Mortgage Payment Calculator

How do you calculate a monthly mortgage payment?

Principal and interest come from standard amortization, but the payment you actually make also includes property tax, homeowners insurance, HOA dues where they apply, and mortgage insurance whenever a conventional loan is below 20% equity or FHA is used at any loan-to-value. This calculator carries all of them.

The purchase

Home price $

Loan program

Down payment $

Down payment % %

Interest rate %

Term

Credit score band Drives your PMI rate

VA entitlement

Entitlement use

Exempt from the funding fee (service-connected disability compensation, Purple Heart recipient on active duty, or surviving spouse)

Down payment assistance

Assistance %

Structure

Second rate %

Second term

Taxes, insurance & other costs

Florida defaults are filled in. Open this only if you know your actual numbers.

Property tax % of value / yr %

Insurance per year $

HOA per month $

Extra principal per month $

Closing costs % of price %

Appreciation % per year %

Estimated total monthly payment

$0

Principal & interest$0
Property taxes$0
Homeowners insurance$0
Mortgage insurance$0
Assistance second payment$0
HOA dues$0

Loan amount$0Includes any financed fee

Loan-to-value0%At closing

Cash to close$0Down payment + closing costs − assistance

Assistance$0Applied at closing

Total interest$0Over the life of the loan

Paid off—— of payments

Mortgage insurance ends—Based on scheduled amortization

Financed fee$0FHA upfront MIP or VA funding fee

Hometown Heroes: the assistance shown is 5% of the first mortgage, floored at $10,000 and capped at $35,000. It's a 0%, non-amortizing second — no monthly payment — repaid when you sell, refinance, transfer title, or stop using the home as your primary residence. Funding is limited and allocated first-come, first-served.

VA: no monthly mortgage insurance at any loan-to-value. The one-time funding fee is financed into the loan above and is waived entirely for veterans receiving service-connected disability compensation.

FHA with 100% DPA: assistance covers FHA's 3.5% minimum required investment, so the down payment line is zero. You still owe closing costs unless they're covered by seller credits, lender credits or additional assistance.

Conventional PMI is removed automatically at 78% loan-to-value of the original value — that's the date shown above. You can request removal earlier at 80%, and a new appraisal after improvements or appreciation can get you there sooner still.

Where each payment goes

Balance vs. estimated property value

Amortization schedule

Get pre-qualified

Estimate only — not a quote, a pre-approval, or a commitment to lend. Taxes and insurance are your inputs, not a quote from the county or a carrier; Florida insurance in particular varies enormously by age, roof and wind mitigation. Mortgage insurance is estimated from published industry grids and your actual premium depends on the insurer, credit and program.

Questions about this calculator

Why is this mortgage payment higher than other calculators show?

Because most calculators show only principal and interest. A real Florida payment also includes property taxes, homeowners insurance — which is not cheap here — HOA dues where they apply, and mortgage insurance whenever you are below 20% equity on a conventional loan or using FHA at any loan-to-value.

When does PMI come off a conventional loan?

Automatically once the scheduled balance reaches 78% of the original property value, which federal law requires. You may request removal earlier at 80%. This calculator shows the exact month it happens.

Are the interest rates on this calculator real quotes?

No. The rate field is yours to set, and no rate is pre-loaded, because that would resemble an offer. Your actual rate depends on credit, loan-to-value, occupancy, property type, loan amount and lock period.

Where this applies

Numbers are a starting point. A pre-approval is an answer.

Send us the scenario you just built and we'll tell you what's actually available for it.

Get pre-qualified (786) 519-3007

How do you calculate a monthly mortgage payment?

Where each payment goes

Balance vs. estimated property value

Amortization schedule

Questions about this calculator

Related loan programs

Hometown Heroes

VA loans

FHA loans

Numbers are a starting point. A pre-approval is an answer.