Cheap VA Mortgage Calculator with PMI
Estimate your monthly payment, including PMI, for a VA mortgage loan. Enter your loan amount, interest rate, and other details below to calculate your monthly payment.
Loan Amount ($):
Interest Rate (%):
Loan Term (Years):
PMI Rate (%):
Annual Property Tax ($):
Annual Homeowner’s Insurance ($):
Calculate Monthly Payment
Estimated Monthly Payment
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function calculateMortgage() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
const loanTerm = parseFloat(document.getElementById(‘loanTerm’).value) * 12;
const pmiRate = parseFloat(document.getElementById(‘pmiRate’).value) / 100 / 12;
const propertyTax = parseFloat(document.getElementById(‘propertyTax’).value) / 12;
const homeownersInsurance = parseFloat(document.getElementById(‘homeownersInsurance’).value) / 12;
// Mortgage payment formula (PMT function)
const monthlyRate = interestRate;
const monthlyPayment = loanAmount * monthlyRate / (1 – Math.pow(1 + monthlyRate, -loanTerm));
// PMI calculation (PMI added to monthly mortgage payment)
const pmiPayment = loanAmount * pmiRate;
// Total monthly payment including PMI, tax, and insurance
const totalMonthlyPayment = monthlyPayment + pmiPayment + propertyTax + homeownersInsurance;
document.getElementById(‘monthlyPayment’).textContent = `Principal & Interest: $${monthlyPayment.toFixed(2)}`;
document.getElementById(‘totalPayment’).textContent = `Total Monthly Payment (with PMI, Tax, Insurance): $${totalMonthlyPayment.toFixed(2)}`;
}
