Mortgage Payment Calculator with PMI and Taxes
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: #f8f9fa;
color: #333;
line-height: 1.6;
margin: 0;
padding: 20px;
}
.loan-calc-container {
max-width: 800px;
margin: 30px auto;
background-color: #fff;
padding: 30px;
border-radius: 8px;
box-shadow: 0 2px 10px rgba(0, 0, 0, 0.08);
border: 1px solid #e0e0e0;
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 20px;
}
.input-section {
margin-bottom: 30px;
padding-bottom: 20px;
border-bottom: 1px solid #eee;
}
.input-group {
margin-bottom: 18px;
display: flex;
align-items: center;
gap: 15px;
flex-wrap: wrap;
}
.input-group label {
flex: 1 1 150px; /* Allows labels to take up space but not shrink too much */
font-weight: bold;
color: #004a99;
text-align: right;
margin-right: 5px;
}
.input-group input[type="number"],
.input-group input[type="text"] {
flex: 2 1 200px; /* Allows inputs to grow and take more space */
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 */
}
.input-group input[type="number"]:focus,
.input-group input[type="text"]:focus {
border-color: #004a99;
outline: none;
box-shadow: 0 0 0 2px rgba(0, 74, 153, 0.2);
}
.calculator-buttons {
text-align: center;
margin-top: 20px;
}
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;
margin: 5px;
}
button:hover {
background-color: #003b7f;
}
.result-section {
margin-top: 30px;
padding: 25px;
background-color: #e7f3ff; /* Light blue background for result */
border-radius: 6px;
border: 1px solid #b3d7ff;
text-align: center;
}
.result-section h3 {
color: #004a99;
margin-bottom: 15px;
}
#monthlyPayment {
font-size: 2.5rem;
font-weight: bold;
color: #28a745; /* Success green for the main result */
display: block; /* Make it a block element for better spacing */
margin-top: 10px;
}
.result-breakdown {
margin-top: 15px;
font-size: 0.9rem;
color: #555;
}
.result-breakdown p {
margin: 5px 0;
}
.article-content {
margin-top: 40px;
padding-top: 20px;
border-top: 1px solid #eee;
}
.article-content h2 {
text-align: left;
color: #004a99;
margin-bottom: 15px;
}
.article-content h3 {
color: #004a99;
margin-top: 25px;
margin-bottom: 10px;
text-align: left;
}
.article-content p, .article-content ul, .article-content li {
margin-bottom: 15px;
color: #444;
}
.article-content li {
margin-left: 20px;
}
.error-message {
color: #dc3545; /* Red color for errors */
font-weight: bold;
text-align: center;
margin-top: 15px;
}
@media (max-width: 600px) {
.input-group {
flex-direction: column;
align-items: stretch;
}
.input-group label {
text-align: left;
margin-right: 0;
margin-bottom: 5px;
}
.input-group input[type="number"],
.input-group input[type="text"] {
width: 100%;
}
.loan-calc-container {
padding: 20px;
}
button {
width: 100%;
padding: 15px;
}
}
Mortgage Payment Calculator
Calculate your estimated monthly mortgage payment, including principal, interest, PMI, property taxes, and homeowner's insurance.
Loan Details
(If applicable, typically for <20% down payment)
Your Estimated Monthly Payment
$0.00
Principal & Interest (P&I):
Property Taxes (T):
Homeowner's Insurance (I):
Private Mortgage Insurance (PMI):
Understanding Your Mortgage Payment Components
Securing a home is a significant financial milestone, and understanding your monthly mortgage payment is crucial for budgeting and financial planning. A typical mortgage payment involves several components beyond just the principal and interest repayment. This calculator helps you estimate your total monthly outlay, including the often-overlooked costs of Property Taxes, Homeowner's Insurance, and Private Mortgage Insurance (PMI).
The Core Components: Principal and Interest (P&I)
The largest part of your monthly payment goes towards repaying the loan itself (principal) and the cost of borrowing that money (interest). The formula for calculating the monthly Principal & Interest payment is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
M = Your total monthly mortgage payment (Principal & Interest)
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)
This formula ensures that you pay off the loan over the agreed term, with a larger portion of interest paid in the earlier years and more principal paid in the later years.
Property Taxes (T)
Most mortgage lenders require you to pay property taxes as part of your monthly mortgage payment. They collect this amount and hold it in an escrow account, paying your tax bill on your behalf when it's due. This ensures the lender's investment (your home) is protected against tax liens. The monthly amount is typically calculated as:
Monthly Property Tax = Annual Property Tax / 12
Homeowner's Insurance (I)
Similar to property taxes, lenders require homeowner's insurance to protect against damage to the property (fire, storm, etc.). This cost is also usually paid monthly into an escrow account. The calculation is:
PMI is an insurance policy that protects the lender if you default on your loan. It is typically required if your down payment is less than 20% of the home's purchase price. PMI costs vary but are often expressed as a percentage of the loan amount annually. The monthly cost is calculated as: