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font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol";
max-width: 700px;
margin: 20px auto;
padding: 25px;
border: 1px solid #e0e0e0;
border-radius: 8px;
background-color: #ffffff;
box-shadow: 0 4px 12px rgba(0, 0, 0, 0.05);
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.bankrate-mtg-calculator-wrapper h2 {
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color: #2c3e50;
margin-bottom: 25px;
font-size: 1.8em;
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margin-bottom: 18px;
display: flex;
flex-direction: column;
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margin-bottom: 8px;
font-weight: 600;
color: #34495e;
font-size: 0.95em;
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width: 100%;
padding: 12px;
border: 1px solid #cccccc;
border-radius: 5px;
font-size: 1em;
box-sizing: border-box;
transition: border-color 0.2s ease-in-out;
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outline: none;
box-shadow: 0 0 0 2px rgba(0, 123, 255, 0.25);
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.bankrate-mtg-calculator-wrapper button {
width: 100%;
padding: 14px 20px;
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color: white;
border: none;
border-radius: 5px;
font-size: 1.1em;
font-weight: 600;
cursor: pointer;
transition: background-color 0.2s ease-in-out, transform 0.1s ease-in-out;
margin-top: 20px;
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background-color: #0056b3;
transform: translateY(-1px);
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.bankrate-mtg-calculator-wrapper button:active {
transform: translateY(0);
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.bankrate-mtg-calculator-wrapper .result-section {
margin-top: 30px;
padding-top: 25px;
border-top: 1px solid #e0e0e0;
background-color: #f9f9f9;
border-radius: 8px;
padding: 20px;
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.bankrate-mtg-calculator-wrapper .result-section h3 {
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margin-bottom: 15px;
text-align: center;
font-size: 1.5em;
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padding: 10px 0;
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color: #34495e;
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.bankrate-mtg-calculator-wrapper .result-item:last-child {
border-bottom: none;
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.bankrate-mtg-calculator-wrapper .result-item strong {
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.bankrate-mtg-calculator-wrapper .result-item span {
font-weight: 500;
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color: #dc3545;
margin-top: 15px;
text-align: center;
font-weight: 500;
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function calculateMortgage() {
var homePrice = parseFloat(document.getElementById('homePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var loanTerm = parseFloat(document.getElementById('loanTerm').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var propertyTax = parseFloat(document.getElementById('propertyTax').value);
var homeInsurance = parseFloat(document.getElementById('homeInsurance').value);
var pmiRate = parseFloat(document.getElementById('pmiRate').value);
var errorDiv = document.getElementById('error');
var resultDiv = document.getElementById('result');
errorDiv.style.display = 'none';
resultDiv.style.display = 'none';
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(loanTerm) || isNaN(interestRate) || isNaN(propertyTax) || isNaN(homeInsurance) || isNaN(pmiRate) ||
homePrice < 0 || downPayment < 0 || loanTerm <= 0 || interestRate < 0 || propertyTax < 0 || homeInsurance < 0 || pmiRate homePrice) {
errorDiv.textContent = 'Down payment cannot be greater than the home price.';
errorDiv.style.display = 'block';
return;
}
var principalLoanAmount = homePrice – downPayment;
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPrincipalInterest = 0;
if (monthlyInterestRate > 0) {
monthlyPrincipalInterest = principalLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
monthlyPrincipalInterest = principalLoanAmount / numberOfPayments; // For 0% interest
}
var monthlyPropertyTax = propertyTax / 12;
var monthlyHomeInsurance = homeInsurance / 12;
var monthlyPMI = 0;
var downPaymentPercentage = (downPayment / homePrice) * 100;
if (downPaymentPercentage < 20) {
monthlyPMI = (principalLoanAmount * (pmiRate / 100)) / 12;
}
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyPropertyTax + monthlyHomeInsurance + monthlyPMI;
var totalInterestPaid = (monthlyPrincipalInterest * numberOfPayments) – principalLoanAmount;
var totalCostOfLoan = (totalMonthlyPayment * numberOfPayments) + downPayment;
document.getElementById('principalInterest').textContent = '$' + monthlyPrincipalInterest.toFixed(2);
document.getElementById('monthlyPropertyTax').textContent = '$' + monthlyPropertyTax.toFixed(2);
document.getElementById('monthlyHomeInsurance').textContent = '$' + monthlyHomeInsurance.toFixed(2);
document.getElementById('monthlyPMI').textContent = '$' + monthlyPMI.toFixed(2);
document.getElementById('totalMonthlyPayment').textContent = '$' + totalMonthlyPayment.toFixed(2);
document.getElementById('totalInterestPaid').textContent = '$' + totalInterestPaid.toFixed(2);
document.getElementById('totalCostOfLoan').textContent = '$' + totalCostOfLoan.toFixed(2);
resultDiv.style.display = 'block';
}
Mortgage Payment Calculator
(Private Mortgage Insurance, typically applies if down payment is less than 20% of home price)
Your Estimated Mortgage Details
Principal & Interest Payment:
Monthly Property Tax:
Monthly Home Insurance:
Monthly PMI:
Total Estimated Monthly Payment:
Total Interest Paid Over Loan Term:
Total Cost of Loan (P&I + Tax + Ins + PMI + Down Payment):
Understanding Your Mortgage Payment: A Comprehensive Guide
Buying a home is one of the most significant financial decisions you'll ever make. A crucial part of this process is understanding your mortgage payment. It's not just about the principal and interest; several other factors contribute to your total monthly housing cost. Our Mortgage Payment Calculator, inspired by the comprehensive tools found on Bankrate, helps you break down these components to give you a clear picture of your financial commitment.
What Goes Into Your Monthly Mortgage Payment?
A common misconception is that a mortgage payment only covers the loan itself. In reality, a typical mortgage payment is often referred to as PITI, an acronym for:
- Principal: This is the portion of your payment that goes towards paying down the actual amount you borrowed. As you pay down the principal, your equity in the home increases.
- Interest: This is the cost of borrowing money from the lender. In the early years of a mortgage, a larger portion of your payment goes towards interest.
- Taxes (Property Tax): These are local government taxes based on the assessed value of your home. Lenders often collect a portion of your annual property taxes each month and hold it in an escrow account to pay the tax bill when it's due.
- Insurance (Homeowner's Insurance): This protects your home and belongings from damage or loss due to events like fire, theft, or natural disasters. Like property taxes, lenders typically require you to have homeowner's insurance and may collect monthly premiums into an escrow account.
Beyond PITI, there's another important component for many homebuyers:
- PMI (Private Mortgage Insurance): If your initial down payment is less than 20% of the home's purchase price, lenders usually require you to pay PMI. This protects the lender in case you default on your loan. Once you build up sufficient equity (typically 20-22%), you can usually request to have PMI removed.
How Our Calculator Works
Our Mortgage Payment Calculator takes into account all these critical factors to provide you with an accurate estimate of your monthly housing expenses:
- Home Purchase Price: The total cost of the property you intend to buy.
- Initial Down Payment: The upfront cash amount you contribute towards the home purchase. The larger your down payment, the less you need to borrow, potentially reducing your monthly payments and avoiding PMI.
- Loan Repayment Term (Years): The length of time you have to repay the loan, typically 15 or 30 years. A shorter term means higher monthly payments but less interest paid over the life of the loan.
- Annual Mortgage Interest Rate: The percentage rate charged by the lender for borrowing the principal amount. This rate significantly impacts your monthly payment and the total interest paid.
- Yearly Property Tax: Your annual property tax bill. This is divided by 12 to get your monthly contribution to escrow.
- Yearly Homeowner's Insurance: Your annual homeowner's insurance premium, also divided by 12 for monthly escrow contributions.
- Annual PMI Percentage: If your down payment is less than 20%, you'll likely pay PMI. This is typically calculated as an annual percentage of your original loan amount, then divided by 12 for your monthly payment.
Example Calculation
Let's consider a realistic scenario:
- Home Purchase Price: $300,000
- Initial Down Payment: $60,000 (20%)
- Loan Repayment Term: 30 Years
- Annual Mortgage Interest Rate: 7.0%
- Yearly Property Tax: $3,600
- Yearly Homeowner's Insurance: $1,200
- Annual PMI Percentage: 0.5% (In this case, with 20% down, PMI would typically not apply, but we'll use it for demonstration if it were less than 20% down)
Using these figures, the calculator would determine:
- Principal Loan Amount: $300,000 – $60,000 = $240,000
- Monthly Principal & Interest: Approximately $1,596.79
- Monthly Property Tax: $3,600 / 12 = $300.00
- Monthly Home Insurance: $1,200 / 12 = $100.00
- Monthly PMI: $0 (since down payment is 20%)
- Total Estimated Monthly Payment: $1,596.79 + $300.00 + $100.00 + $0 = $1,996.79
- Total Interest Paid Over Loan Term: Approximately $334,844.40
- Total Cost of Loan (including down payment): Approximately $719,044.40
This example illustrates how each component contributes to your overall monthly housing expense and the long-term cost of your mortgage.
Why Use a Mortgage Calculator?
A mortgage calculator is an invaluable tool for:
- Budgeting: Understand your true monthly housing costs before committing to a purchase.
- Comparing Options: See how different home prices, down payments, interest rates, or loan terms affect your payments.
- Financial Planning: Estimate the total interest you'll pay over the life of the loan and the overall cost of homeownership.
- Negotiation: Use the figures to inform your offers and discussions with lenders and real estate agents.
By utilizing this calculator, you can gain clarity and confidence in your homebuying journey, ensuring you make informed financial decisions.