P&I Calculator - Mortgage Principal & Interest
Monthly Payment Breakdown
Remaining Balance Over Time
Yearly Payment Breakdown
Cumulative Payments Over Time
Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
Key Features
- Complete Payment Analysis: Calculate P&I, taxes, insurance, and PMI
- Visual Breakdowns: See payment allocation and amortization charts
- Advanced Options: Include property tax, insurance, and PMI calculations
- Detailed Schedule: View year-by-year amortization details
How to Use
- Enter House Value: Input the total price of the home
- Set Down Payment: Enter your planned down payment amount
- Check Loan Amount: Verify the calculated loan amount
- Input Interest Rate: Enter the annual interest rate from your lender
- Choose Loan Term: Select your preferred loan duration
- Add Extra Costs: Include property tax, insurance, and PMI if applicable
- Review Results: Analyze your monthly payments and total costs
The monthly mortgage payment is calculated using a standard amortization formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
- M: Monthly Payment
- P: Principal Loan Amount
- i: Monthly Interest Rate (Annual Rate / 12)
- n: Total Number of Payments (Loan Term in Years * 12)
Additional costs (taxes, insurance, PMI) are divided by 12 and added to the monthly payment.
Before Getting a Mortgage
- Down Payment Impact: A larger down payment reduces monthly costs and may eliminate PMI
- Interest Rate Factors: Your credit score and market conditions affect your rate
- Additional Costs: Remember HOA fees, maintenance, and utilities aren't included here
- Loan Types: Compare fixed-rate vs adjustable-rate mortgages
Financial Planning Tips
- Get pre-approved before house hunting
- Save for both down payment and emergency fund
- Consider the full cost of homeownership
- Shop around for the best mortgage rates
Understanding P&I in Your Mortgage Payment
Your monthly mortgage payment consists primarily of Principal and Interest (P&I). The principal portion reduces your loan balance, while the interest is the cost of borrowing. Understanding P&I helps you make informed decisions about your mortgage.
What Affects Your P&I Payment?
- Loan Amount: The total amount you're borrowing
- Interest Rate: Annual rate charged by your lender
- Loan Term: Length of time to repay (typically 15 or 30 years)
- Down Payment: Larger down payments reduce your P&I
Beyond P&I: Total Monthly Payment
- Property Taxes: Annual taxes divided by 12
- Insurance: Annual premium divided by 12
- PMI: Required for down payments under 20%
- HOA Fees: If applicable to your property
What is a Mortgage Calculator?
A mortgage calculator (also called a home loan calculator, bond calculator, or housing loan calculator) is a free online tool that helps you estimate your monthly repayment, installment, or EMI for any property loan. It works for mortgages, home loans, bonds, and housing loans worldwide—showing you principal & interest (P&I), taxes, insurance, and more. Perfect for buyers in the US, UK, Australia, Canada, India, South Africa, and beyond.
A mortgage (US/UK), home loan (global), or bond (South Africa) is a loan used to buy property, repaid in regular installments (monthly payments, EMIs, or repayments) over a set term, with interest.
Mortgage payments are calculated using the loan amount, interest rate, and term. The standard formula is: Payment = [P × r × (1 + r)^n] / [(1 + r)^n – 1], where P = principal, r = monthly interest rate, n = number of payments. The result is your monthly repayment, installment, or EMI.
P&I (Principal & Interest) is the US term for the main mortgage payment. EMI (Equated Monthly Installment) is used in India/Asia. Repayment, installment, and monthly payment are global terms. All refer to the regular payment covering principal and interest.
PMI (Private Mortgage Insurance, US) and LMI (Lenders Mortgage Insurance, Australia) are insurance policies required when your down payment/deposit is below a certain threshold (often 20%). They protect the lender, not the borrower, and add to your monthly payment.
An amortization schedule is a table showing each payment's breakdown into principal and interest, plus the remaining balance after each payment, for the entire loan term.
This calculator is designed for standard principal & interest (P&I/EMI/repayment) loans. For interest-only, offset, or balloon loans, results may differ—check with your lender for exact figures.
This calculator works for any currency and country. Enter your local values—terms like mortgage, home loan, bond, EMI, repayment, and installment are all supported for global users.