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<?php
/*
PHP Mortgage Calculator
version: 1.1
last update: Jan 1, 2003
----------------------------------------------------
The PHP Mortgage Calculator tries to figure out a home
owners mortgage payments, and the breakdown of each monthly
payment.
The calculator accepts:
Price (cost of home in US Dollars)
Percentage of Down Payment
Length of Mortgage
Annual Interest Rate
Based on the four items that the user enters, we can figure
out the down payment (in US Dollars), the ammount that the
buyer needs to finance, and the monthly finance payment.
The calculator can also break down the monthly payments
so we know how much goes towards the mortgage's interest,
the mortgage's principal, the loan's Private Mortgage Insurance
(if less that 20% was used as a down payment), and an rough
estimate of the property's residential tax
[ See below for LICENSE ]
*/
/* --------------------------------------------------- *
* Set Form DEFAULT values
* --------------------------------------------------- */
$default_sale_price = "200000";
$default_annual_interest_percent = 6.5;
$default_year_term = 30;
$default_down_percent = 10;
$default_show_progress = TRUE;
/* --------------------------------------------------- */
/* --------------------------------------------------- *
* Initialize Variables
* --------------------------------------------------- */
$sale_price = 0;
$annual_interest_percent = 0;
$year_term = 0;
$down_percent = 0;
$this_year_interest_paid = 0;
$this_year_principal_paid = 0;
$form_complete = false;
$show_progress = false;
$monthly_payment = false;
$show_progress = false;
$error = false;
/* --------------------------------------------------- */
/* --------------------------------------------------- *
* Set the USER INPUT values
* --------------------------------------------------- */
if (isset($_REQUEST['form_complete'])) {
$sale_price = $_REQUEST['sale_price'];
$annual_interest_percent = $_REQUEST['annual_interest_percent'];
$year_term = $_REQUEST['year_term'];
$down_percent = $_REQUEST['down_percent'];
$show_progress = (isset($_REQUEST['show_progress'])) ? $_REQUEST['show_progress'] : false;
$form_complete = $_REQUEST['form_complete'];
}
/* --------------------------------------------------- */
?>
<style type="text/css">
<!--
td {
font-size : 11px;
font-family : verdana, helvetica, arial, lucidia, sans-serif;
color : #000000;
}
-->
</style>
<?php
/* --------------------------------------------------- */
// This function does the actual mortgage calculations
// by plotting a PVIFA (Present Value Interest Factor of Annuity)
// table...
function get_interest_factor($year_term, $monthly_interest_rate) {
global $base_rate;
$factor = 0;
$base_rate = 1 + $monthly_interest_rate;
$denominator = $base_rate;
for ($i=0; $i < ($year_term * 12); $i++) {
$factor += (1 / $denominator);
$denominator *= $base_rate;
}
return $factor;
}
/* --------------------------------------------------- */
// If the form is complete, we'll start the math
if ($form_complete) {
// We'll set all the numeric values to JUST
// numbers - this will delete any dollars signs,
// commas, spaces, and letters, without invalidating
// the value of the number
$sale_price = ereg_replace( "[^0-9.]", "", $sale_price);
$annual_interest_percent = eregi_replace("[^0-9.]", "", $annual_interest_percent);
$year_term = eregi_replace("[^0-9.]", "", $year_term);
$down_percent = eregi_replace("[^0-9.]", "", $down_percent);
if (((float) $year_term <= 0) || ((float) $sale_price <= 0) || ((float) $annual_interest_percent <= 0)) {
$error = "You must enter a <b>Sale Price of Home</b>, <b>Length of Motgage</b> <i>and</i> <b>Annual Interest Rate</b>";
}
if (!$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("<font color=\"red\">" . $error . "</font><br><br>\n");
$form_complete = false;
}
?>
<form method="GET" name="information" action="<?php echo $_SERVER['PHP_SELF']; ?>">
<input type="hidden" name="form_complete" value="1">
<table cellpadding="2" cellspacing="0" border="0" width="100%" bgcolor="#eeeeee">
<tr valign="top">
<td align="right"><img src="/images/clear.gif" width="225" height="1" border="0" alt=""></td>
<td align="smalltext" width="100%"><img src="/images/clear.gif" width="250" height="1" border="0" alt=""></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Sale Price of Home:</td>
<td width="100%"><input type="text" size="10" name="sale_price" value="<?php echo $sale_price; ?>">(In Dollars)</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Percentage Down:</td>
<td><input type="text" size="5" name="down_percent" value="<?php echo $down_percent; ?>">%</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Length of Mortgage:</td>
<td><input type="text" size="3" name="year_term" value="<?php echo $year_term; ?>">years</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Annual Interest Rate:</td>
<td><input type="text" size="5" name="annual_interest_percent" value="<?php echo $annual_interest_percent; ?>">%</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Explain Calculations:</td>
<td><input type="checkbox" name="show_progress" value="1" <?php if ($show_progress) { print("checked"); } ?>> Show me the calculations and amortization</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td> </td>
<td><input type="submit" value="Calculate"><br><?php if ($form_complete) { print("<a href=\"" . $_SERVER['PHP_SELF'] . "\">Start Over</a><br>"); } ?><br></td>
</tr>
<?php
// If the form has already been calculated, the $down_payment
// and $monthly_payment variables will be figured out, so we
// can show them in this table
if ($form_complete && $monthly_payment) {
?>
<tr valign="top">
<td align="center" colspan="2" bgcolor="#000000"><font color="#ffffff"><b>Mortgage Payment Information</b></font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Down Payment:</td>
<td><b><?php echo "\$" . number_format($down_payment, "2", ".", "thousands_sep"); ?></b></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="right">Amount Financed:</td>
<td><b><?php echo "\$" . number_format($financing_price, "2", ".", "thousands_sep"); ?></b></td>
</tr>
<tr valign="top" bgcolor="#cccccc">
<td align="right">Monthly Payment:</td>
<td><b><?php echo "\$" . number_format($monthly_payment, "2", ".", "thousands_sep"); ?></b><br><font>(Principal & Interest ONLY)</font></td>
</tr>
<?php
if ($down_percent < 20) {
$pmi_per_month = 55 * ($financing_price / 100000);
?>
<tr valign="top" bgcolor="#FFFFCC">
<td align="right"> </td>
<td>
<br>
Since you are putting LESS than 20% down, you will need to pay PMI (<a href="http://www.google.com/search?hl=en&q=private+mortgage+insurance">Private Mortgage Insurance</a>), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add <?php echo "\$" . number_format($pmi_per_month, "2", ".", "thousands_sep"); ?> to your monthly payment.
</td>
</tr>
<tr valign="top" bgcolor="#FFFF99">
<td align="right">Monthly Payment:</td>
<td><b><?php echo "\$" . number_format(($monthly_payment + $pmi_per_month), "2", ".", "thousands_sep"); ?></b><br><font>(Principal & Interest, and PMI)</td>
</tr>
<?php
}
?>
<tr valign="top" bgcolor="#CCCCFF">
<td align="right"> </td>
<td>
<br>
<?php
$assessed_price = ($sale_price * .85);
$residential_yearly_tax = ($assessed_price / 1000) * 14;
$residential_monthly_tax = $residential_yearly_tax / 12;
if ($pmi_per_month) {
$pmi_text = "PMI and ";
}
?>
Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.
<br><br>
Let's say that your property's <i>assessed value</i> is 85% of what you actually paid for it - <?php echo "\$" . number_format($assessed_price, "2", ".", "thousands_sep"); ?>. This would mean that your yearly residential taxes will be around <?php echo "\$" . number_format($residential_yearly_tax, "2", ".", "thousands_sep"); ?>
This could add <?php echo "\$" . number_format($residential_monthly_tax, "2", ".", "thousands_sep"); ?> to your monthly payment.
</td>
</tr>
<tr valign="top" bgcolor="#9999FF">
<td align="right">TOTAL Monthly Payment:</td>
<td><b><?php echo "\$" . number_format(($monthly_payment + $pmi_per_month + $residential_monthly_tax), "2", ".", "thousands_sep"); ?></b><br><font>(including <?php echo $pmi_text; ?> residential tax)</font></td>
</tr>
<?php
}
?>
</table>
</form>
<?php
// This prints the calculation progress and
// the instructions of HOW everything is figured
// out
if ($form_complete && $show_progress) {
$step = 1;
?>
<br><br>
<table cellpadding="5" cellspacing="0" border="1" width="100%">
<tr valign="top">
<td><b><?php echo $step++; ?></b></td>
<td>
The <b>down payment</b> = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)<br><br>
$<?php echo number_format($down_payment,"2",".","thousands_sep"); ?> = $<?php echo number_format($sale_price,"2",".","thousands_sep"); ?> X (<?php echo $down_percent; ?> / 100)
</td>
</tr>
<tr valign="top">
<td><b><?php echo $step++; ?></b></td>
<td>
The <b>interest rate</b> = The annual interest percentage divided by 100<br><br>
<?php echo $annual_interest_rate; ?> = <?php echo $annual_interest_percent; ?>% / 100
</td>
</tr>
<tr valign="top" bgcolor="#cccccc">
<td colspan="2">
The <b>monthly factor</b> = The result of the following formula:
</td>
</tr>
<tr valign="top">
<td><b><?php echo $step++; ?></b></td>
<td>
The <b>monthly interest rate</b> = The annual interest rate divided by 12 (for the 12 months in a year)<br><br>
<?php echo $monthly_interest_rate; ?> = <?php echo $annual_interest_rate; ?> / 12
</td>
</tr>
<tr valign="top">
<td><b><?php echo $step++; ?></b></td>
<td>
The <b>month term</b> of the loan in months = The number of years you've taken the loan out for times 12<br><br>
<?php echo $month_term; ?> Months = <?php echo $year_term; ?> Years X 12
</td>
</tr>
<tr valign="top">
<td><b><?php echo $step++; ?></b></td>
<td>
The montly payment is figured out using the following formula:<br>
Monthly Payment = <?php echo number_format($financing_price, "2", "", ""); ?> * (<?php echo number_format($monthly_interest_rate, "4", "", ""); ?> / (1 - ((1 + <?php echo number_format($monthly_interest_rate, "4", "", ""); ?>)<sup>-(<?php echo $month_term; ?>)</sup>)))
<br><br>
The <a href="#amortization">amortization</a> 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.
</td>
</tr>
</table>
<br>
<?php
// Set some base variables
$principal = $financing_price;
$current_month = 1;
$current_year = 1;
// This basically, re-figures out the monthly payment, again.
$power = -($month_term);
$denom = pow((1 + $monthly_interest_rate), $power);
$monthly_payment = $principal * ($monthly_interest_rate / (1 - $denom));
print("<br><br><a name=\"amortization\"></a>Amortization For Monthly Payment: <b>\$" . number_format($monthly_payment, "2", ".", "thousands_sep") . "</b> over " . $year_term . " years<br>\n");
print("<table cellpadding=\"5\" cellspacing=\"0\" bgcolor=\"#eeeeee\" border=\"1\" width=\"100%\">\n");
// This LEGEND will get reprinted every 12 months
$legend = "\t<tr valign=\"top\" bgcolor=\"#cccccc\">\n";
$legend .= "\t\t<td align=\"right\"><b>Month</b></td>\n";
$legend .= "\t\t<td align=\"right\"><b>Interest Paid</b></td>\n";
$legend .= "\t\t<td align=\"right\"><b>Principal Paid</b></td>\n";
$legend .= "\t\t<td align=\"right\"><b>Remaing Balance</b></td>\n";
$legend .= "\t</tr>\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<tr valign=\"top\" bgcolor=\"#eeeeee\">\n");
print("\t\t<td align=\"right\">" . $current_month . "</td>\n");
print("\t\t<td align=\"right\">\$" . number_format($interest_paid, "2", ".", "thousands_sep") . "</td>\n");
print("\t\t<td align=\"right\">\$" . number_format($principal_paid, "2", ".", "thousands_sep") . "</td>\n");
print("\t\t<td align=\"right\">\$" . number_format($remaining_balance, "2", ".", "thousands_sep") . "</td>\n");
print("\t</tr>\n");
($current_month % 12) ? $show_legend = FALSE : $show_legend = TRUE;
if ($show_legend) {
print("\t<tr valign=\"top\" bgcolor=\"#ffffcc\">\n");
print("\t\t<td colspan=\"4\"><b>Totals for year " . $current_year . "</td>\n");
print("\t</tr>\n");
$total_spent_this_year = $this_year_interest_paid + $this_year_principal_paid;
print("\t<tr valign=\"top\" bgcolor=\"#ffffcc\">\n");
print("\t\t<td> </td>\n");
print("\t\t<td colspan=\"3\">\n");
print("\t\t\tYou will spend \$" . number_format($total_spent_this_year, "2", ".", "thousands_sep") . " on your house in year " . $current_year . "<br>\n");
print("\t\t\t\$" . number_format($this_year_interest_paid, "2", ".", "thousands_sep") . " will go towards INTEREST<br>\n");
print("\t\t\t\$" . number_format($this_year_principal_paid, "2", ".", "thousands_sep") . " will go towards PRINCIPAL<br>\n");
print("\t\t</td>\n");
print("\t</tr>\n");
print("\t<tr valign=\"top\" bgcolor=\"#ffffff\">\n");
print("\t\t<td colspan=\"4\"> <br><br></td>\n");
print("\t</tr>\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("</table>\n");
}
?>
<br>
<span class="vb10">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.</span>
<br><br><br><br>
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<?php
/*
///// mortgage_calculator.php /////
Copyright (c) 2002 David Tufts <http://dave.imarc.net>
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.
*/
?>
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<td class="vgr10" align="center"><a href="index.html" class="vg10">Home</a> | <a href="mortgage_facts.html" class="vg10">Mortgage Facts</a> | <span class="vg10">Mortgage Calculator</span> | <a href="process.html" class="vg10">The Process</a> | <a href="about_us.html" class="vg10">About Us</a> | <a href="contact_us.html" class="vg10">Contact Us</a> | <a href="directory.html" class="vg10">Company Directory</a></td>
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<td align="right" class="vgr10">2005 People First Lending® - All Rights Reserved.<br><br></td>
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