Below is a scenario calculator that figures out the monthly costs for Conventional, FHA, VA and USDA home loans. To find out why this Florida Mortgage Calculator is superior to all others, just click here.
This calculator figures how much your mortgage will cost when property taxes, insurance and mortgage insurance (if applicable) are included in your monthly payment. It’s a full-featured mortgage estimator with taxes and insurance. Since this calculator assumes a 720 credit score, which affects mortgage-insurance rates, the payment you will have may actually be lower.
Mortgage Insurance rates for conventional loans may vary by lender and based upon your specific underwriting scenario.
Due to the complexities of calculating mortgage insurance for conventional loans, we have made several assumptions that you may or may not meet. Figures are not guaranteed and are being provided for hypothetical examples of payments. Be sure to contact us for an accurate amount of mortgage insurance – or to calculate home payment with taxes and insurance tailored to your situation.
Need an estimated house payment with taxes and insurance before house hunting? Use this tool to plan your budget with confidence.
What Goes Into a Monthly Mortgage Payment?
Your mortgage payment may include more than just the amount you borrowed. Depending on your loan and property, your monthly payment could include:
Principal & Interest
The portion of your payment that goes toward repaying the amount borrowed and the interest charged on your loan.
Property Taxes
Property taxes vary throughout Florida and are typically based on the assessed value of the property and local tax rates.
Homeowners Insurance
Homeowners insurance is another important part of estimating a monthly payment, especially here in Florida. Actual premiums can vary significantly based on the property, location, coverage, and insurance provider.
Mortgage Insurance
Depending on your loan program and down payment, mortgage insurance may also be part of your monthly payment.
HOA or CDD Fees
Some Florida communities have homeowners association or Community Development District fees. These costs may need to be considered separately when estimating your total monthly housing expense.
Compare Different Loan Options
One of the reasons we built our calculator this way is because not every mortgage works the same.
You can estimate payments using Conventional, FHA, VA, and USDA loan options and adjust the purchase price, down payment, interest rate, and other details to see how the numbers change.
A lower interest rate doesn’t always automatically mean the lowest monthly payment, either. The loan amount, down payment, mortgage insurance, taxes, homeowners insurance, and other factors can all play a role.
That’s why it’s helpful to look at the full picture instead of focusing on just one number.
Florida Mortgage Calculator FAQs
How accurate is a mortgage payment calculator?
A mortgage calculator is a helpful way to estimate a potential payment, but it cannot determine your final mortgage payment. Your actual payment will depend on your loan terms, interest rate, property taxes, homeowners insurance, mortgage insurance when applicable, and other property or loan-specific costs.
Does this calculator include Florida property taxes?
Our calculator allows property taxes to be included when estimating your monthly mortgage payment. Actual property taxes will depend on the specific property and local taxing authorities.
Does this calculator include homeowners insurance?
Homeowners insurance can be included in the estimate. Because insurance premiums can vary significantly from one Florida property to another, your actual insurance cost may be different from the estimate used in the calculator.
Can I compare FHA, VA, USDA, and Conventional loans?
Yes. The calculator allows you to estimate payments using Conventional, FHA, VA, and USDA loan options. Keep in mind that eligibility requirements and loan terms vary by program.
Does a lower interest rate always mean a lower mortgage payment?
Not necessarily. Your interest rate is one factor in your monthly payment, but the loan amount, loan term, mortgage insurance, property taxes, homeowners insurance, and other costs can also affect the total.
Take the next step
Getting started is easy. Just pick one of the options below and answer some questions. It only takes a few minutes.