Mortgage Calculator with Taxes and Insurance Loan Amount Interest Rate Loan Length (years) Property Taxes Home Insurance Calculate Mortgage Payment Mortgage Payment: function calculateMortgage() { var loanAmount = parseFloat(document.getElementById('loanAmount').value); var interestRate = parseFloat(document.getElementById('interestRate').value) / 100; var loanLength = parseInt(document.getElementById('loanLength').value); var propertyTaxes = parseFloat(document.getElementById('propertyTaxes').value); var homeInsurance = parseFloat(document.getElementById('homeInsurance').value); var monthlyInterestRate = interestRate / 12; var numberOfPayments = loanLength * 12; var mortgagePrincipal = loanAmount * monthlyInterestRate / (1 - Math.pow(1 + monthlyInterestRate, -numberOfPayments)); var monthlyPropertyTaxes = propertyTaxes / 12; var monthlyHomeInsurance = homeInsurance / 12; var totalMortgagePayment = mortgagePrincipal + monthlyPropertyTaxes + monthlyHomeInsurance; document.getElementById('result').innerHTML = Math.round(totalMortgagePayment * 100) / 100; } Do Mortgage Calculators Include Taxes and Insurance? When considering a new home, mortgages can be a complicated and tricky to navigate. Deciding between types of mortgages, different types of loans, and understanding the components of a mortgage calculate can be daunting for potential homebuyers- but understanding all the components, and how they interact, is absolutely necessary before signing that lease or loan. One of the key components in a mortgage calculator is taxes and insurance, but do mortgage calculators include them as part of the calculation? The answer is usually yes- most mortgage and loan calculators will take into account taxes and insurance as part of the total figure. While loan calculators provided by banks and real estate agents will often include taxes and insurance in the final figure, it may be wise to double check to ensure everything is taken into account. Serious financial decisions should be taken with the utmost care, and double checking loan calculations can save time, money, and hassle in the future. Insurance is particularly important when taking out a mortgage. In most cases the borrower will need an insurance policy on the home (often called a homeowner’s policy). This sums up the coverages of fire, hail, theft, and damages as a result of natural disasters and calamities. Insurance costs vary greatly from state to state, and home to home, so it is important to get a sense of the baseline insurance costs beforehand so that it can be included in the final loan calculations. Taxes are also crucial to understanding loan terms and understanding just how much the loan will cost. Different areas have different tax burdens on residents, and understanding just what kind of tax load your property will take prior to signing a loan can have a huge impact on the total cost of a loan. Additionally, property taxes in the area will play a huge role in the total cost of doing business, and understanding this up front will save time and energy down the line. Property taxes can be calculated through a variety of government sources, online calculators, as well as from local county offices, and it can be important to include these tax burdens in the total loan cost. In most cases taxes and insurance will be included in mortgage calculators or loan calculators. These calculations are complex but, done correctly, can save a huge amount of time and energy. A home purchase is one of the biggest economic decisions most people make in their lifetimes- and understanding all the variables up front will save money and headaches in the future. In conclusion, it is very likely that your mortgage calculator will include taxes and insurance, but it is recommended to double check just to make sure.