Mortgage Payment Calculator
Your estimated monthly Principal & Interest payment will appear here.
Mtg Rates Calculator
This mortgage rate calculator helps you estimate your monthly mortgage payments based on several key factors. Understanding these components can empower you to make informed decisions when shopping for a home loan.
**Understanding Your Mortgage Payment**
Your monthly mortgage payment, often referred to as PITI, consists of four main parts:
* **Principal:** This is the amount you borrow to purchase your home.
* **Interest:** This is the cost of borrowing money, expressed as an annual interest rate.
* **Property Taxes:** These are taxes levied by your local government on your property.
* **Homeowner's Insurance:** This is an insurance policy that protects your home against damage or loss.
While this calculator focuses on the principal and interest (P&I) portion of your payment, understanding the other components is crucial for a complete picture of your housing costs.
**Factors Affecting Your Mortgage Payment**
* **Loan Principal:** The higher the amount you borrow, the higher your monthly payment will be.
* **Interest Rate:** A lower interest rate means you pay less in interest over the life of the loan, resulting in a lower monthly payment. Mortgage rates fluctuate based on market conditions, your credit score, and the type of loan you choose.
* **Loan Term:** The length of your mortgage (e.g., 15 years, 30 years) significantly impacts your payment. Shorter terms have higher monthly payments but you'll pay less interest overall. Longer terms have lower monthly payments but you'll pay more interest over time.
By adjusting the values in the calculator below, you can explore how different loan amounts, interest rates, and loan terms affect your estimated monthly principal and interest payment.
.calculator-wrapper {
font-family: Arial, sans-serif;
border: 1px solid #ddd;
padding: 20px;
border-radius: 8px;
max-width: 400px;
margin: 20px auto;
box-shadow: 0 2px 4px rgba(0,0,0,0.1);
}
.input-section {
margin-bottom: 15px;
}
.input-section label {
display: block;
margin-bottom: 5px;
font-weight: bold;
}
.input-section input[type="number"] {
width: calc(100% – 12px);
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
}
button {
background-color: #4CAF50;
color: white;
padding: 10px 15px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
width: 100%;
}
button:hover {
background-color: #45a049;
}
.result-section {
margin-top: 20px;
padding: 15px;
background-color: #e7f3fe;
border-left: 6px solid #2196F3;
text-align: center;
font-size: 1.1em;
font-weight: bold;
color: #333;
}
var calculateMortgage = function() {
var principal = parseFloat(document.getElementById("loanPrincipal").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var termYears = parseInt(document.getElementById("loanTermYears").value);
var resultElement = document.getElementById("result");
resultElement.textContent = ""; // Clear previous result
if (isNaN(principal) || isNaN(annualRate) || isNaN(termYears) || principal <= 0 || annualRate < 0 || termYears <= 0) {
resultElement.textContent = "Please enter valid numbers for all fields.";
return;
}
var monthlyRate = (annualRate / 100) / 12;
var numberOfPayments = termYears * 12;
// Mortgage payment formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
// M = Monthly Payment
// P = Principal Loan Amount
// i = Monthly Interest Rate
// n = Total number of payments (loan term in months)
var monthlyPayment;
if (monthlyRate === 0) { // Handle 0 interest rate case
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
if (isNaN(monthlyPayment)) {
resultElement.textContent = "Calculation error. Please check your inputs.";
} else {
resultElement.textContent = "Estimated Monthly Principal & Interest: $" + monthlyPayment.toFixed(2);
}
};