Mortgage Calculator

Enter your home price, down payment, interest rate, and loan term in the calculator above. It instantly returns your monthly principal and interest payment and a full amortization schedule. For a $320,000 loan at 6.5% over 30 years, the monthly P&I is $2,022.62.

P&I is principal and interest only, the part this calculator computes. PITI adds property taxes and insurance, and your real monthly payment is PITI, not P&I. Lenders collect taxes and insurance through an escrow account on top of P&I, so your actual bill will be higher than the number shown above. The CFPB explains how escrow accounts pay these property-related expenses.

No, this calculator does not include private mortgage insurance (PMI). According to the CFPB, PMI is required on a conventional loan when your down payment is under 20 percent, and it protects the lender, not you. PMI is an extra monthly cost on top of the P&I shown above until you reach 20 percent equity.

The average 30-year fixed mortgage rate was 6.66% as of August 27, 2026, according to Freddie Mac's Primary Mortgage Market Survey. Rates change weekly, so use today's quoted rate in the calculator above for an accurate estimate. A small rate change moves your payment more than most people expect.

A mortgage calculator, a mortgage quote, and a mortgage estimator all point at the same question: what will this loan cost me each month? A quote from a lender is the real, binding version, built from your actual credit and the property. The calculator above is the free, instant version you run before you talk to anyone, using your own home price, down payment, rate, and term to estimate that same monthly principal and interest payment.

Early payments are almost all interest because interest is charged on your full remaining balance. In month one of a $320,000 loan at 6.5%, $1,733.33 goes to interest and just $289.28 reduces principal. The balance shrinks slowly at first, then principal accelerates over time. See the full breakdown with our mortgage amortization calculator.

Adding extra money to your monthly payment goes straight to principal and shortens your loan. Because early payments are mostly interest, extra principal early saves the most interest over the life of the loan. Run the numbers with our mortgage extra payment calculator, pay off mortgage early calculator, and mortgage payoff calculator.

A mortgage calculator is a tool that estimates your monthly principal and interest (P&I) payment on a home loan from four inputs: home price, down payment, interest rate, and loan term. Enter those figures in the calculator above and it returns your monthly payment plus a full amortization schedule breaking down interest versus principal for every payment.

A mortgage calculator applies the standard amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where M is the monthly payment, P is your loan principal, r is your monthly interest rate (annual rate ÷ 12), and n is your total number of payments (loan term in years × 12). For the $320,000 loan at 6.5% over 30 years described above, r is 0.5417% and n is 360, and running those numbers through the formula returns the $2,022.62 monthly P&I payment shown in the example. Plug the same formula into a spreadsheet if you want to check the calculator's math yourself.

This calculator accurately estimates your monthly principal and interest payment from the numbers you enter, using the same amortization math your lender applies. What it can't know is your actual lender-quoted APR or your final closing costs, since those depend on your specific lender, your credit profile, and points or fees that vary deal to deal. Treat the number above as a solid planning estimate, then confirm your real rate and fees on a Loan Estimate from an actual lender before you commit.