Your Numbers INPUTS
Monthly Reality RESULTS
⚠️ The Florida insurance reality
Two identical homes priced at $600,000 can have insurance premiums that differ by $4,000–$8,000 per year depending on roof age, flood zone, wind mitigation credits, and carrier appetite for the zip code. That's a $333–$667 monthly swing on a payment that's supposed to be "fixed."
Before you anchor on a purchase price, get a real insurance quote on the actual property — not a state average. The numbers above let you stress-test how much the premium changes your true affordability.
How this calculator works
Most affordability calculators stop at principal & interest, which is exactly the part of your housing payment that's already fixed before you sign. The parts that actually move month-to-month and year-to-year are property taxes and homeowner's insurance — and in Florida, those two line items have been doing the heavy lifting on payment shock over the last several years.
The math behind each line
- Loan amount = Home price × (1 − down payment %)
- Principal & Interest = standard fixed-rate amortization formula at the rate and term you enter
- Property taxes / mo = (Home price × tax rate) ÷ 12. Florida county effective rates typically run 0.8–1.5% of assessed value, with Save Our Homes assessment caps that may differ from market value over time.
- Insurance / mo = annual premium ÷ 12. Hazard insurance only — flood and windstorm may be separate riders or carriers.
- Total PITI = sum of the four monthly components above
- Target housing payment = your gross monthly income × your target DTI %
- Affordability delta = target payment − total PITI. Positive means room under the ceiling; negative means the PITI exceeds your stated comfort zone.
What's NOT modeled (and why it matters)
- Private mortgage insurance (PMI) or FHA mortgage insurance premium (MIP) — required on most loans with less than 20% down. PMI can add 0.3–1.5% of the loan amount annually; MIP is currently 0.55% of the loan annually for most FHA loans. Either one would increase your real monthly cost above the PITI shown.
- HOA / condo fees — Florida HOAs and condo association dues can range from $150 to $1,500+ per month and are part of your true housing cost. Add them mentally on top of PITI when judging affordability.
- Closing costs — lender fees, title, appraisal, prepaids, and escrow setup typically run 2–4% of purchase price. Not modeled in this calculator.
- Other monthly debts — this tool checks housing DTI only. Your total back-end DTI (housing + auto + student loans + credit cards + child support) is what lenders use for eligibility.
Important caveats
- If you refinance into a new 30-year term, the amortization clock resets. A 30-year payment that looks lower today may extend your payoff date by years.
- This calculator uses a flat property-tax rate and one insurance figure. Your actual numbers will depend on the specific property, county, flood zone, wind mitigation features, and carrier.
- Lender eligibility is determined by total back-end DTI, credit, employment history, reserves, and program guidelines — not by this calculator alone.
Want a real number on a real property?
The estimates above are useful for ballparking. The number that matters is the one with your actual rate, your actual insurance quote, your actual taxes, and your actual income documented. That takes a 30-minute call.