Temz Calculators – Page 47
Temz Calculators

Mortgage Payment Calculator – Monthly Payment & Amortization Calculator

Mortgage Payment Calculator

Home Price $
Down Payment $
Loan Term 15 years 20 years 25 years 30 years
Interest Rate % APR
Property Tax (Annual) $
Home Insurance (Annual) $
PMI (Monthly) $

Payment Breakdown

Monthly Payment: $2,423

Principal & Interest: $2,023
Property Tax: $400
Home Insurance: $100
PMI: $200
Total Interest Paid: $408,280
Total Loan Cost: $728,280
function calculateMortgage() { const homePrice = parseFloat(document.getElementById("homeprice").value); const downPayment = parseFloat(document.getElementById("downpayment").value); const loanTerm = parseInt(document.getElementById("loanterm").value); const interestRate = parseFloat(document.getElementById("interestrate").value); const propertyTax = parseFloat(document.getElementById("propertytax").value); const homeInsurance = parseFloat(document.getElementById("homeinsurance").value); const pmi = parseFloat(document.getElementById("pmi").value); // Calculate loan amount const loanAmount = homePrice - downPayment; // Convert annual interest rate to monthly const monthlyRate = interestRate / 100 / 12; // Calculate number of payments const numPayments = loanTerm * 12; // Calculate monthly principal and interest payment using mortgage formula let monthlyPI = 0; if (monthlyRate > 0) { monthlyPI = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numPayments)) / (Math.pow(1 + monthlyRate, numPayments) - 1); } else { monthlyPI = loanAmount / numPayments; // If 0% interest } // Calculate monthly escrow amounts const monthlyPropertyTax = propertyTax / 12; const monthlyInsurance = homeInsurance / 12; // Calculate total monthly payment const totalMonthlyPayment = monthlyPI + monthlyPropertyTax + monthlyInsurance + pmi; // Calculate total interest over life of loan const totalInterest = (monthlyPI * numPayments) - loanAmount; // Calculate total cost of loan const totalCost = loanAmount + totalInterest; // Update the main payment display document.querySelector('.bigtext').innerHTML = 'Monthly Payment: $' + totalMonthlyPayment.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}) + ''; // Update breakdown table document.getElementById('principalInterest').textContent = '$' + monthlyPI.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}); document.getElementById('monthlyPropertyTax').textContent = '$' + monthlyPropertyTax.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}); document.getElementById('monthlyInsurance').textContent = '$' + monthlyInsurance.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}); document.getElementById('monthlyPMI').textContent = '$' + pmi.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}); document.getElementById('totalInterest').textContent = '$' + totalInterest.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}); document.getElementById('totalCost').textContent = '$' + totalCost.toLocaleString('en-US', {minimumFractionDigits: 0, maximumFractionDigits: 0}); } function clearForm(form) { form.reset(); calculateMortgage(); } window.onload = function() { calculateMortgage(); };

How to Use This Mortgage Calculator

Input Fields:

  • Home Price: Enter the total purchase price of the home
  • Down Payment: Amount you’ll pay upfront (typically 10-20% of home price)
  • Loan Term: Length of the mortgage (15, 20, 25, or 30 years)
  • Interest Rate: Annual percentage rate (APR) from your lender
  • Property Tax: Annual property taxes (varies by location)
  • Home Insurance: Annual homeowner’s insurance premium
  • PMI: Private Mortgage Insurance (required if down payment < 20%)

Understanding Your Results:

  • Principal & Interest: The core loan payment
  • Property Tax: Monthly portion of annual property taxes
  • Home Insurance: Monthly portion of annual insurance
  • PMI: Additional insurance if down payment is less than 20%
  • Total Interest: Total interest paid over the life of the loan
  • Total Cost: Principal plus all interest payments

Mortgage Payment Tips

💰 Down Payment Strategy

A larger down payment reduces your monthly payment and eliminates PMI when you put down 20% or more.

📊 Interest Rate Impact

Even a 0.5% difference in interest rate can save or cost thousands over the life of your loan.

⏰ Loan Term Considerations

Shorter terms mean higher monthly payments but significantly less total interest paid.

🏠 Total Housing Costs

Remember to budget for maintenance, utilities, and potential HOA fees beyond your mortgage payment.

📋 Mortgage Payment Breakdown Example

Component Monthly Amount Annual Amount Description
Principal & Interest $2,023 $24,276 Core loan payment
Property Tax $400 $4,800 Local government taxes
Home Insurance $100 $1,200 Property protection
PMI $200 $2,400 Private mortgage insurance
Total Monthly Payment $2,723 $32,676 Complete housing payment

🔍 Frequently Asked Questions

What is PMI and when do I need it?

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home’s value. It protects the lender if you default on the loan.

How are property taxes calculated?

Property taxes vary by location and are typically 0.5% to 2.5% of your home’s assessed value annually. Check with your local tax assessor for accurate rates.

Should I choose a 15-year or 30-year mortgage?

15-year mortgages have higher monthly payments but lower total interest. 30-year mortgages offer lower monthly payments but cost more over time. Choose based on your budget and financial goals.

What other costs should I consider when buying a home?

Beyond your mortgage payment, budget for closing costs (2-5% of home price), moving expenses, immediate repairs, utilities, and ongoing maintenance (1-3% of home value annually).

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