This free mortgage calculator estimates a fixed-rate monthly principal and interest payment. Add property tax, homeowners insurance, and PMI for a fuller US-style PITI total. It also reports total interest over the loan term. Figures are estimates for planning, not a lender quote or underwriting decision.
How to use this mortgage calculator
- Set loan basicsEnter home price and down payment.
- Add rate and termEnter APR and loan years.
- Optional costsAdd tax, insurance, and PMI.
- Read paymentSee monthly P&I, PITI, and interest.
The formula behind it
Monthly principal and interest uses M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan, r is the monthly rate, and n is the number of months. PITI adds monthly tax, insurance, and PMI.
Example: A $300,000 loan at 6.5% for 30 years has about $1,896.20 in monthly principal and interest. Over 360 payments, total interest is about $382,633.
Sample principal and interest on a $300,000 30-year loan
| Rate | Estimated monthly P&I |
|---|---|
| 5.5% APR | $1,703.37/mo P&I |
| 6.0% APR | $1,798.65/mo P&I |
| 6.5% APR | $1,896.20/mo P&I |
| 7.0% APR | $1,995.91/mo P&I |
| 7.5% APR | $2,097.64/mo P&I |
US mortgage terms people ask about
30-year fixed and 15-year fixed are the most common consumer term lengths.
PMI is private mortgage insurance. Lenders often require it when the down payment is under 20%.
Property tax and insurance are usually escrowed monthly, which is why PITI matters.
Your actual payment can differ after credit, points, HOA dues, and lender fees.
Frequently asked questions
What is the monthly payment on a $300,000 mortgage at 6.5% for 30 years?
About $1,896 per month for principal and interest alone, before taxes and insurance.
What does PITI mean?
PITI stands for principal, interest, taxes, and insurance. It is the common full housing payment estimate.
What is PMI on a mortgage?
PMI is private mortgage insurance, often required when you put down less than 20%.
How is mortgage interest calculated each month?
Each month, interest is charged on the remaining balance. The rest of the payment reduces principal.
Is this mortgage calculator a loan offer?
No. It is an educational estimate. Lenders provide binding quotes after full underwriting.
More free calculators
Related: EMI calculator, percentage calculator, and the Calculators hub.
Official consumer mortgage guidance is available from CFPB - Owning a Home.