Estimate your monthly payments including taxes and insurance
Total Monthly Payment$0.00
Principal & Interest$0.00
Property Tax (Monthly)$0.00
Home Insurance (Monthly)$0.00
HOA Fees$0.00
Total Loan Amount$0.00
How to Use This Mortgage Calculator
Purchasing a home is likely the largest financial decision you will make. This Mortgage Payment Calculator helps you estimate your monthly housing costs by factoring in not just the loan repayment, but also necessary ownership costs like property taxes, insurance, and HOA fees.
To get the most accurate result:
Home Price: Enter the purchase price of the property.
Down Payment: The cash amount you are paying upfront. A higher down payment reduces your loan principal and monthly interest costs.
Interest Rate: The annual percentage rate (APR) provided by your lender.
Loan Term: The duration of the loan, typically 15 or 30 years.
Understanding Your Monthly Payment Composition (PITI)
Did you know? Most mortgage payments are comprised of four main parts, commonly referred to as PITI: Principal, Interest, Taxes, and Insurance.
When you budget for a home, looking at the Principal and Interest alone can be misleading. Here is a breakdown of what typically goes into your monthly payment:
1. Principal
This is the portion of your payment that goes directly toward paying down the outstanding balance of your loan. In the early years of a mortgage, the principal portion is small, but it grows over time as the interest portion decreases.
2. Interest
This is the cost of borrowing money from the lender. Your interest rate and loan balance determine how much interest you pay each month. High interest rates significantly increase the total cost of the home over the life of the loan.
3. Property Taxes
Local governments assess property taxes to fund public services like schools and roads. This calculator divides your annual tax estimation by 12 to show the monthly impact on your budget.
4. Homeowners Insurance & HOA
Lenders require hazard insurance to protect the asset. If you live in a community with a Homeowners Association (HOA), those monthly dues are also factored into your housing expense ratio, even if they are paid separately.
How Interest Rates Impact Your Buying Power
Even a small fluctuation in interest rates can drastically change your monthly payment and total loan cost. For example, on a $300,000 loan, a 1% increase in interest rate can add hundreds of dollars to your monthly payment and tens of thousands of dollars to the total interest paid over 30 years. Use the calculator above to test different rate scenarios to see what you can comfortably afford.
function calculateMortgage() {
// Get input values
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTermYears = parseFloat(document.getElementById("loanTerm").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var propertyTaxYearly = parseFloat(document.getElementById("propertyTax").value);
var homeInsuranceYearly = parseFloat(document.getElementById("homeInsurance").value);
var hoaFeesMonthly = parseFloat(document.getElementById("hoaFees").value);
// Validation
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(loanTermYears) || isNaN(interestRate)) {
alert("Please enter valid numbers for Home Price, Down Payment, Term, and Interest Rate.");
return;
}
// Set defaults for optional fields if empty/NaN
if (isNaN(propertyTaxYearly)) propertyTaxYearly = 0;
if (isNaN(homeInsuranceYearly)) homeInsuranceYearly = 0;
if (isNaN(hoaFeesMonthly)) hoaFeesMonthly = 0;
// Calculations
var principal = homePrice – downPayment;
// Prevent negative principal
if (principal < 0) {
alert("Down payment cannot be greater than Home Price.");
return;
}
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
// Mortgage Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var monthlyPrincipalInterest = 0;
if (interestRate === 0) {
monthlyPrincipalInterest = principal / numberOfPayments;
} else {
var x = Math.pow(1 + monthlyInterestRate, numberOfPayments);
monthlyPrincipalInterest = principal * ((monthlyInterestRate * x) / (x – 1));
}
// Additional monthly costs
var monthlyTax = propertyTaxYearly / 12;
var monthlyInsurance = homeInsuranceYearly / 12;
var totalMonthlyPayment = monthlyPrincipalInterest + monthlyTax + monthlyInsurance + hoaFeesMonthly;
// Display Results
document.getElementById("totalLoanAmount").innerText = formatCurrency(principal);
document.getElementById("principalInterest").innerText = formatCurrency(monthlyPrincipalInterest);
document.getElementById("monthlyTax").innerText = formatCurrency(monthlyTax);
document.getElementById("monthlyInsurance").innerText = formatCurrency(monthlyInsurance);
document.getElementById("monthlyHoa").innerText = formatCurrency(hoaFeesMonthly);
document.getElementById("totalMonthlyPayment").innerText = formatCurrency(totalMonthlyPayment);
// Show results section
document.getElementById("resultsSection").style.display = "block";
}
function formatCurrency(num) {
return "$" + num.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}