Principal & Interest: $0.00
Property Tax: $0.00/month
Homeowner's Insurance: $0.00/month
PMI: $0.00/month Total Estimated Monthly Payment: $0.00
Understanding Your Wisconsin Mortgage Payment
Securing a home in Wisconsin involves understanding the various costs associated with a mortgage.
This calculator helps estimate your total monthly mortgage payment, which typically includes not only
the principal and interest on your loan but also other essential components.
Components of Your Monthly Mortgage Payment:
Principal and Interest (P&I): This is the core of your mortgage payment.
The principal is the amount you borrowed, and the interest is the cost of borrowing it.
The formula used to calculate the monthly P&I is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly mortgage payment (principal and interest)
P = The principal loan amount (Home Price – Down Payment)
i = Your monthly interest rate (Annual Interest Rate / 12)
n = The total number of payments over the loan's lifetime (Loan Term in Years * 12)
Property Taxes: Homeowners in Wisconsin pay property taxes to fund local services.
The annual amount is divided by 12 to get the monthly cost.
Homeowner's Insurance: This protects your home against damage or disaster.
The annual premium is divided by 12 for the monthly cost. Lenders require this to protect their investment.
Private Mortgage Insurance (PMI): If your down payment is less than 20% of the
home's purchase price, lenders typically require PMI. This protects the lender in case you default.
The cost varies but is often expressed as a percentage of the loan amount annually, then divided by 12.
Note: For FHA loans, this is called MIP (Mortgage Insurance Premium).
How to Use This Wisconsin Mortgage Calculator:
Home Price: Enter the total purchase price of the home you are interested in.
Down Payment Amount: Input the amount of cash you plan to put down.
Annual Interest Rate (%): Enter the yearly interest rate offered on your mortgage loan.
Loan Term (Years): Specify the duration of your mortgage (e.g., 15 or 30 years).
Annual Property Tax ($): Estimate the yearly property taxes for the home. Your real estate agent or local tax assessor's office can provide this.
Annual Homeowner's Insurance ($): Enter the estimated annual cost of your homeowner's insurance policy.
PMI (%): If your down payment is less than 20%, enter the annual PMI percentage. If you're putting down 20% or more, you can leave this at 0.
Click "Calculate Mortgage" to see an estimated breakdown of your monthly housing costs.
Remember, this is an estimate. Actual costs can vary based on lender fees, specific insurance
premiums, exact tax assessments, and changes in interest rates. It's always recommended to get
a Loan Estimate from your mortgage lender for precise figures.
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var propertyTax = parseFloat(document.getElementById("propertyTax").value);
var homeInsurance = parseFloat(document.getElementById("homeInsurance").value);
var pmiRate = parseFloat(document.getElementById("pmi").value);
var resultMonthlyPayment = document.getElementById("result-monthly-payment");
var resultBreakdown = document.getElementById("result-breakdown");
// Clear previous results if inputs are invalid or empty
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm) ||
isNaN(propertyTax) || isNaN(homeInsurance) || isNaN(pmiRate)) {
resultMonthlyPayment.innerText = "$0.00";
resultBreakdown.innerHTML = "Principal & Interest: $0.00" +
"Property Tax: $0.00/month" +
"Homeowner's Insurance: $0.00/month" +
"PMI: $0.00/month" +
"Total Estimated Monthly Payment: $0.00";
return;
}
var loanAmount = homePrice – downPayment;
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Calculate Principal and Interest (P&I)
var principalInterest = 0;
if (monthlyInterestRate > 0) {
principalInterest = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle 0% interest rate case
principalInterest = loanAmount / numberOfPayments;
}
// Calculate monthly tax, insurance, and PMI
var monthlyTax = propertyTax / 12;
var monthlyInsurance = homeInsurance / 12;
var monthlyPmi = 0;
if (pmiRate > 0 && downPayment < (homePrice * 0.20)) {
monthlyPmi = (loanAmount * (pmiRate / 100)) / 12;
}
// Calculate total estimated monthly payment
var totalMonthlyPayment = principalInterest + monthlyTax + monthlyInsurance + monthlyPmi;
// Format results
var formattedPrincipalInterest = principalInterest.toFixed(2);
var formattedMonthlyTax = monthlyTax.toFixed(2);
var formattedMonthlyInsurance = monthlyInsurance.toFixed(2);
var formattedMonthlyPmi = monthlyPmi.toFixed(2);
var formattedTotalMonthlyPayment = totalMonthlyPayment.toFixed(2);
// Display results
resultMonthlyPayment.innerText = "$" + formattedTotalMonthlyPayment;
resultBreakdown.innerHTML = "Principal & Interest: $" + formattedPrincipalInterest + "" +
"Property Tax: $" + formattedMonthlyTax + "/month" +
"Homeowner's Insurance: $" + formattedMonthlyInsurance + "/month" +
"PMI: $" + formattedMonthlyPmi + "/month" +
"Total Estimated Monthly Payment: $" + formattedTotalMonthlyPayment + "";
}