.calc-wrapper {
max-width: 800px;
margin: 0 auto;
font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif;
color: #333;
line-height: 1.6;
}
.calculator-box {
background: #f8f9fa;
border: 1px solid #e9ecef;
border-radius: 8px;
padding: 30px;
box-shadow: 0 4px 6px rgba(0,0,0,0.05);
margin-bottom: 40px;
}
.calc-title {
text-align: center;
margin-bottom: 25px;
color: #2c3e50;
font-size: 24px;
font-weight: 700;
}
.input-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
.input-grid {
grid-template-columns: 1fr;
}
}
.input-group {
margin-bottom: 15px;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: 600;
font-size: 14px;
color: #495057;
}
.input-group input, .input-group select {
width: 100%;
padding: 12px;
border: 1px solid #ced4da;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box;
transition: border-color 0.2s;
}
.input-group input:focus {
border-color: #007bff;
outline: none;
}
.calc-btn {
width: 100%;
padding: 15px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 18px;
font-weight: 600;
cursor: pointer;
transition: background-color 0.2s;
margin-top: 10px;
}
.calc-btn:hover {
background-color: #0056b3;
}
.results-box {
margin-top: 30px;
padding-top: 20px;
border-top: 2px solid #e9ecef;
display: none; /* Hidden by default */
}
.result-row {
display: flex;
justify-content: space-between;
align-items: center;
padding: 10px 0;
border-bottom: 1px solid #eee;
}
.result-row:last-child {
border-bottom: none;
}
.result-label {
color: #6c757d;
}
.result-value {
font-weight: 700;
font-size: 18px;
color: #2c3e50;
}
.main-result {
background-color: #e8f4fd;
padding: 20px;
border-radius: 6px;
text-align: center;
margin-bottom: 20px;
}
.main-result .label {
display: block;
font-size: 14px;
color: #007bff;
text-transform: uppercase;
letter-spacing: 1px;
margin-bottom: 5px;
}
.main-result .value {
font-size: 36px;
font-weight: 800;
color: #007bff;
}
.error-msg {
color: #dc3545;
text-align: center;
margin-top: 10px;
display: none;
}
/* Article Styles */
.content-section h2 {
color: #2c3e50;
margin-top: 40px;
font-size: 28px;
border-bottom: 2px solid #eee;
padding-bottom: 10px;
}
.content-section h3 {
color: #34495e;
margin-top: 30px;
font-size: 22px;
}
.content-section p {
margin-bottom: 20px;
font-size: 16px;
color: #444;
}
.content-section ul {
margin-bottom: 20px;
padding-left: 20px;
}
.content-section li {
margin-bottom: 10px;
}
function calculateMortgage() {
// Get inputs
var priceInput = document.getElementById('mc-home-price');
var downPaymentInput = document.getElementById('mc-down-payment');
var interestRateInput = document.getElementById('mc-interest-rate');
var termInput = document.getElementById('mc-loan-term');
var price = parseFloat(priceInput.value);
var downPayment = parseFloat(downPaymentInput.value);
var annualRate = parseFloat(interestRateInput.value);
var years = parseInt(termInput.value);
// Error Handling
var errorDiv = document.getElementById('mc-error');
var resultsDiv = document.getElementById('mc-results');
if (isNaN(price) || isNaN(downPayment) || isNaN(annualRate) || price <= 0 || annualRate = price) {
errorDiv.innerText = "Down payment cannot be greater than or equal to the home price.";
errorDiv.style.display = 'block';
resultsDiv.style.display = 'none';
return;
} else {
errorDiv.style.display = 'none';
errorDiv.innerText = "Please enter valid positive numbers for all fields."; // Reset text
}
// Calculations
var principal = price – downPayment;
var monthlyRate = (annualRate / 100) / 12;
var numberOfPayments = years * 12;
var monthlyPayment = 0;
if (monthlyRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
monthlyPayment = (principal * monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var totalPayment = monthlyPayment * numberOfPayments;
var totalInterest = totalPayment – principal;
// Calculate Payoff Date
var today = new Date();
var payoffDate = new Date(today.setMonth(today.getMonth() + numberOfPayments));
var payoffMonth = payoffDate.toLocaleString('default', { month: 'long' });
var payoffYear = payoffDate.getFullYear();
// Formatting Output
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Display Results
resultsDiv.style.display = 'block';
document.getElementById('mc-monthly-payment').innerText = formatter.format(monthlyPayment);
document.getElementById('mc-loan-amount').innerText = formatter.format(principal);
document.getElementById('mc-total-interest').innerText = formatter.format(totalInterest);
document.getElementById('mc-total-cost').innerText = formatter.format(totalPayment);
document.getElementById('mc-payoff-date').innerText = payoffMonth + " " + payoffYear;
}
Mortgage Payment Calculator
30 Years
20 Years
15 Years
10 Years
Please enter valid positive numbers for all fields.
Estimated Monthly Payment
$0.00
Loan Amount
$0.00
Total Interest Paid
$0.00
Total Cost of Loan
$0.00
Payoff Date
–
Understand Your Mortgage Payments
Purchasing a home is likely the largest financial decision you will make in your lifetime. Using a Mortgage Payment Calculator is an essential step in the home buying process. It helps you understand exactly how much house you can afford by breaking down the loan costs into manageable monthly figures.
This calculator uses the standard amortization formula to determine your principal and interest payments based on the home price, your down payment, the interest rate, and the loan term.
How is Your Monthly Mortgage Calculated?
While the math can seem complex, the components of a mortgage payment are straightforward. The core calculation determines the fixed monthly amount required to pay off your loan in full by the end of the term. The formula used is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
- M = Total monthly payment
- P = The principal loan amount (Home Price minus Down Payment)
- i = Monthly interest rate (Annual Rate divided by 12)
- n = Total number of payments (Loan Term in years multiplied by 12)
Key Factors Affecting Your Mortgage
Adjusting the inputs in the calculator above can significantly change your financial outlook:
- Down Payment: putting more money down upfront reduces your principal loan amount. This not only lowers your monthly payment but can also save you tens of thousands of dollars in interest over the life of the loan. Furthermore, a down payment of 20% or more typically helps you avoid Private Mortgage Insurance (PMI).
- Interest Rate: Even a fraction of a percentage point difference can impact your monthly budget. Rates fluctuate based on the economy and your personal credit score. Securing a lower rate is one of the best ways to reduce the total cost of your home.
- Loan Term: A 30-year term is standard and offers lower monthly payments, but you will pay significantly more interest over time compared to a 15-year term. A shorter term increases the monthly obligation but builds equity much faster.
What is Not Included?
Note that this calculator estimates Principal and Interest (P&I). To get a full picture of your "PITI" (Principal, Interest, Taxes, and Insurance) payment, you should also account for:
- Property Taxes: Usually collected by your lender in escrow.
- Homeowners Insurance: Required by lenders to protect the asset.
- HOA Fees: If you are buying a condo or in a planned community.
Use the "Estimated Monthly Payment" figure above as a baseline, and budget an additional amount for these inevitable costs to ensure you are financially comfortable with your purchase.