Tax Rate Calculator Colorado

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Mortgage Payment Calculator

Estimate your monthly mortgage payments, including taxes and insurance.

30 Years 20 Years 15 Years 10 Years

Optional: Taxes & Fees (Yearly)

Estimated Monthly Payment

$0.00
Principal & Interest: $0.00
Property Tax: $0.00
Home Insurance: $0.00
HOA Fees: $0.00

Loan Summary

Loan Amount: $0
Total Interest Paid: $0
function calculateMortgage() { // Get Input Values var homePrice = parseFloat(document.getElementById('homePrice').value) || 0; var downPayment = parseFloat(document.getElementById('downPayment').value) || 0; var interestRate = parseFloat(document.getElementById('interestRate').value) || 0; var loanTermYears = parseInt(document.getElementById('loanTerm').value) || 30; var annualPropertyTax = parseFloat(document.getElementById('propertyTax').value) || 0; var annualHomeInsurance = parseFloat(document.getElementById('homeInsurance').value) || 0; var monthlyHOA = parseFloat(document.getElementById('hoaFees').value) || 0; // Derived Values var loanAmount = homePrice – downPayment; var monthlyInterestRate = (interestRate / 100) / 12; var totalPayments = loanTermYears * 12; // Monthly Principal & Interest Calculation var monthlyPI = 0; if (loanAmount <= 0) { monthlyPI = 0; } else if (interestRate === 0) { monthlyPI = loanAmount / totalPayments; } else { // Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ] monthlyPI = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, totalPayments)) / (Math.pow(1 + monthlyInterestRate, totalPayments) – 1); } // Monthly Tax and Insurance var monthlyTax = annualPropertyTax / 12; var monthlyInsurance = annualHomeInsurance / 12; // Total Monthly Payment var totalMonthly = monthlyPI + monthlyTax + monthlyInsurance + monthlyHOA; // Total Interest Calculation var totalRepayment = monthlyPI * totalPayments; var totalInterest = totalRepayment – loanAmount; // Update UI with Formatted Numbers var formatter = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', minimumFractionDigits: 2 }); document.getElementById('totalMonthlyPayment').innerHTML = formatter.format(totalMonthly); document.getElementById('piResult').innerHTML = formatter.format(monthlyPI); document.getElementById('taxResult').innerHTML = formatter.format(monthlyTax); document.getElementById('insResult').innerHTML = formatter.format(monthlyInsurance); document.getElementById('hoaResult').innerHTML = formatter.format(monthlyHOA); document.getElementById('loanAmountResult').innerHTML = formatter.format(loanAmount); document.getElementById('totalInterestResult').innerHTML = formatter.format(totalInterest); } // Initialize on load window.onload = function() { calculateMortgage(); };

How to Calculate Your Mortgage Payment

Understanding your monthly mortgage payment is the first step toward homeownership. While the sticker price of a home is important, the monthly cash flow requirement is what ultimately determines affordability. This Mortgage Payment Calculator helps you estimate your total monthly housing obligation by factoring in not just the loan repayment, but also necessary holding costs.

Components of a Mortgage Payment (PITI)

Mortgage lenders often refer to your payment as PITI, which stands for Principal, Interest, Taxes, and Insurance. Here is what each component means for your wallet:

  • Principal: The portion of your payment that reduces the loan balance. In the early years of a 30-year mortgage, this portion is small, but it grows over time.
  • Interest: The fee paid to the lender for borrowing the money. Your interest rate and credit score heavily influence this amount.
  • Taxes: Property taxes assessed by your local government. These are usually bundled into your monthly payment and held in an escrow account.
  • Insurance: Homeowners insurance protects the property against damage. Like taxes, this is often divided into monthly installments and paid via escrow.

How Interest Rates Affect Affordability

Even a small change in interest rates can significantly impact your buying power. For example, on a $300,000 loan:

  • At 5.0% interest, the monthly P&I is approximately $1,610.
  • At 7.0% interest, the monthly P&I jumps to approximately $1,996.

That is a difference of nearly $400 per month for the exact same house, highlighting why it is crucial to shop for the best rate and maintain a high credit score.

Loan Term: 15-Year vs. 30-Year

Choosing your loan term is a trade-off between monthly cash flow and long-term savings. A 30-year mortgage offers lower monthly payments, making expensive homes more accessible. However, you will pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments, but you build equity much faster and typically secure a lower interest rate.

Don't Forget HOA Fees

If you are buying a condo or a home in a planned community, you will likely pay Homeowners Association (HOA) fees. While these fees pay for amenities like pools and landscaping, they are a mandatory monthly cost that reduces the amount of mortgage you can qualify for. Always include this in your calculation to get an accurate picture of your budget.

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