Mortgage Calculator with Taxes and Everything Loan amount: Interest (%): Number of months: Annual tax rate: Monthly tax payment (estimated): Monthly mortgage payment: Total cost of mortgage (principal + interest): function calculateMortgage() { // Get the form values var loan_amount = parseInt(document.calcForm.loan_amount.value); var interest = parseFloat(document.calcForm.interest.value); var num_months = parseInt(document.calcForm.num_months.value); var tax = parseFloat(document.calcForm.tax.value); // Compute monthly mortgage payments var monthly_mortgage_payment = loan_amount * (interest/12) / (1 - Math.pow(1 + (interest/12), -num_months)); // Compute total cost of mortgage var total_cost = (monthly_mortgage_payment*num_months) + (loan_amount * tax); // Compute estimated monthly tax payments var monthly_tax = loan_amount * (tax/12); // Update the form with the calculated values document.calcForm.monthly_mortgage_payment.value = monthly_mortgage_payment.toFixed(2); document.calcForm.total_cost.value = total_cost.toFixed(2); document.calcForm.monthly_tax.value = monthly_tax.toFixed(2); } // Reset the Calculator inputs function resetCalculator(){ document.calcForm.loan_amount.value = 200000; document.calcForm.interest.value = 4.50; document.calcForm.num_months.value = 360; document.calcForm.tax.value = 1.75; document.calcForm.monthly_mortgage_payment.value = 0.00; document.calcForm.total_cost.value = 0.00; document.calcForm.monthly_tax.value = 0.00; } Understanding Mortgage Calculators With Taxes and Everything Once you start thinking about purchasing a home, one of the first things to consider is how much you can afford. You'll need to crunch some numbers to figure this out, and mortgage calculators with taxes and everything may help to make this task easier. Without accurate calculations, you might find yourself in over your head when making a significant financial investment. To make the best mortgage decision, you'll need to ensure your mortgage Amount (principal) + interest + taxes + fees = your future monthly mortgage payment. Understanding and calculating these independent terms will help you understand the true cost of the home you'd like to purchase. The cost of taxes alone can be high in some areas, and you'll certainly need to factor these into your monthly payments. Most mortgage calculators with taxes and additional fees can help you determine just how much of each payment will go towards what. Common Mortgage Influencing Factors The terms of a mortgage are based on various factors that will influence the interest rate, payment amount, and other details. Generally, you'll need to take into account the following when using a mortgage calculator with taxes and everything. Mortgage amount or principal: the amount of your desired loan. Down payment: how much you'll be paying upfront. Loan term: the length of the loan in years, typically 15 or 30. Interest rate: the rate at which you get the loaned money. Taxes: the local property taxes of the area you're buying in. Insurance: coverage to protect your home. Points and fees: optional terms like loan origination fees. Using Mortgage Calculators With Taxes and Everything While mortgage calculators without taxes can help you determine the amount of your monthly payments for the principal and interest, you'll need to include taxes and other fees to make the picture complete. To do this, you'll need a more comprehensive tool with everything you need. This is why it's important to use a mortgage calculator with taxes and everything. When using the right calculator, you'll be able to accurately enter all your monetary factors and get a true picture of what you'll pay each month, or how much you can borrow (how much mortgage you're able to qualify for). You can also use this tool to understand the impacts of changing some of the factors, like the mortgage length, helping you come up with the best plan for your situation. Comparing Mortgage Tax Calculators When searching for a mortgage calculator with taxes and everything, make sure you understand the features it provides. You'll want to look for the ability to factor in each of the listed items from the Common Factors section, as well as other adaptable features. Make sure you find a calculator with the necessary taxes and fees you're legally obligated to pay and make sure you understand the results it provides and the level of accuracy. You can then compare what you find to that of other calculators online and make sure your numbers are sound before committing to any large purchases. Factoring Tax Receipts and Insurance Coverage Into Your Reasonable Price Acceptance Once you have an accurate monthly payment number from a mortgage calculator with taxes and everything, you'll be able to figure out the reasonable price acceptance to offer for the home. It's often wise to factor in the cost of extra insurance on top of the taxes to guarantee your future financial security. You'll need to pay for the necessary insurance in your area to protect your home, so make sure you add that into the reasonable price acceptance you come to. Getting Started With a Mortgage Calculator With Taxes and Everything If you're looking to understand the real cost of a mortgage and get an accurate monthly payment number, it's wise to use a mortgage calculator with taxes and everything. You must make sure you factor in the correct taxes and fees for the area you're buying in, the loan term, and the insurance. While all the calculations may not get exact, having an understanding of all the costs will be valuable when finding a home that will make a good investment.