Mortgage Payment Calculator for South Florida Homes
Check what a given home price costs each month before your first showing, so you walk into homes with a real number.
What This Calculator Does
Enter a price, pick a loan type, and this mortgage payment calculator returns the full monthly figure the way a lender quotes it. You supply the down payment, rate and term, plus HOA dues, insurance and property tax. The total holds principal and interest, tax and insurance collected through escrow, HOA dues, and PMI or FHA mortgage insurance. Mortgage insurance ending? That payment shows too. The FHA upfront premium and the VA funding fee can be rolled into the loan or paid at closing. If your loan tops the FHA limit or the conforming limit in Miami-Dade, Broward or Palm Beach, a warning appears.
Who Is This For
It's built for three moments: settling on a price range to search in, deciding between loan terms on a property you already own, and pinning down a monthly cost before an offer goes in.
How It Works
Start with the home price, then the loan type, then the down payment, the term and the rate your lender quoted. Know the property tax percentage, the yearly insurance premium or the monthly HOA amount? Add them. An empty field is skipped in the total, which is different from typing zero. On a conventional loan with less than 20% down, enter your own PMI quote, or leave it empty and a published estimate takes over. Press Calculate. The loan breakdown appears under Your mortgage, and you can download it as a PDF.
Frequently Asked Questions
What makes up my monthly payment?
Start with the loan itself: principal and interest. Property tax and homeowners insurance sit on top, then HOA dues and mortgage insurance. Which insurance you pay depends on the loan. Conventional with under 20% down means PMI, every FHA loan carries MIP, and VA loans have no monthly mortgage insurance. Closing costs, upkeep and utilities never enter the monthly figure.
What's the minimum down payment per loan type?
It depends on the loan. FHA asks 3.5% down when your credit score is 580 or higher; with a score of 500–579, it wants 10%. Only qualifying buyers get 3% down on a conventional loan. VA needs no down payment. And 20% down on a conventional loan means no PMI.
When does mortgage insurance stop?
Conventional PMI has an end date. Federal law cancels it when your payment schedule reaches 78% of the home's original value, or at the halfway mark of the loan. FHA MIP runs 11 years if you put 10% or more down. Put less than 10% down and it lasts as long as the loan. The calculator shows the payment once mortgage insurance drops off.
What fee does an FHA or VA loan add at the start?
On an FHA loan, the upfront premium comes to 1.75% of the amount you borrow. VA loans carry a funding fee instead, charged once, sized by your down payment and by whether you've used the benefit before. An exempt veteran owes nothing for it. Both usually get added to the loan balance, which raises the payment slightly. The other route: pay them at closing.
What happens when I borrow more than the limit?
The calculator still shows your payment. It also shows the down payment that would bring the loan under the limit. What changes is the loan type: over the conforming limit, a conventional loan is classed as jumbo and each lender sets its own rules; over the FHA limit, FHA insurance is off the table. The VA loan limit doesn't come into play if you have full VA entitlement.
15-year or 30-year: which term fits me better?
It comes down to monthly cash versus total interest. Want a lower monthly payment and room in your cash flow? That's the 30-year term. Want to pay less interest overall? The 15-year term does that, with a bigger payment each month. Weigh both against your own budget and goals.