Investor Tools
Mortgage Calculator
Estimate your monthly payment and see a full amortization breakdown. Includes principal & interest, property tax, homeowner's insurance, and PMI when your down payment is less than 20%.
Loan Details
LTV is 90.0% — PMI applies until you reach 20% equity.
Estimated Monthly Payment
$2,935
30-year fixed · $342,000 loan
Payment Breakdown
Annual Principal vs. Interest
Estimates only — for informational and educational use. Not financial, tax, legal, or investment advice. Contact a licensed lender for an official Loan Estimate. See our Terms of Service.
Understanding Your Mortgage Payment (PITI)
A monthly mortgage payment is typically made up of four components — Principal, Interest, Taxes, and Insurance — often called PITI. Lenders use your PITI to calculate your debt-to-income ratio (DTI) when qualifying you for a loan.
Monthly Payment = P&I + Monthly Tax + Monthly Insurance [+ PMI]Principal & Interest (P&I)
The core loan repayment. Early payments are mostly interest; over time, the principal share grows — this is amortization. The calculator shows this shift year by year.
Property Tax
Collected monthly by your lender into an escrow account and paid to the county annually. Florida's effective average is around 0.83%, but rates vary by county and homestead status.
Homeowner's Insurance
Required by all lenders. Florida rates are among the highest in the U.S. due to hurricane exposure — budget $2,000–$5,000/year for most homes.
PMI (Private Mortgage Insurance)
Required when your down payment is less than 20% of the purchase price. PMI is automatically removed once your LTV drops to 80%. Rates typically range from 0.3%–1.5% of the loan amount annually.
Florida Mortgage Tips
- → Apply for Florida's Homestead Exemption to reduce your assessed value by roughly $50,000 (the amount is indexed to inflation and the second half excludes school taxes) — lowers your tax escrow payment.
- →20% down eliminates PMI and typically secures better rates — meaningful savings over a 30-year term.
- → Compare 15-year vs. 30-year terms — a 15-year loan has higher monthly payments but dramatically less total interest paid.
What This Calculator Computes
It estimates a monthly housing payment from your price, down payment, rate, term, property tax rate, insurance, and PMI rate. Principal and interest use the standard fixed-rate amortization formula, where r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments.
Loan = Home Price − Down PaymentP&I = Loan × r × (1 + r)^n ÷ ((1 + r)^n − 1)Monthly Tax = Home Price × Tax Rate ÷ 12Monthly Insurance = Annual Insurance ÷ 12Monthly PMI = Loan × PMI Rate ÷ 12 (only when Loan ÷ Price is above 80%)At a 0% rate the calculator divides the loan evenly across the payments. Total interest is the sum of all P&I payments minus the loan amount.
Worked Example: A $380,000 Home With 10% Down
Hypothetical numbers for illustration, not a quote or a forecast. The assumptions:
- →Home price $380,000, down payment $38,000, so the loan is $342,000 (90% loan-to-value)
- →7.0% fixed rate, 30-year term
- →Property tax rate 1.0% of price, homeowner's insurance $2,400 a year
- →PMI at 0.5% of the loan a year, because the loan is above 80% of price
These are the calculator's default inputs. The calculator's own figures can differ by a few cents because of rounding.
Inputs and Limits
The output is only as good as the five numbers you control. Here is what each input does and what the tool does not model.
Property tax rate
A single percentage of the purchase price. Your actual bill is set by your county property appraiser and local millage, and it can differ from the purchase price. Confirm the figure with the county before you rely on it.
PMI
Applied as a flat annual rate whenever the down payment is under 20%. It is not removed as the balance falls, so the payment shown is the early-years payment. Rates vary by lender, credit score, and loan type.
Insurance
Enter a real quote. Florida premiums vary widely by location, roof age, and construction, and flood insurance is separate and not included.
Not included
HOA or condo dues, flood insurance, closing costs, points, mortgage-insurance premiums on FHA or VA loans, adjustable-rate resets, and extra principal payments. It also assumes a fixed rate for the full term.
Frequently Asked Questions
Is this the same as a Loan Estimate?
No. It is a planning estimate. A licensed lender issues a Loan Estimate after you apply, with your actual rate, fees, and escrow amounts.
When can PMI be removed?
Under the CFPB's description of federal rules for single-family principal residences, you can ask your servicer to cancel PMI when the scheduled balance reaches 80% of the original value, if you are current and meet the servicer's conditions. Servicers generally must end it automatically at 78%. Fannie Mae, Freddie Mac, FHA, and VA loans can follow different rules, so ask your servicer. This calculator does not model the removal.
How does the Florida homestead exemption affect my payment?
The Florida Department of Revenue says the homestead exemption can reduce a property's taxable value by roughly $50,000 (the first $25,000 applies to all levies, and an inflation-indexed additional amount applies to non-school levies) and qualifies the home for the Save Our Homes assessment limitation. Apply through your county property appraiser. The calculator does not apply the exemption, so lower the tax rate input if you want to see its effect.
Why is my lender's escrow payment different from the tax line here?
The calculator uses one flat rate on the purchase price. A lender's escrow is based on the county's assessed value, the millage in your taxing districts, and a cushion the lender collects. Ask the lender for the escrow breakdown.
Is a 15-year loan worth it?
A 15-year term raises the monthly payment but cuts total interest sharply. Change the term field to compare the two on your own numbers. The right choice depends on your cash flow and what else you would do with the difference.
Sources and As-Of Dates
- CFPB: When can I remove PMI from my loan?: 80% request and 78% automatic termination rules for covered single-family principal residences (page reviewed by the CFPB in August 2026).
- Florida Department of Revenue: Property tax exemptions: homestead exemption of roughly $50,000 (partly inflation-indexed) and the Save Our Homes limitation.
Sources last checked October 31, 2026. The amortization formula is standard financial math, not a legal rule. Educational estimate, not financial, tax, or legal advice.
Compare Renting vs. Buying in Florida
Use our Rent vs. Buy calculator to see whether buying makes sense over your time horizon — factoring in appreciation, rent increases, and opportunity cost.
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