Please enter valid numeric values for Home Price and Interest Rate.
Monthly Breakdown
Principal & Interest:$0.00
Property Tax:$0.00
Home Insurance:$0.00
HOA Fees:$0.00
Total Monthly Payment:$0.00
Total Interest (Life of Loan):$0.00
Total Amount Paid:$0.00
How to Use This Mortgage Calculator
Purchasing a home is one of the most significant financial decisions you will make. This Mortgage Calculator helps you estimate your monthly housing costs by factoring in not just the loan principal and interest, but also property taxes, homeowner's insurance, and HOA fees.
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 amount and monthly payments.
Interest Rate: The annual percentage rate charged by the lender. Even a small difference in rate can significantly impact the total interest paid over 30 years.
Loan Term: The duration of the loan. 30-year terms offer lower monthly payments, while 15-year terms save you money on interest.
Property Tax & Insurance: These are often bundled into your monthly mortgage payment (escrow). We calculate the monthly impact based on your annual estimates.
Principal & Interest vs. Total Payment
Many first-time homebuyers focus solely on the "Principal and Interest" (P&I) figure. However, the "PITI" (Principal, Interest, Taxes, and Insurance) is what actually leaves your bank account every month. Depending on your location, taxes and insurance can add hundreds of dollars to your monthly obligation.
Tips for Lowering Your Mortgage Payment
If the calculated total is higher than your budget allows, consider these strategies:
Increase your down payment to lower the principal loan amount.
Improve your credit score to qualify for a lower interest rate.
Shop around for cheaper homeowner's insurance policies.
Look for homes in areas with lower property tax rates or no HOA fees.
function calculateMortgage() {
// Inputs
var homePrice = parseFloat(document.getElementById('mc_home_price').value);
var downPayment = parseFloat(document.getElementById('mc_down_payment').value);
var interestRate = parseFloat(document.getElementById('mc_interest_rate').value);
var loanTermYears = parseInt(document.getElementById('mc_loan_term').value);
var annualTax = parseFloat(document.getElementById('mc_property_tax').value);
var annualIns = parseFloat(document.getElementById('mc_insurance').value);
var monthlyHOA = parseFloat(document.getElementById('mc_hoa').value);
// Validation
var errorDiv = document.getElementById('mc_error');
var resultsDiv = document.getElementById('mc_results');
if (isNaN(homePrice) || isNaN(interestRate) || homePrice <= 0) {
errorDiv.style.display = 'block';
resultsDiv.style.display = 'none';
return;
}
// Handle empty optional fields
if (isNaN(downPayment)) downPayment = 0;
if (isNaN(annualTax)) annualTax = 0;
if (isNaN(annualIns)) annualIns = 0;
if (isNaN(monthlyHOA)) monthlyHOA = 0;
errorDiv.style.display = 'none';
// Calculations
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPrincipalInterest = 0;
if (interestRate === 0) {
monthlyPrincipalInterest = principal / numberOfPayments;
} else {
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var x = Math.pow(1 + monthlyRate, numberOfPayments);
monthlyPrincipalInterest = (principal * x * monthlyRate) / (x – 1);
}
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyIns + monthlyHOA;
var totalInterest = (monthlyPrincipalInterest * numberOfPayments) – principal;
var totalPaid = (totalMonthlyPayment * numberOfPayments); // This includes tax/ins/hoa over time
// Alternatively, Total Loan Cost (Principal + Interest)
var totalLoanCost = (monthlyPrincipalInterest * numberOfPayments);
// Formatting currency
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Display Results
document.getElementById('res_pi').innerText = formatter.format(monthlyPrincipalInterest);
document.getElementById('res_tax').innerText = formatter.format(monthlyTax);
document.getElementById('res_ins').innerText = formatter.format(monthlyIns);
document.getElementById('res_hoa').innerText = formatter.format(monthlyHOA);
document.getElementById('res_total').innerText = formatter.format(totalMonthlyPayment);
document.getElementById('res_total_interest').innerText = formatter.format(totalInterest);
document.getElementById('res_total_paid').innerText = formatter.format(totalLoanCost + downPayment); // Total cost of house (Loan payments + Down payment)
resultsDiv.style.display = 'block';
}