What does PITI mean and what does this calculator include?
PITI is principal, interest, taxes and insurance, the full monthly cost of owning a home, not just the loan payment. This calculator adds the Florida-specific pieces most calculators skip: county property tax rates, homestead exemption, wind insurance, and flood insurance by coastal elevation zone, plus PMI and HOA when they apply.
How does the Florida homestead exemption affect my payment?
For a primary residence, Florida's homestead exemption removes up to $50,000 from the home's taxable value before the county millage rate is applied. This calculator applies that exemption automatically under Primary occupancy, and skips it for second homes and investment properties, which don't qualify.
Why does my county change the property tax estimate?
Florida property tax is set locally, so effective millage rates vary by county, from roughly 0.66% in Monroe County to over 1.1% in counties like Broward and Hillsborough. Picking your county pulls in a realistic effective rate instead of a generic statewide average.
How does coastal insurance change by flood and wind zone?
Wind and flood premiums scale with risk exposure. An inland X-zone property carries the lowest estimate, while AE-zone, VE-zone, and direct Keys waterfront properties carry progressively higher wind and flood costs. Insurance is often the single biggest swing factor in a Florida coastal payment, sometimes 15 to 25% or more of the total monthly.
What are Florida doc stamps and how are they calculated?
Florida charges documentary stamp tax on the mortgage note at $0.35 per $100 of loan amount, plus an intangible tax of $0.20 per $100. Together that's about 0.55% of the loan amount, due at closing, and this calculator estimates it based on your loan size.
When do I need PMI and how can I avoid it?
PMI typically applies on primary and second homes when the loan-to-value ratio is above 80%, meaning less than 20% down. You can avoid it with 20% down, an 80/10/10 piggyback structure, or by reaching 80% LTV later through paydown and appreciation.
At what loan amount does a Florida mortgage become jumbo in 2026?
A loan becomes jumbo above the county conforming limit. For 2026 that's $832,750 in most Florida counties, and $990,150 in Monroe County (the Florida Keys), a high-cost area under FHFA rules. Loans above those thresholds typically need higher reserves and a stronger credit profile.
How accurate is this calculator compared to a real Loan Estimate?
This tool uses illustrative county tax rates and typical Florida insurance ranges by zone, so it's built for planning, not a quote. Actual property tax depends on your specific parcel and millage, and actual insurance depends on the carrier, deductible, and current market. A real Loan Estimate reflects your actual file.