Florida mortgage calculatorUse our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in Florida. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Florida housing marketFlorida, The Sunshine State, is the third-most populous state in the United States.... And while state average affordability metrics and home prices are similar to national averages, Florida residents know that the housing dynamics differ meaningfully within the state. Home prices are much lower in the Panhandle than the glitzier Atlantic Coast cities like Miami. Florida is among the most volatile housing markets and saw the largest decrease in home prices following the last housing crisis.
Total principal: $240,000
30 year fixedYour input
|15 year fixed||30 year fixed|
|Total interest paid|
30 year fixedYour input
|15 year fixed||30 year fixed|
|Total interest paid|
See how your payments change over time for your 30 year fixed loan term
At year 0
30 year fixed loan term
- Principal Paid
- Interest Paid
We’ll share an interesting insight here for key milestones in your payoff schedule.
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Florida's first-time home buyer programsThe Florida Housing Finance Corporation, or Florida Housing, offers several loan programs to help qualified first-time home buyers get a mortgage.
HFA Preferred Grant
Down payment assistance
Closing cost assistance
What you need to know
This assistance program provides qualified borrowers with 3% of the home’s purchase price to be used as a down payment or to pay closing costs. The HFA Preferred program is a grant, which means it doesn’t have to be repaid.
Florida's best mortgage lendersNerdWallet has done the work for you to pick the best financing partner for you in Florida.See full article
Average property tax in Florida countiesTaking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Florida. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.
|County||Avg. property tax rate||Avg. home value|
|Indian River County||0.83%||$200,000|
|Palm Beach County||1.04%||$282,900|
|Santa Rosa County||0.78%||$192,900|
|St. Johns County||0.97%||$297,600|
|St. Lucie County||1.19%||$179,700|
How to calculate a mortgage payment
Formula for calculating a mortgage payment
- M = monthly mortgage payment
- P = the principal amount
- i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
- n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.
How a mortgage calculator helps you
- The home loan term length that’s right for you. 30-year fixed-rate mortgage lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage reduce the total interest you'll pay, but your monthly payment will be higher. c
- If an ARM is a good option. Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
- If you’re buying too much home. The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
- If you’re putting enough money down. With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.
How lenders decide how much you can afford to borrow
Typical costs included in a mortgage payment
- Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
- Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.
- Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
- Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
- Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan backed by the Federal Housing Administration.
Reducing monthly mortgage payments
- Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
- Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
- Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
- Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.
Monthly mortgage payments can go up
- Property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.
- You incur a late payment fee from your mortgage loan servicer.
- You have an adjustable-rate mortgage and the rate rises at the adjustment period.
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