");
//print("Mortgage Calculator");
//print("");
// print("PHP Mortgage Calculator");
//print("
\n\n");
//$print_footer = TRUE;
// } else {
// $print_footer = FALSE;
// }
// Style Sheet
//?>
Sale Price of Home, Length of Motgage and Annual Interest Rate";
}
if (!$error) {
$month_term = $year_term * 12;
$down_payment = $sale_price * ($down_percent / 100);
$annual_interest_rate = $annual_interest_percent / 100;
$monthly_interest_rate = $annual_interest_rate / 12;
$financing_price = $sale_price - $down_payment;
$monthly_factor = get_interest_factor($year_term, $monthly_interest_rate);
$monthly_payment = $financing_price / $monthly_factor;
}
} else {
if (!$sale_price) { $sale_price = $default_sale_price; }
if (!$annual_interest_percent) { $annual_interest_percent = $default_annual_interest_percent; }
if (!$year_term) { $year_term = $default_year_term; }
if (!$down_percent) { $down_percent = $default_down_percent; }
if (!$show_progress) { $show_progress = $default_show_progress; }
}
if ($error) {
print("" . $error . "
\n");
$form_complete = false;
}
?>
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.
DISCLAIMER: Loan calculator is provided for
educational and illustrative purposes only. The accuracy of
the calculations and the applicability to your circumstances
are not guaranteed. Although the amount you pay on a monthly
basis may go down, this loan may increase the overall number
of monthly payments and the total amount you repay over the
life of the loan. Suncoast Mortgage recommends
that you consult with your financial advisor before entering
into any credit transaction secured by your home.
|
The down payment = The price of the home multiplied
by the percentage down divided by 100 (for 5% down becomes
5/100 or 0.05)
$ =
$ X
( / 100) |
|
The interest rate = The annual interest percentage
divided by 100
= %
/ 100 |
| The monthly factor = The result of
the following formula: |
|
The monthly interest rate = The annual interest
rate divided by 12 (for the 12 months in a year)
= /
12 |
|
The month term of the loan in months = The number
of years you've taken the loan out for times 12
Months = Years
X 12 |
|
The montly payment is figured out using the following
formula:
Monthly Payment = *
( /
(1 - ((1 + )-())))
The amortization breaks down how much
of your monthly payment goes towards the bank's interest, and how
much goes into paying off the principal of your loan. |
Amortization For Monthly Payment: \$" . number_format($monthly_payment, "2", ".", "thousands_sep") . " over " . $year_term . " years
\n");
print("\n");
// This LEGEND will get reprinted every 12 months
$legend = "\t\n";
$legend .= "\t\t| Month | \n";
$legend .= "\t\tInterest Paid | \n";
$legend .= "\t\tPrincipal Paid | \n";
$legend .= "\t\tRemaing Balance | \n";
$legend .= "\t \n";
echo $legend;
// Loop through and get the current month's payments for
// the length of the loan
while ($current_month <= $month_term) {
$interest_paid = $principal * $monthly_interest_rate;
$principal_paid = $monthly_payment - $interest_paid;
$remaining_balance = $principal - $principal_paid;
$this_year_interest_paid = $this_year_interest_paid + $interest_paid;
$this_year_principal_paid = $this_year_principal_paid + $principal_paid;
print("\t\n");
print("\t\t| " . $current_month . " | \n");
print("\t\t\$" . number_format($interest_paid, "2", ".", "thousands_sep") . " | \n");
print("\t\t\$" . number_format($principal_paid, "2", ".", "thousands_sep") . " | \n");
print("\t\t\$" . number_format($remaining_balance, "2", ".", "thousands_sep") . " | \n");
print("\t \n");
($current_month % 12) ? $show_legend = FALSE : $show_legend = TRUE;
if ($show_legend) {
print("\t\n");
print("\t\t| Totals for year " . $current_year . " | \n");
print("\t \n");
$total_spent_this_year = $this_year_interest_paid + $this_year_principal_paid;
print("\t\n");
print("\t\t| | \n");
print("\t\t\n");
print("\t\t\tYou will spend \$" . number_format($total_spent_this_year, "2", ".", "thousands_sep") . " on your house in year " . $current_year . "
\n");
print("\t\t\t\$" . number_format($this_year_interest_paid, "2", ".", "thousands_sep") . " will go towards INTEREST
\n");
print("\t\t\t\$" . number_format($this_year_principal_paid, "2", ".", "thousands_sep") . " will go towards PRINCIPAL
\n");
print("\t\t | \n");
print("\t \n");
print("\t\n");
print("\t\t
| \n");
print("\t \n");
$current_year++;
$this_year_interest_paid = 0;
$this_year_principal_paid = 0;
if (($current_month + 6) < $month_term) {
echo $legend;
}
}
$principal = $remaining_balance;
$current_month++;
}
print(" \n");
}
?>
\n");
print("
\n");
}
?>
All rights reserved.
Redistribution and use in source and binary forms, with or without
modification, are permitted provided that the following conditions
are met:
* Redistributions of source code must retain the above copyright
notice, this list of conditions and the following disclaimer.
* Redistributions in binary form must reproduce the above
copyright notice, this list of conditions and the following
disclaimer in the documentation and/or other materials
provided with the distribution.
* Neither the name of David Tufts nor the names of its
contributors may be used to endorse or promote products
derived from this software without specific prior
written permission.
THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND
CONTRIBUTORS "AS IS" AND ANY EXPRESS OR IMPLIED WARRANTIES,
INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE
DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT OWNER OR CONTRIBUTORS
BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL,
EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED
TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE,
DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND ON
ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY,
OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY
OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE
POSSIBILITY OF SUCH DAMAGE.
*/
?> |
|
