.mc-row {
display: flex;
flex-wrap: wrap;
margin: 0 -10px;
}
.mc-col {
flex: 1;
padding: 0 10px;
min-width: 250px;
margin-bottom: 15px;
}
.mc-label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #333;
}
.mc-input {
width: 100%;
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
font-size: 16px;
}
.mc-btn {
display: block;
width: 100%;
padding: 15px;
background-color: #0073aa;
color: white;
border: none;
border-radius: 4px;
font-size: 18px;
cursor: pointer;
transition: background-color 0.3s;
text-align: center;
}
.mc-btn:hover {
background-color: #005177;
}
.mc-result-box {
background-color: #fff;
padding: 20px;
border: 1px solid #e1e1e1;
border-radius: 4px;
margin-top: 20px;
text-align: center;
display: none;
}
.mc-result-title {
font-size: 18px;
color: #666;
margin-bottom: 10px;
}
.mc-result-value {
font-size: 32px;
color: #28a745;
font-weight: bold;
}
.mc-breakdown {
margin-top: 20px;
text-align: left;
font-size: 14px;
color: #555;
border-top: 1px solid #eee;
padding-top: 15px;
}
.mc-breakdown-row {
display: flex;
justify-content: space-between;
margin-bottom: 5px;
}
/* Article Styles */
.mc-article {
margin-top: 40px;
color: #333;
line-height: 1.6;
}
.mc-article h2 {
font-size: 24px;
margin-bottom: 15px;
color: #2c3e50;
border-bottom: 2px solid #0073aa;
padding-bottom: 10px;
}
.mc-article p {
margin-bottom: 15px;
}
.mc-article ul {
margin-bottom: 15px;
padding-left: 20px;
}
.mc-article li {
margin-bottom: 8px;
}
function calculateMortgage() {
// Get inputs
var homeValue = parseFloat(document.getElementById('homeValue').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTerm = parseFloat(document.getElementById('loanTerm').value);
var propertyTax = parseFloat(document.getElementById('propertyTax').value);
var homeInsurance = parseFloat(document.getElementById('homeInsurance').value);
// Validation
if (isNaN(homeValue) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm)) {
alert("Please enter valid numbers for Home Price, Down Payment, Interest Rate, and Loan Term.");
return;
}
// Default optional fields to 0 if empty
if (isNaN(propertyTax)) propertyTax = 0;
if (isNaN(homeInsurance)) homeInsurance = 0;
// Calculations
var principal = homeValue – downPayment;
var monthlyInterest = interestRate / 100 / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPI = 0;
if (interestRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
monthlyPI = principal * (monthlyInterest * Math.pow(1 + monthlyInterest, numberOfPayments)) / (Math.pow(1 + monthlyInterest, numberOfPayments) – 1);
}
var monthlyTax = propertyTax / 12;
var monthlyInsurance = homeInsurance / 12;
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance;
// Display Results
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
document.getElementById('totalPaymentDisplay').innerText = formatter.format(totalMonthlyPayment);
document.getElementById('piDisplay').innerText = formatter.format(monthlyPI);
document.getElementById('taxDisplay').innerText = formatter.format(monthlyTax);
document.getElementById('insuranceDisplay').innerText = formatter.format(monthlyInsurance);
document.getElementById('result').style.display = 'block';
}
Mortgage Payment Calculator
Estimated Monthly Payment
$0.00
Principal & Interest:
$0.00
Property Tax:
$0.00
Home Insurance:
$0.00
How to Use This Mortgage Calculator
Purchasing a home is one of the largest financial decisions you will make. This mortgage calculator helps you estimate your monthly payments by factoring in the home price, your down payment, interest rate, and loan term. It also includes estimates for property taxes and home insurance, providing a more accurate picture of your "PITI" (Principal, Interest, Taxes, and Insurance) payment.
Understanding the Inputs
- Home Price: The total purchase price of the property.
- Down Payment: The upfront cash you pay toward the home purchase. A larger down payment reduces your loan principal and monthly payments.
- Interest Rate: The annual percentage rate charged by the lender. Even a small difference (e.g., 6.5% vs. 7.0%) can significantly impact your monthly cost.
- Loan Term: The duration of the loan, typically 15 or 30 years. Shorter terms usually have lower interest rates but higher monthly payments.
- Property Tax & Insurance: These are annual costs divided by 12 and added to your monthly bill. They vary by location and property type.
Why Calculate Your Mortgage Payment?
Before house hunting, it is crucial to determine your budget. Lenders look at your Debt-to-Income (DTI) ratio to approve loans. By knowing your estimated monthly payment, you can ensure you are looking at homes that fit within your financial comfort zone. For example, a $350,000 home with a 20% down payment at a 6.5% interest rate results in a very different monthly obligation than the same home with only 5% down.
Use this tool to experiment with different scenarios—see how saving for a larger down payment or securing a lower interest rate can save you money over the life of the loan.