Use this tool to estimate your potential mortgage payments based on a low-income scenario. Enter the necessary details to calculate your mortgage options.
Estimated Monthly Mortgage Payment:$0.00
Total Loan Amount:$0.00
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById(‘homePrice’).value);
var downPayment = parseFloat(document.getElementById(‘downPayment’).value);
var loanTerm = parseFloat(document.getElementById(‘loanTerm’).value);
var interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100;
var monthlyIncome = parseFloat(document.getElementById(‘monthlyIncome’).value);
var affordablePayment = parseFloat(document.getElementById(‘affordablePayment’).value);
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(loanTerm) || isNaN(interestRate) || isNaN(monthlyIncome) || isNaN(affordablePayment)) {
alert(‘Please fill out all fields.’);
return;
}
var loanAmount = homePrice – downPayment;
var monthlyInterestRate = interestRate / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
// Ensure monthly payment does not exceed affordable payment
if (monthlyPayment > affordablePayment) {
monthlyPayment = affordablePayment;
loanAmount = (monthlyPayment * (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments))) / monthlyInterestRate;
}
document.getElementById(‘monthlyPayment’).textContent = ‘$’ + monthlyPayment.toFixed(2);
document.getElementById(‘totalLoan’).textContent = ‘$’ + loanAmount.toFixed(2);
}
