How to Use This Calculator

The calculator updates in real time as you type. Adjust any input and the results refresh instantly — no submit button, no page reload. Here’s what each field does:

• Home Price: The purchase price of the home you’re considering.
• Down Payment ($ and %): Enter either the dollar amount or the percentage — the other field auto-calculates. The minimum down payment depends on your loan program: 0% for VA/USDA, 3% for first-time conventional, 3.5% for FHA, 5% for standard conventional.
• Interest Rate: The annual interest rate on your mortgage. Rates vary daily and depend on your credit score, loan program, and current market conditions. The default reflects approximate market rates — for your actual rate, get a pre-approval.
• Loan Term: 30 years is standard. 15-year terms have lower total interest but higher monthly payments. 20 and 10-year options are also available.
• Property Tax Rate: Florida county tax rates typically range 0.85% – 1.45% of home value. The 1.1% default is a Florida average. Check your county’s millage rate for your actual number.
• Homeowners Insurance: Florida insurance costs have risen sharply. Typical range: $2,000 – $6,000+ per year depending on location, property type, and coverage. Coastal and older homes cost more.
• HOA Fees: Monthly homeowners association dues if applicable. Leave at $0 if your property has no HOA.
• PMI Rate: Mortgage insurance only applies when your down payment is below 20%. The 0.55% default matches FHA’s current annual MIP and typical conventional PMI for mid-range FICO scores. It’s .35% for USDA. No mortgage insurance is required for VA.

Understanding PITI

PITI is the four components of a standard mortgage payment: Principal, Interest, Taxes, and Insurance. Many calculators only show principal and interest — but that’s not your real monthly payment. Florida buyers in particular are often shocked when they see what taxes and insurance add to the total.

• Principal: The portion of your payment that reduces your loan balance. Early in your loan, this is small. Over time, it grows.
• Interest: The cost of borrowing money. Early in your loan, this is the largest portion of your payment. Over time, it shrinks.
• Taxes: Property taxes are billed annually but typically collected monthly through your mortgage escrow account. The lender holds the funds and pays the county on your behalf.
• Insurance: Homeowners insurance is required by all mortgage lenders. Like taxes, it’s typically escrowed monthly and paid annually.

If your loan-to-value (LTV) is above 80%, you’ll also pay mortgage insurance (PMI or MIP) on top of PITI. PMI is what protects the lender if you default — it’s not optional below 20% equity for most loan programs. The good news: conventional PMI falls off automatically when you reach 78% LTV. FHA’s MIP stays for the life of the loan unless you refinance to conventional.

Florida-Specific Costs

Florida has some unique cost drivers compared to other states:

• Property tax varies wildly by county. Rural counties run 0.85% or lower; some metro counties hit 1.4%+. The Save Our Homes amendment caps annual increases at 3% for primary residences after the first year.
• Homeowners insurance is a major expense in Florida. Hurricane risk and a tight insurance market have driven premiums up 40-60% over the last 3-5 years. Coastal properties, older homes, and homes with older roofs cost meaningfully more.
• Flood insurance may be required separately if your property is in a FEMA flood zone. This is in addition to standard homeowners insurance and is not included in our calculator’s default insurance estimate.
• Doc stamps and intangible tax apply at closing in Florida — not part of monthly payments but part of total cost. Several Florida down payment assistance programs (like Hometown Heroes) waive these.

What This Calculator Can’t Tell You

This calculator gives you a payment estimate based on inputs you provide. It doesn’t tell you:

• Your actual interest rate. Rates depend on credit score, loan program, property type, and current market conditions. Get a free pre-approval to see your real rate.
• Whether you qualify. The calculator doesn’t check DTI, work history, or credit. It just runs the math on numbers you give it.
• Which loan program is best. FHA, VA, USDA, conventional, and specialty programs all have different rules. See our loan programs page to compare.
• What your real tax and insurance will be. County millage rates and insurance quotes vary. The defaults are Florida averages — for accurate numbers, check your county property appraiser’s site and get an insurance quote.
• Down payment assistance you might qualify for. Programs like Hometown Heroes can give you up to $35,000 toward down payment and closing costs — meaning your real out-of-pocket may be much lower than the calculator suggests.

Best practice: use this calculator to model scenarios — different home prices, different down payments, different rates — and then call us to see what you actually qualify for. The math the calculator does is the same math your lender will do, but your lender has additional tools to find programs that lower your real costs.

Mortgage Calculator FAQ

Ready for Your Real Numbers?

The calculator gets you close. A pre-approval gets you exact. Send us your scenario — we’ll run it across 200+ wholesale lenders and tell you the best rate, the best program, and your actual closing costs. Free, no obligation, 24-hour turnaround on weekdays.