Florida Elite Real Estate

Mortgage Calculator

Below is a basic mortgage calculator which can help give you an idea of what your monthly mortgage payment will be at hypothetical price points / loan amounts. It’s important to note that there is not a field to input homeowners insurance. Insurance rates will vary tremendously based on the size, construction, age and the location of a home. If you’re planning to use a mortgage, you will be required to carry homeowners insurance, and the yearly premium will be divided evenly into payments wrapped into your mortgage over the course of a year. Thus, if your yearly insurance premium is $2,400,  add an additional $200 to your monthly payment.


MortgageCalculator
Home Value: $
Loan amount: $
Interest rate: %
Loan term: years
Start date:
Property tax: %
PMI: %
Output parameters »

 

PMI or Private Mortgage Insurance – Is a tool lenders use to limit risk in the instance of a borrower default. Nearly all lenders require homebuyers to carry private mortgage insurance for loans with loan-to-value percentages over 80%. So, if a buyer puts down less than 20% of a property’s value, that buyer can expect to pay some amount of mortgage insurance. The cost of PMI will vary depending on the size of a loan, type of loan (public vs. private) and the downpayment amount. Typically, a buyer can expect to pay .5% to 1.5% of the original loan amount per year until there is over 20% equity in the property. Once the balance hits 80%, a borrower can request PMI to be suspended. Lenders are required to discontinue PMI payments without the request of the mortgagor when the loan balance drops to 78%. That being said, it’s always a good idea to know how much you owe!


We Want to Help you!

Please fill in your details,
and we'll be in touch asap!

How can we reach you?

Fill in your details and we'll be in touch!