The Florida Mortgage calculator estimates your complete monthly payment for a home in Florida — not just principal and interest, but the full PITI: principal, interest, taxes and insurance. That matters because property tax and insurance can add hundreds of dollars a month on top of the loan payment.
How it works
The tool combines four parts into your monthly cost.
Principal and interest use the standard amortisation formula:
M = P * r * (1 + r)^n / ((1 + r)^n - 1)where P is the loan amount (price minus down payment), r is the monthly interest rate (annual APR / 12), and n is the number of monthly payments (years * 12). When the rate is 0, the payment is simply P / n.
Then it adds Florida-specific escrow costs:
- Property tax — Florida’s effective rate is 0.83% of the home value per year. The tool multiplies the price by 0.0083 and divides by 12.
- Homeowners insurance — about $4,200 per year in Florida, or $350 per month.
- PMI — if your down payment is under 20%, private mortgage insurance of 0.5% per year of the loan balance is added. At or above 20% down, no PMI applies.
Example
Take a $350,000 home in Florida with $70,000 down (20%), a 6.5% rate over 30 years. The $280,000 loan gives principal and interest of about $1,770/month. Florida’s 0.83% property tax adds about $242/month, and insurance adds roughly $350/month. Because the down payment is 20%, there is no PMI. The full PITI is about $2,362/month — noticeably more than the $1,770 principal-and-interest figure alone.
Notes
This is an estimate for planning only, not financial or tax advice. Florida’s 0.83% figure is a statewide effective average — your actual property tax depends on the county, municipality and the assessed value set by your local assessor. Homeowners insurance varies by property, location and insurer. PMI rates and removal rules depend on your lender. Verify all numbers with a licensed Florida mortgage lender and your county tax authority before making decisions.