PHP Mortgage Calculator

Copyright (c) 2002 by David Tufts
Copyright (c) 2002 Graphics by Chris Karakas

Purchase & Financing Information
Sale Price of Home: Currency is irrelevant
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
Explain Calculations: Show me the calculations and amortization

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.
The calculations are visualized with the aid of two diagrams at the bottom of the page, the first one displaying the remaining balance, the second showing the interplay of monthly paid interest vs. monthly paid principal, both on a month/money coordinate system.

See the source code.