Mortgage Calculator
This mortgage calculator estimates the monthly principal and interest (P&I) payment on a home loan and shows the full amortization schedule. Enter your home price, down payment, interest rate, and term in the calculator above to see your number instantly. You can also add property taxes and homeowners insurance to see your full monthly payment, known as PITI (principal, interest, taxes, and insurance) — the number that actually hits your bank account.
Mortgage calculators
How it works
A mortgage calculator works by spreading your loan amount over the term at a fixed interest rate, then solving for the level monthly payment. Take a common 2026 example: a $400,000 home with $80,000 down leaves a $320,000 loan. At a 6.5% APR over 30 years, the monthly P&I payment is $2,022.62.
Here is the part most buyers miss. In month one, $1,733.33 of that payment goes to interest and only $289.28 goes to principal. Early payments are almost all interest, and principal builds slowly. Over the full 30 years you would pay $408,142 in interest, bringing the total of payments to $728,142. That is why even small extra payments early on can save so much.
Frequently asked questions
How do I use this 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.
What is the difference between P&I and PITI?
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.
Does this calculator include PMI?
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.
What is the current 30-year mortgage rate?
The average 30-year fixed mortgage rate was 6.49% as of June 25, 2026, according to Freddie Mac. 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.
Why does so little of my early payment go to principal?
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.
How can I pay off my mortgage faster?
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.