This calculator helps you estimate your monthly mortgage payment, a crucial part of homeownership. The calculation is based on the principal loan amount, the annual interest rate, and the loan term. While this calculator provides an estimate, your actual Mr. Cooper mortgage payment may vary due to factors like property taxes, homeowners insurance (often included in an escrow account), and private mortgage insurance (PMI), if applicable.
The Math Behind the Calculation
The monthly payment for a fixed-rate mortgage is calculated using the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly mortgage payment (principal and interest)
P = The principal loan amount (the amount you borrow)
i = Your monthly interest rate. This is your annual interest rate divided by 12. (e.g., if your annual rate is 6.5%, then i = 0.065 / 12 = 0.00541667)
n = The total number of payments over the loan's lifetime. This is your loan term in years multiplied by 12. (e.g., for a 30-year loan, n = 30 * 12 = 360)
How to Use This Calculator
Loan Amount: Enter the total amount you are borrowing for the home.
Annual Interest Rate: Input the yearly interest rate for your mortgage. Ensure you use the decimal form or percentage (e.g., 6.5 for 6.5%).
Loan Term (Years): Specify the duration of your loan in years (e.g., 15, 30).
Click "Calculate Monthly Payment" to see an estimate of your principal and interest payment.
Example Calculation
Let's say you are looking to borrow $300,000 with an annual interest rate of 6.5% over a term of 30 years.
Number of Payments (n) = 30 years * 12 months/year = 360
Plugging these values into the formula:
M = 300000 [ 0.00541667(1 + 0.00541667)^360 ] / [ (1 + 0.00541667)^360 – 1]
M ≈ $1,896.07
This means your estimated monthly principal and interest payment would be approximately $1,896.07. Remember to factor in other potential costs for your total housing expense.
Disclaimer
This calculator is for estimation purposes only and is not a loan offer or a guarantee of loan terms. It is designed to provide a general idea of potential mortgage payments. For precise figures and loan options, please consult directly with Mr. Cooper or a qualified mortgage professional.
function calculateMortgage() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTermYears").value);
var resultDiv = document.getElementById("result");
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTermYears) || loanAmount <= 0 || annualInterestRate < 0 || loanTermYears <= 0) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
resultDiv.style.backgroundColor = "#f8d7da"; // Error color
resultDiv.style.color = "#721c24"; // Error text color
resultDiv.style.display = "block";
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment;
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
if (isNaN(monthlyPayment) || !isFinite(monthlyPayment)) {
resultDiv.innerHTML = "Calculation error. Please check your inputs.";
resultDiv.style.backgroundColor = "#f8d7da"; // Error color
resultDiv.style.color = "#721c24"; // Error text color
resultDiv.style.display = "block";
return;
}
resultDiv.innerHTML = "$" + monthlyPayment.toFixed(2) + "Principal & Interest Per Month";
resultDiv.style.backgroundColor = "var(–success-green)"; // Reset to success color
resultDiv.style.color = "white"; // Reset text color
resultDiv.style.display = "block";
}