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Mortgage Calculator

Description​

CMS described Here.

Users can:

  • Enter number to calculate.

Mortgage Calculator Fields​

Simple Version​

  • Loan amount
    *Required Field. Currency (USD).

  • Loan Term
    Dropdown. 15 or 30 years.

  • Interest Rate
    *Required Field. Percent.

Full Version​

  • Home price
    *Required Field. Currency (USD).

  • Down payment
    *0 by default. Currency (USD).

    • In Currency
      When user enters/changes currency, change percent field to the down payment percent of home price.

    • In Percent
      When user enters/changes percent, change currency field to the currency equivalent of home price percent.

  • Loan Term
    Dropdown. 15 or 30 years.

  • Interest Rate
    *Required Field. In Percent.

  • Annual Property Tax
    *Optional Field. Currency (USD).

  • Home Insurance (yearly)
    *Optional Field. Currency (USD).

  • Private mortgage insurance (monthly)
    *Optional Field. Currency (USD).

  • Homeowners association (monthly)
    *Optional Field. Currency (USD).

Calculator Formula​

M = P  
r (1 + r)n
(1 + r)n - 1

Symbol
Mthe total monthly mortgage payment
Pthe principal loan amount
(Purchase Price - Down Payment, if any)
rmonthly interest rate
Interest Rate divided by 12 (the number of months in a year) to get the monthly rate.
nnumber of payments over the loan’s lifetime.
Multiply the number of years in the "Loan Term" by 12 (the number of months in a year) to get the number of payments for the loan.
*If user specified Annual Property tax, Home Insurance, Private morgage insurance or Homeowners Association, these costs must be added on top of mortgage calculator result.
These costs categorized as "Taxes & Fees" and must be shown in the result separately.
  • Annual Property tax: divide by 12 and add to the monthly mortgage payment
  • Home Insurance (yearly): divide by 12 and add to the monthly mortgage payment
  • Private morgage insurance (monthly): add to the monthly mortgage payment
  • Homeowners Association (monthly): add to the monthly mortgage payment

Design​

Info Tips​

Most icons have "i" info icon which opens a tooltip with more information abouth the field: