P&I (Principal & Interest)
The base mortgage payment covering principal and interest only — before taxes, insurance, or mortgage insurance are added. Computed by the standard amortization formula: pmt = loan x (r x (1+r)^n) / ((1+r)^n - 1), where r is the monthly rate (annual rate / 12) and n is the term in months.
| Audience | Name |
|---|---|
| Engineering (code) | — |
| Design (UI label) | — |
| Borrower-facing | the loan payment itself, before taxes and insurance |
| Do not use | — |
Sources
- Clarity Engine Glossary — P&I
- Clarity Engine Glossary — PMT
Related
Current Monthly Payment, Target Monthly Payment, Projected Pitia, Amortization