What is the real monthly payment?
Principal, interest, taxes, insurance, dues and mortgage insurance, with the statutory PMI termination date and a full amortization table.
Principal and interest is the easy part. What moves a South Florida payment is everything stacked on top of it: property tax that resets when the homestead cap goes away at a sale, insurance that is rarely a small number on the coast, association dues, and mortgage insurance if you are putting less than twenty percent down. This calculator runs all of it, shows the month your PMI is scheduled to drop under the federal rule, and lets you test an extra payment against the full amortization table.
The loan
Zero is allowed; the model handles a fully financed purchase.
Escrow and dues
Your figure, held flat. Florida assessments move, and homestead plus the Save Our Homes cap changes what you actually pay.
In coastal Florida this is rarely a small number. Use a real quote, including wind and flood if they are separate.
An assumption until your lender quotes it. Typical conventional PMI runs a fraction of a percent and depends on credit and loan-to-value. Clear the field to model no PMI.
Pay it down faster
Applied to principal after the scheduled payment. It shortens the loan and saves interest, and it brings forward the month you can ASK for PMI to be cancelled, because the 80 percent request can be reached by actual payments. It does not move the automatic 78 percent date, which runs on the original schedule.
Enter a home price above your down payment to see the payment. Everything recalculates instantly.
An estimate from your inputs, not a loan estimate and not lending advice. Your lender’s rate, fees, escrow and mortgage insurance govern.
Saved in this browser only. Tap one to bring its inputs back.
Nothing yet. Each set of numbers you pause on is saved here.
A copy of these exact figures with the sources listed, sent privately. No drip campaign, just your summary and a way to reach us.
Enter a home price and a down payment first.
What the numbers actually mean
When does PMI come off a conventional loan?
Under the Homeowners Protection Act, private mortgage insurance terminates automatically on the date the scheduled balance first reaches 78 percent of the original value of the property, provided you are current on payments (12 USC 4901(18) and 4902(b)). You can ask for cancellation earlier, at 80 percent of original value, in writing, and the servicer may require a good payment history and evidence that value has not declined (12 USC 4901(2)). There is a backstop: it cannot be required past the first day of the month after the midpoint of the amortization period if you are current (12 USC 4902(c)). All of those run on original value, never today’s value. The automatic 78 percent date and the midpoint run on the original amortization schedule, so paying extra does not move them. The 80 percent request is different: the statute lets you reach it either on the original schedule or by your actual payments, so extra principal does bring forward the month you can ask.
Does the calculator know my actual PMI rate?
No, and it says so. PMI pricing depends on your credit score, the loan-to-value, the loan type and the insurer, so the rate on this page is an assumption you should replace with the number on your loan estimate. The termination dates are the statutory rule and are cited; the premium is your input.
Why is my Florida property tax higher than the seller’s?
Because the assessed value usually resets when the property sells. A long-time owner with a homestead exemption is protected by the Save Our Homes assessment cap, and that protection does not transfer with the house to an unrelated buyer. Budgeting off the seller’s current tax bill is one of the most common and most expensive mistakes in a Florida purchase. Use the expected assessment, not last year’s bill, and treat this calculator’s flat figure as the planning number it is.
How much does an extra payment really save?
More than most people expect, because early payments are almost all interest. The schedule below computes it exactly: it runs your loan with the extra payment, runs the identical loan without it, and reports the difference in months and in dollars of interest. Confirm your lender applies extra money to principal rather than holding it as a prepaid installment.
Is this a loan estimate?
No. It is an estimate from your inputs and nothing here is a rate quote, a commitment, or lending advice. Your lender’s Loan Estimate governs, and it will include origination charges, prepaids and escrow reserves that this page does not model.
A calculator estimates. A broker underwrites.
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