Free calculator
Mortgage payment calculator
Estimate principal and interest (P&I) for a fixed-rate, fully amortizing loan—the same level-payment math as a standard mortgage model. Enter a loan amount directly, or use the Home price tab to derive the financed amount from purchase price and down payment. Optionally add monthly property tax, homeowners insurance, HOA, and PMI as your own estimates (not pulled from public records or a lender). For a month-by-month amortization table and PPMT / IPMT, use the linked amortization schedule tool.
When to use this calculator
Quick P&I checks and rough total monthly outlay when you already have tax, insurance, and HOA numbers in hand—or leave them blank for P&I only.
- Ballpark the monthly payment before you plug the same PMT identity into a spreadsheet model.
- Use the Home price tab to see financed amount and a simple LTV readout alongside P&I.
- Layer optional monthly tax, insurance, HOA, and PMI estimates to compare against portal calculators—knowing every add-on here is typed by you.
- Jump to the amortization schedule tool when you need period-by-period principal, interest, and balance.
For a fixed nominal annual rate and equal monthly payments on a fully amortizing loan, P&I is the annuity payment that pays the loan balance to zero after n months—the same structure as our amortization schedule tool.
Monthly rate from the quoted annual
The tool divides your nominal annual percent by 12 for a monthly periodic rate i (decimal). This is interest accrual timing, not your full APR with fees.
Level P&I (annuity payment)
P&I is the payment that amortizes the loan amount to 0 after n months at i. At 0% interest, it is loan ÷ n; otherwise it follows the standard PMT identity.
Optional housing costs
Tax, insurance, HOA, and PMI are added as separate monthly amounts you supply. PMI can instead be entered as an illustrative annual percent of the original loan divided by 12—still not a lender quote.
This page does not model ARM resets, interest-only phases, balloon payoffs, biweekly schedules, or refinance comparisons.
Need every period’s principal vs interest? Use the amortization schedule calculator on this site—the math core for P&I is aligned between the two tools. For generic PV / FV / PMT on a level stream (not tied to a 360‑month mortgage layout), see the annuity calculator.
Google Sheets & Excel
The same level monthly payment as this page matches PMT with monthly rate and n periods. Replace annualRate, nMonths, and principal with your cells.
=PMT(annualRate/12,nMonths,-principal)Sheets and Excel return PMT as a negative outflow by convention; negate or format as needed.
Frequently asked questions
What is P&I vs PITI?
P&I is principal and interest—the loan payment that amortizes your balance at the rate you entered. PITI usually adds property tax, homeowners insurance, and sometimes mortgage insurance and HOA. This page starts with P&I and lets you optionally add monthly estimates for those extras.
How does PMI work here?
You can type a monthly PMI guess or an annual percent of the loan we convert to a monthly illustration. Real PMI depends on LTV, loan type, credit, and cancellation rules—this page does not automate any of that.
Is the rate I enter the same as APR?
Usually no. You should enter a nominal interest rate for the loan accrual pattern this page models. APR (U.S.) or TAEG (EU) can bundle fees, insurance, and timing rules. Use disclosures from your lender when you need APR-grade numbers.
Why is my total different from Zillow, NerdWallet, or my bank?
Portals often default tax, insurance, PMI, and HOA using ZIP-level or national guesses, and may use a different APR assumption. Here, P&I follows the same transparent PMT math as our amortization tool, and every optional dollar is typed by you—so differences are expected until assumptions match.
Does this calculate how much house I can afford (DTI / capacity)?
No. Capacity and debt-to-income tools need income, debts, and sometimes stress rates. This page focuses on payment from loan terms plus optional monthly add-ons—not an affordability approval.
Can I model extra payments or early payoff?
Not on this page. Use the amortization schedule calculator to inspect principal/interest period by period; for systematic extra-paydown modeling, build a timeline in Sheets or a template.
How do I match P&I in Google Sheets or Excel?
Use =PMT(annualRate/12, nMonths, -principal) with the same sign convention as the card on this page. P&I here should align with the monthly payment column in the amortization tool for the same inputs.
How do you get the loan amount from home price?
Loan = home price − down payment (floored at 0). LTV is loan ÷ home price × 100% as a simple readout—real underwriting uses more rules than we model.
Is property tax the same as my escrow line?
Not exactly. Escrow is the account your servicer uses to pay tax and insurance on your behalf; the monthly escrow collection can include cushions and true-up adjustments. This page just adds the monthly numbers you enter—treat them as a rough cash view, not your statement.
Is this mortgage, tax, or insurance advice?
No. It is a free educational calculator. For offers, disclosures, and decisions with money on the line, use licensed professionals and your actual loan documents.