Florida mortgage calculator
Estimate your full monthly payment — principal, interest, taxes, insurance and HOA — then explore extra payments, a 15- vs 30-year comparison and a full amortization schedule. Built for Florida buyers.
- Principal & Interest$1,804
- Property tax$336
- Homeowner's insurance$100
Extra monthly payment
See how paying more each month shortens your loan.
Add an extra amount above to see your new payoff date and interest saved.
15 vs 30 year
Same loan and rate, two terms side by side.
15-year loans usually carry a lower rate than 30-year — adjust the rate above to compare fairly.
Amortization schedule
How each year splits between principal and interest.
What PITI means
Your monthly mortgage payment is usually made up of four parts, known together as PITI: Principal, Interest, Taxes and Insurance. Principal is the portion that pays down what you borrowed; interest is the cost of borrowing it. Together they make up the “principal & interest” figure this calculator shows.
Taxes and insurance are the other two. Most lenders collect them monthly alongside your loan payment and hold them in an escrow account, so the number you actually pay each month is higher than principal and interest alone. If your loan requires mortgage insurance (PMI or FHA MIP) or the home is in an HOA, those are added on top.
How PMI works
Private mortgage insurance (PMI) is usually required on a conventional loan when your down payment is less than 20% of the purchase price. It protects the lender — not you — if the loan defaults, and it is added to your monthly payment as long as it applies.
On a conventional loan, PMI generally cancels automatically once you reach about 22% equity, and you can often request removal at 20%. FHA loans use a different program (MIP) that can last the life of the loan. Putting down 20% or more avoids PMI entirely, which is one reason the down payment slider changes your payment so much.
How property taxes are escrowed
In Florida, property taxes are set by your county property appraiser and tax collector, not by your lender. Rather than asking you to save for one large annual bill, your lender typically divides the estimated yearly amount by twelve and collects it inside your monthly payment.
That money sits in an escrow account, and the lender pays the county on your behalf when taxes are due. Homeowners insurance — and in many parts of Florida, separate windstorm or flood coverage — is usually escrowed the same way. Because tax and insurance costs change over time, your escrow portion (and therefore your total payment) can be adjusted from year to year.
What changes your monthly payment
Four inputs move your payment the most: the loan amount (purchase price minus down payment), the interest rate, the loan term, and your down payment percentage. A larger down payment lowers both the loan balance and, once you pass 20%, removes PMI.
On top of principal and interest sit the costs that are easy to underestimate: property taxes, homeowners insurance (notably higher in coastal Florida), any PMI or MIP, and HOA or condo dues. Adjusting the county preset, tax rate, insurance figure and HOA in the calculator above shows how each one shifts the total.
Frequently asked questions
How much house can I afford in Florida?
A common guideline is to keep your total monthly housing payment around 28% of your gross monthly income and your total debts under about 36–43%, but the right number depends on your income, existing debts, credit, down payment and current rates. Florida’s property taxes and insurance can be higher than the national average, so they take a real bite out of affordability — the best way to know your number is a free pre-approval.
What’s included in my monthly payment?
Most payments include four things (PITI): principal, interest, property taxes and homeowners insurance. If your down payment is under 20% you may also pay mortgage insurance (PMI or FHA MIP), and if the property is in an HOA or condo association those dues are added as well.
Why is my payment higher than the mortgage amount?
The “mortgage amount” usually refers to principal and interest only. Your actual monthly payment also includes property taxes and homeowners insurance collected in escrow, plus any PMI/MIP and HOA dues. In Florida, insurance in particular can add a meaningful amount, which is why the total is higher than principal and interest alone.
Disclosure
This calculator provides estimates for educational purposes only. The results are not a loan quote, a pre-approval, or a commitment to lend, and do not reflect all costs. Actual rates, payments, taxes, insurance and fees vary and are subject to credit approval and market conditions. Nelson Diaz — Mortgage Loan Officer, NMLS #2108125. Equal Housing Opportunity.