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.

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!

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