Estimate your monthly mortgage payments including taxes and insurance.
30 Years
20 Years
15 Years
10 Years
Principal & Interest:$0.00
Monthly Property Tax:$0.00
Monthly Home Insurance:$0.00
Total Monthly Payment:$0.00
Understanding Your Mortgage Payment
Buying a home is one of the largest financial decisions you will make. This Mortgage Payment Calculator helps you understand exactly where your money is going each month. A standard monthly mortgage payment typically consists of four main components, often referred to as PITI: Principal, Interest, Taxes, and Insurance.
Components of a Monthly Payment
Principal: This is the portion of your payment that goes toward paying down the original amount you borrowed. As you make payments over time, the principal portion increases while the interest portion decreases.
Interest: This is the fee charged by the lender for borrowing the money. It is calculated based on your annual interest rate and the remaining loan balance.
Property Taxes: Local governments assess taxes on property to fund public services. Lenders often collect this monthly and pay it annually on your behalf via an escrow account.
Homeowners Insurance: Lenders require insurance to protect the home against damage. Like taxes, this is often divided into monthly installments and held in escrow.
How to Lower Your Mortgage Payment
If the estimated payment looks too high for your budget, consider these strategies:
Increase Your Down Payment: Putting more money down reduces the principal loan amount, which lowers your monthly obligation and may eliminate the need for Private Mortgage Insurance (PMI).
Improve Your Credit Score: A higher credit score often qualifies you for a lower interest rate, which can significantly reduce your monthly interest costs over the life of the loan.
Choose a Longer Loan Term: Extending a loan from 15 to 30 years will lower your monthly payment, though you will pay more in total interest over the life of the loan.
Shop for Lower Insurance Rates: Homeowners insurance premiums vary by provider. Shopping around can save you money on your monthly escrow payments.
function calculateMortgage() {
// Get Input Values
var homePrice = parseFloat(document.getElementById('mp_home_price').value);
var downPayment = parseFloat(document.getElementById('mp_down_payment').value);
var interestRate = parseFloat(document.getElementById('mp_interest_rate').value);
var loanTerm = parseFloat(document.getElementById('mp_loan_term').value);
var propertyTax = parseFloat(document.getElementById('mp_property_tax').value);
var homeInsurance = parseFloat(document.getElementById('mp_home_insurance').value);
// Validation to prevent NaN errors
if (isNaN(homePrice) || homePrice <= 0) homePrice = 0;
if (isNaN(downPayment) || downPayment < 0) downPayment = 0;
if (isNaN(interestRate) || interestRate < 0) interestRate = 0;
if (isNaN(loanTerm) || loanTerm <= 0) loanTerm = 30;
if (isNaN(propertyTax) || propertyTax < 0) propertyTax = 0;
if (isNaN(homeInsurance) || homeInsurance < 0) homeInsurance = 0;
// Core Calculation Logic
var principal = homePrice – downPayment;
var monthlyRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPI = 0;
// If interest rate is 0, simple division
if (interestRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
// Standard Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = propertyTax / 12;
var monthlyInsurance = homeInsurance / 12;
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance;
// Formatting Currency
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
// Update UI
document.getElementById('mp_res_pi').innerHTML = formatter.format(monthlyPI);
document.getElementById('mp_res_tax').innerHTML = formatter.format(monthlyTax);
document.getElementById('mp_res_ins').innerHTML = formatter.format(monthlyInsurance);
document.getElementById('mp_res_total').innerHTML = formatter.format(totalMonthlyPayment);
// Show Results Container
document.getElementById('mp_result_container').style.display = 'block';
}