Use this calculator to estimate your monthly mortgage payment, including principal, interest, taxes, and insurance. Adjust the numbers to see how different loan amounts, rates, and terms affect what you’ll pay each month.
How to Use This Calculator
Enter the home price, your down payment, and the current interest rate to see your estimated monthly payment. The calculator includes principal, interest, property taxes, and homeowners insurance.
Keep in mind this is an estimate. Your actual payment may also include private mortgage insurance (PMI) if you put less than 20% down, CDD fees if you’re in a Florida community development district, and HOA dues if applicable.
What Goes Into Your Monthly Payment
Principal & Interest — This is the core of your mortgage payment. The principal reduces your loan balance; the interest is what the lender charges for lending you the money. Early in your loan, most of your payment goes toward interest. Over time, more goes toward principal.
Property Taxes — Varies by location. In Florida, expect 0.8% to 1.2% of your home’s value annually. Learn how to lower your property taxes and check if you qualify for the Florida Homestead Exemption.
Homeowners Insurance — Required by your lender. Covers damage to your home from storms, fire, theft, and other covered perils. Learn how to save on your premium. You may also need flood insurance depending on your location.
How Much House Can You Afford?
Most financial advisors recommend keeping your total housing costs under 28% of your gross monthly income. But that’s the bank’s number — here’s how to figure out what you can actually afford based on your real take-home pay and all the costs the bank doesn’t count.