What will the home really cost per month?
Principal, interest, taxes, insurance, PMI: the full monthly picture for Florida and Wisconsin buyers.
Loan details
That's 20.0% down.
Monthly payment
$2,679/mo
Principal & interest
$2,129
Property tax
$400
Insurance
$150
HOA
$0
Total interest over the loan
$446,428
Loan balance by year
Taxes and insurance move the number more than the rate
Most calculators stop at principal and interest. Your lender won't. Around Milwaukee, property taxes often run north of 2% of the home's value a year. In Central Florida they're closer to 0.9%, but insurance is where Florida quotes surprise people, sometimes by hundreds a month.
That's why this calculator asks for both. Put in real numbers for the county you're shopping and you'll see the payment a lender actually qualifies you on. Under 20% down, I add PMI automatically: the honest number, not the brochure number.
Make this number real.
A pre-approval turns an estimate into buying power. I'll connect you with lenders who compete for it. It takes minutes to start.
What is PITI?
Principal, interest, taxes, and insurance: the real monthly payment a lender qualifies you on. Add HOA dues where they apply and you have the full picture.
How accurate is this?
The loan math is exact for a fixed-rate mortgage. Taxes and insurance are estimates you control: use real numbers for your county and coverage. Your lender's Loan Estimate is the binding document.
When does PMI go away?
On most conventional loans you can request removal once you reach 20% equity, and it ends automatically when the balance is scheduled to hit 78% of the original price, as long as you're current. FHA works differently: its mortgage insurance often lasts the life of the loan.
Do I really need 20% down?
No. Many of my first-time buyers start with 3% to 5% down. Run both scenarios here and compare the monthly difference before you decide to keep renting and saving.
More calculators
Every number here is an estimate for planning: not a quote, a rate lock, or lending advice. I'm a broker, not a lender. When you're ready, I'll connect you with trusted lenders who can price your exact scenario.