Find out how approximately much your new home, condo or lot will cost on a monthly basis. When you're ready to purchase your property, or if you have any questions, please contact .
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
* * @changes 1.2.0 fixed bug with number_format, clead up comments [dt, 2006-02-16] * @changes 1.1.0 initial release [dt, 2003-01-01] * * ---------------------------------------------------- * The PHP Mortgage Calculator tries to figure out a home * owners mortgage payments, and the breakdown of each monthly * payment. * * The calculator accepts: * Price (cost of home in US Dollars) * Percentage of Down Payment * Length of Mortgage * Annual Interest Rate * * Based on the four items that the user enters, we can figure * out the down payment (in US Dollars), the ammount that the * buyer needs to finance, and the monthly finance payment. * The calculator can also break down the monthly payments * so we know how much goes towards the mortgage's interest, * the mortgage's principal, the loan's Private Mortgage Insurance * (if less that 20% was used as a down payment), and an rough * estimate of the property's residential tax * */ /* --------------------------------------------------------------------- */ /* default values /* --------------------------------------------------------------------- */ $default_sale_price = 200000; $default_annual_interest_percent = 6.5; $default_year_term = 30; $default_down_percent = 10; $default_show_progress = TRUE; /* --------------------------------------------------------------------- */ /* initialize variables /* --------------------------------------------------------------------- */ $sale_price = 0; $annual_interest_percent = 0; $year_term = 0; $down_percent = 0; $this_year_interest_paid = 0; $this_year_principal_paid = 0; $form_complete = false; $show_progress = false; $monthly_payment = false; $show_progress = false; $error = false; /* --------------------------------------------------------------------- */ /* override defaults with user input /* --------------------------------------------------------------------- */ if ( isset($_GET['sale_price']) ) { $sale_price = $_GET['sale_price']; } if (isset($_GET['form_complete'])) { $sale_price = $_GET['sale_price']; $annual_interest_percent = $_GET['annual_interest_percent']; $year_term = $_GET['year_term']; $down_percent = $_GET['down_percent']; $show_progress = (isset($_GET['show_progress'])) ? $_GET['show_progress'] : false; $form_complete = $_GET['form_complete']; } ?> Sale Price of Home, Length of Motgage and Annual Interest Rate"; } if (!$error) { $month_term = $year_term * 12; $down_payment = $sale_price * ($down_percent / 100); $annual_interest_rate = $annual_interest_percent / 100; $monthly_interest_rate = $annual_interest_rate / 12; $financing_price = $sale_price - $down_payment; $monthly_factor = get_interest_factor($year_term, $monthly_interest_rate); $monthly_payment = $financing_price / $monthly_factor; } } else { if (!$sale_price) { $sale_price = $default_sale_price; } if (!$annual_interest_percent) { $annual_interest_percent = $default_annual_interest_percent; } if (!$year_term) { $year_term = $default_year_term; } if (!$down_percent) { $down_percent = $default_down_percent; } if (!$show_progress) { $show_progress = $default_show_progress; } } if ($error) { print("|
The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05) $ = $ X ( / 100) |
|
|
The interest rate = The annual interest percentage divided by 100 = % / 100 |
|
| The monthly factor = The result of the following formula: | |
|
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year) = / 12 |
|
|
The month term of the loan in months = The number of years you've taken the loan out for times 12 Months = Years X 12 |
|
|
The montly payment is figured out using the following formula: Monthly Payment = * ( / (1 - ((1 + )-()))) The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan. |
|
Amortization For Monthly Payment: $ over years
| Month | \n"; $legend .= "\t\tInterest Paid | \n"; $legend .= "\t\tPrincipal Paid | \n"; $legend .= "\t\tRemaing Balance | \n"; $legend .= "\t\n"; echo $legend; // Loop through and get the current month's payments for // the length of the loan while ($current_month <= $month_term) { $interest_paid = $principal * $monthly_interest_rate; $principal_paid = $monthly_payment - $interest_paid; $remaining_balance = $principal - $principal_paid; $this_year_interest_paid = $this_year_interest_paid + $interest_paid; $this_year_principal_paid = $this_year_principal_paid + $principal_paid; print("\t
| " . $current_month . " | \n"); print("\t\t\$" . number_format($interest_paid, "2", ".", ",") . " | \n"); print("\t\t\$" . number_format($principal_paid, "2", ".", ",") . " | \n"); print("\t\t\$" . number_format($remaining_balance, "2", ".", ",") . " | \n"); print("\t
| Totals for year " . $current_year . " | \n"); print("\t|||
| \n"); print("\t\t | \n");
print("\t\t\tYou will spend \$" . number_format($total_spent_this_year, "2", ".", ",") . " on your house in year " . $current_year . " \n"); print("\t\t\t\$" . number_format($this_year_interest_paid, "2", ".", ",") . " will go towards INTEREST \n"); print("\t\t\t\$" . number_format($this_year_principal_paid, "2", ".", ",") . " will go towards PRINCIPAL \n"); print("\t\t | \n");
print("\t||
| | \n");
print("\t