.mortgage-calc-wrapper {
font-family: 'Segoe UI', Roboto, Helvetica, Arial, sans-serif;
max-width: 800px;
margin: 0 auto;
color: #333;
line-height: 1.6;
}
.calc-container {
background-color: #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;
}
.calc-grid {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 20px;
}
@media (max-width: 600px) {
.calc-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 {
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: 14px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 16px;
font-weight: 600;
cursor: pointer;
margin-top: 10px;
transition: background-color 0.2s;
}
.calc-btn:hover {
background-color: #0056b3;
}
.results-area {
margin-top: 25px;
background-color: #ffffff;
border: 1px solid #dee2e6;
border-radius: 6px;
padding: 20px;
display: none;
}
.result-row {
display: flex;
justify-content: space-between;
padding: 10px 0;
border-bottom: 1px solid #f1f3f5;
}
.result-row:last-child {
border-bottom: none;
}
.result-label {
color: #6c757d;
font-weight: 500;
}
.result-value {
font-weight: 700;
color: #212529;
}
.highlight-result {
color: #007bff;
font-size: 1.2em;
}
.article-content h2 {
color: #2c3e50;
margin-top: 30px;
font-size: 22px;
}
.article-content p {
margin-bottom: 15px;
font-size: 16px;
}
.article-content ul {
margin-bottom: 20px;
padding-left: 20px;
}
.article-content li {
margin-bottom: 8px;
}
function calculateMortgage() {
var homePriceInput = document.getElementById('mc_homePrice');
var downPaymentInput = document.getElementById('mc_downPayment');
var interestRateInput = document.getElementById('mc_interestRate');
var loanTermInput = document.getElementById('mc_loanTerm');
var resultsDiv = document.getElementById('mc_results');
var homePrice = parseFloat(homePriceInput.value);
var downPayment = parseFloat(downPaymentInput.value);
var interestRate = parseFloat(interestRateInput.value);
var loanTerm = parseFloat(loanTermInput.value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm)) {
alert("Please enter valid numbers in all fields.");
return;
}
if (downPayment >= homePrice) {
alert("Down payment cannot be equal to or greater than the home price.");
return;
}
// Calculations
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPayment = 0;
if (interestRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
var x = Math.pow(1 + monthlyRate, numberOfPayments);
monthlyPayment = (principal * monthlyRate * x) / (x – 1);
}
var totalCost = monthlyPayment * numberOfPayments;
var totalInterest = totalCost – principal;
// Display Results
document.getElementById('mc_monthlyPayment').innerHTML = formatCurrency(monthlyPayment);
document.getElementById('mc_loanAmount').innerHTML = formatCurrency(principal);
document.getElementById('mc_totalInterest').innerHTML = formatCurrency(totalInterest);
document.getElementById('mc_totalCost').innerHTML = formatCurrency(totalCost);
resultsDiv.style.display = 'block';
}
function formatCurrency(num) {
return '$' + num.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
Understanding Your Mortgage Payments
Purchasing a home is likely the largest financial commitment you will make in your lifetime. Understanding how your mortgage payments are calculated is crucial for financial planning. Our Mortgage Payment Calculator helps you estimate your monthly financial obligation based on the price of the home, your down payment, the interest rate, and the loan term.
How Is Your Monthly Mortgage Payment Calculated?
The standard mortgage payment formula, used in this calculator, determines the fixed monthly payment required to pay off your loan in full by the end of the term. The payment consists of two main parts:
- Principal: The portion of your payment that reduces the loan balance (the amount you borrowed).
- Interest: The cost of borrowing money, paid to the lender.
In the early years of a mortgage, the majority of your payment goes toward interest. As the loan matures, a larger portion of the payment goes toward the principal.
Key Factors Affecting Your Loan
Changing small variables can have a massive impact on your total costs:
- Down Payment: A larger down payment reduces your loan amount (principal), which lowers your monthly payment and saves you money on interest over the life of the loan.
- Interest Rate: Even a 0.5% difference in your interest rate can result in tens of thousands of dollars in savings or extra costs over a 30-year term.
- Loan Term: A 15-year mortgage will have higher monthly payments than a 30-year mortgage, but you will pay significantly less interest overall.
Why Use a Mortgage Calculator?
Before you start house hunting, it is essential to determine your budget. This calculator allows you to test different scenarios—such as putting more money down or securing a lower interest rate—to see what fits your monthly budget. Remember to also account for property taxes, homeowner's insurance, and HOA fees, which are often added to your monthly bill but are not included in the raw principal and interest calculation.