Mortgage Payment Calculator for Florida
This calculator is pre-filled with Florida's effective property tax rate of 0.78% — close to the US average of 0.9% — so the monthly escrow figure reflects what homeowners there typically pay. That figure is a state-wide average for 2024; your county's rate will differ, sometimes considerably, so replace it with your actual rate for an exact payment.
Your details
Put down less than 20% and most lenders require mortgage insurance.
Advanced options
Paid on top of the scheduled payment, straight off the principal.
Result
Total monthly payment
- Principal & interest
- $2,124
- Loan amount
- $336,000
- Total interest paid
- $428,549
- Property tax
- $273
- Home insurance
- $150
- Down payment
- $84,000
- Total of all payments
- $848,549
- Paid off by
- Dec 1, 2055
- Over this term you will pay more in interest than the amount you borrowed. Shortening the term or overpaying changes that sharply.
- Principal$336,00044%
- Interest$428,54956%
Amortization schedule
Every scheduled payment, split into interest and principal, with the balance remaining.
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jan 1, 2026 | $2,124 | $304 | $1,820 | $335,696 |
| 2 | Feb 1, 2026 | $2,124 | $305 | $1,818 | $335,391 |
| 3 | Mar 1, 2026 | $2,124 | $307 | $1,817 | $335,084 |
| 4 | Apr 1, 2026 | $2,124 | $309 | $1,815 | $334,775 |
| 5 | May 1, 2026 | $2,124 | $310 | $1,813 | $334,465 |
| 6 | Jun 1, 2026 | $2,124 | $312 | $1,812 | $334,153 |
| 7 | Jul 1, 2026 | $2,124 | $314 | $1,810 | $333,839 |
| 8 | Aug 1, 2026 | $2,124 | $315 | $1,808 | $333,523 |
| 9 | Sep 1, 2026 | $2,124 | $317 | $1,807 | $333,206 |
| 10 | Oct 1, 2026 | $2,124 | $319 | $1,805 | $332,887 |
| 11 | Nov 1, 2026 | $2,124 | $321 | $1,803 | $332,567 |
| 12 | Dec 1, 2026 | $2,124 | $322 | $1,801 | $332,244 |
Florida at a glance
- Effective property tax rate
- 0.78% of home value per year(Tax Foundation, Facts & Figures 2026 (Table 33), using 2024 ACS data)
- Rank among US states
- 27 of 50 (1 = highest)(Tax Foundation, Facts & Figures 2026 (Table 33), using 2024 ACS data)
- Annual property tax on a $400,000 home
- about $3,120
- Added to a monthly payment
- about $260 per month in escrow
How to calculate your monthly mortgage payment
Enter the home price
Use the agreed purchase price, not the listing price or the appraisal.
Set your down payment
Enter it as a percentage. Below 20% and the calculator adds mortgage insurance automatically.
Enter your interest rate
Use the quoted APR from your lender. A rate you have been pre-approved for is far more useful than an advertised headline rate.
Choose a term
Compare 15 and 30 years side by side — the difference in total interest is usually larger than people expect.
Add taxes and insurance
Property tax rates vary enormously by state and county. Your closing disclosure has the real figures.
Read the amortization schedule
Scroll the table to see how long it takes before more of each payment goes to principal than to interest.
The formula
M = P · [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]- M
- Monthly principal and interest payment
- P
- Loan amount (home price minus down payment)
- r
- Monthly interest rate (annual rate ÷ 12)
- n
- Total number of monthly payments (years × 12)
This is the standard amortising-loan formula. It finds the single fixed payment that exactly clears the balance after n payments, given that interest accrues on the outstanding balance each month. Early payments are mostly interest because the balance is high; late payments are almost entirely principal. Property tax, insurance, PMI and HOA fees are added on top — they are not part of the loan itself, which is why lenders quote them separately as escrow.
Sources
- Homeowners Protection Act of 1998 (PMI cancellation) — Consumer Financial Protection Bureau
- Facts & Figures 2026, Table 33: Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (CY 2024) — Tax Foundation
Frequently asked questions
What is included in a monthly mortgage payment?
Four things, often called PITI: principal, interest, property taxes and insurance. Principal and interest go to the lender and repay the loan itself. Taxes and insurance are usually collected into an escrow account and paid on your behalf. If your down payment was under 20% there is normally a fifth item, private mortgage insurance (PMI), and homes in a managed community add HOA fees on top.
How much difference does a 15-year term make?
The monthly payment rises substantially, but total interest falls dramatically — frequently by more than half. On a $336,000 loan at 6.5%, a 30-year term costs roughly $428,000 in interest while a 15-year term costs roughly $191,000. Change the term in the calculator above to see the figures for your own numbers.
When can I stop paying PMI?
Normally once your loan balance drops below 80% of the home's value. Under US federal law (the Homeowners Protection Act) a lender must drop PMI automatically at 78% of the original value, and you can request removal at 80%. Paying extra principal each month reaches that point sooner, which this calculator accounts for.
Does paying extra each month actually help?
Yes, and more than most people expect, because every extra dollar comes straight off the principal and so stops accruing interest for the entire remaining term. Enter an amount in 'Extra monthly principal' under advanced options and the calculator will show both the interest saved and the new payoff date.
Is the interest rate the same as the APR?
No. The interest rate is what accrues on your balance. The APR also folds in lender fees, points and some closing costs, so it is usually slightly higher and is the better figure for comparing offers. This calculator treats the rate you enter as the accrual rate, so enter the interest rate for an accurate payment and compare lenders on APR separately.
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