amortization-table tr:nth-child(even) {
background-color: #f2f2f2;
}
.amortization-table thead {
position: sticky;
top: 0; /* Stick header to top */
z-index: 10;
}
.article-content {
margin-top: 40px;
padding: 30px;
background-color: #ffffff;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
.article-content h2 {
text-align: left;
color: #004a99;
margin-bottom: 15px;
}
.article-content p, .article-content ul, .article-content li {
margin-bottom: 15px;
color: #555;
}
.article-content li {
margin-left: 20px;
}
.article-content strong {
color: #004a99;
}
/* Responsive adjustments */
@media (max-width: 768px) {
.input-group {
flex-direction: column;
align-items: flex-start;
}
.input-group label {
margin-bottom: 5px;
min-width: auto;
}
.input-group input[type="number"],
.input-group input[type="text"],
.input-group select {
width: 100%;
margin-top: 5px;
min-width: auto;
}
.input-group span {
margin-left: 0;
margin-top: 5px;
}
.loan-calc-container {
padding: 20px;
}
.amortization-table th, .amortization-table td {
padding: 8px 10px;
font-size: 0.9rem;
}
}
Mortgage Calculator with Amortization Schedule
Loan Summary
Estimated Monthly Payment:
$0.00
Total Interest Paid:
$0.00
Total Amount Paid:
$0.00
Amortization Schedule
| Payment # |
Payment Date |
Payment |
Principal |
Interest |
Balance Remaining |
Understanding Your Mortgage and Amortization
A mortgage is a significant financial commitment, often the largest loan an individual will take out. It's a loan used to purchase a home or other real estate, where the property itself serves as collateral for the lender. Understanding the terms, costs, and repayment structure of your mortgage is crucial for responsible financial planning.
Key Mortgage Components:
- Loan Amount (Principal): The total amount of money borrowed to buy the property.
- Annual Interest Rate: The percentage charged by the lender for borrowing the money. This rate can be fixed (stays the same for the life of the loan) or adjustable (can change over time).
- Loan Term: The length of time you have to repay the loan, typically expressed in years (e.g., 15, 30 years).
- Payment Frequency: How often you make loan payments (e.g., monthly, bi-weekly, weekly). More frequent payments can sometimes lead to paying off the loan faster and saving on interest.
The Mortgage Payment Formula:
The standard formula used to calculate the fixed periodic payment (M) for a mortgage is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
- M = Your total monthly payment
- P = The principal loan amount (the amount you borrowed)
- i = Your monthly interest rate (annual interest rate divided by 12)
- n = The total number of payments over the loan's lifetime (loan term in years multiplied by 12 for monthly payments)
Our calculator adjusts this formula based on your chosen payment frequency. For example, if you choose bi-weekly payments, the interest rate and the number of periods are adjusted accordingly.
What is an Amortization Schedule?
An amortization schedule is a table detailing each mortgage payment over the life of the loan. For each payment, it shows:
- Payment Number: The sequence of your payment.
- Payment Date: The scheduled date of the payment.
- Total Payment: The fixed amount you pay.
- Principal Portion: The part of the payment that reduces your outstanding loan balance.
- Interest Portion: The part of the payment that goes towards interest owed.
- Remaining Balance: The amount of the loan still owed after the payment is applied.
In the early years of a mortgage, a larger portion of your payment goes towards interest. As time progresses, more of your payment is applied to the principal, accelerating the payoff of the loan. An amortization schedule provides transparency into how your payments are allocated and how your loan balance decreases over time.
Why Use a Mortgage Calculator?
A mortgage calculator with an amortization schedule is an indispensable tool for homebuyers and homeowners because it allows you to:
- Estimate Affordability: Determine how much house you can afford based on your budget.
- Compare Loan Options: See how different interest rates, loan terms, or payment frequencies affect your monthly payments and total cost.
- Plan Extra Payments: Understand the impact of making additional principal payments to pay off your mortgage faster and save significant interest.
- Visualize Loan Progress: Track your loan payoff journey and see how equity builds over time.
- Budget Effectively: Plan for mortgage payments accurately within your overall financial plan.
By inputting your specific loan details, this calculator provides a clear breakdown of your mortgage costs and repayment trajectory, empowering you to make informed financial decisions.
function calculateMortgage() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTermYears = parseInt(document.getElementById("loanTermYears").value);
var paymentFrequency = parseInt(document.getElementById("paymentFrequency").value);
// Input validation
if (isNaN(principal) || principal <= 0) {
alert("Please enter a valid loan amount.");
return;
}
if (isNaN(annualRate) || annualRate <= 0) {
alert("Please enter a valid annual interest rate.");
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
alert("Please enter a valid loan term in years.");
return;
}
if (isNaN(paymentFrequency) || paymentFrequency <= 0) {
alert("Please select a valid payment frequency.");
return;
}
var monthlyInterestRate = (annualRate / 100) / paymentFrequency;
var numberOfPayments = loanTermYears * paymentFrequency;
var monthlyPayment = 0;
var totalInterestPaid = 0;
var totalAmountPaid = 0;
if (monthlyInterestRate === 0) { // Handle 0% interest rate
monthlyPayment = principal / numberOfPayments;
totalAmountPaid = principal;
totalInterestPaid = 0;
} else {
// Calculate monthly payment using the formula
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
totalAmountPaid = monthlyPayment * numberOfPayments;
totalInterestPaid = totalAmountPaid – principal;
}
// Display main results
document.querySelector('.monthly-payment').textContent = "$" + monthlyPayment.toFixed(2);
document.querySelector('.total-interest').textContent = "$" + totalInterestPaid.toFixed(2);
document.querySelector('.total-paid').textContent = "$" + totalAmountPaid.toFixed(2);
// Generate Amortization Schedule
var amortizationBody = document.getElementById("amortizationBody");
amortizationBody.innerHTML = ""; // Clear previous schedule
var remainingBalance = principal;
var currentDate = new Date(); // Start from today
for (var i = 1; i remainingBalance) {
principalPayment = remainingBalance;
monthlyPayment = interestPayment + principalPayment; // Adjust monthly payment for final payment
}
remainingBalance -= principalPayment;
// Prevent negative balance due to floating point inaccuracies
if (remainingBalance < 0.01) {
remainingBalance = 0;
}
var row = amortizationBody.insertRow();
var cellPaymentNum = row.insertCell(0);
cellPaymentNum.textContent = i;
var cellPaymentDate = row.insertCell(1);
// Format date nicely
var day = currentDate.getDate();
var month = currentDate.getMonth() + 1; // Months are 0-indexed
var year = currentDate.getFullYear();
cellPaymentDate.textContent = month + "/" + day + "/" + year;
var cellPayment = row.insertCell(2);
cellPayment.textContent = monthlyPayment.toFixed(2);
var cellPrincipal = row.insertCell(3);
cellPrincipal.textContent = principalPayment.toFixed(2);
var cellInterest = row.insertCell(4);
cellInterest.textContent = interestPayment.toFixed(2);
var cellBalance = row.insertCell(5);
cellBalance.textContent = remainingBalance.toFixed(2);
// Add one payment period to the current date
currentDate.setMonth(currentDate.getMonth() + 1);
}
}
// Initial calculation on page load
document.addEventListener('DOMContentLoaded', function() {
calculateMortgage();
});