# Calculate P&I Payment

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Mortgage Calculator. Use SmartAsset’s mortgage calculator to estimate your monthly mortgage payment, including the principal and interest, taxes, homeowners insurance and private mortgage insurance (pmi).

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The Amortization Formula. The basic amortization formula lenders use to calculate a P&I payment has four variables: P, R, N and M. "P" is the principal, or the amount you borrowed. "R" is the monthly interest rate on the loan, expressed as a decimal. A 6 percent annual interest rate, for example, would be 0.5 percent per month, or 0.005.

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A "P&I" payment for a mortgage is a "principal and interest" payment, which is usually made monthly over the term of the loan, according to Quicken Loans. A principal and interest payment does not include taxes and insurance, two items that are commonly spread out over the loan in an escrow account.

Calculate your monthly mortgage repayments, given amount of mortgage, years to repay and interest rate.