Mortgage calculator
Most calculators stop at principal and interest, which is the smallest surprise in Florida. This one makes you look at the tax, the insurance and the dues as well.
Down payment cannot be more than the home price.
Estimated monthly payment
$0
- Principal and interest$0
- Property tax$0
- Insurance$0
- HOA and club dues$0
- Total per month$0
Loan amount $0
Total interest over the life of the loan $0
Total of all payments $0
What this number does and does not include
The figure above is principal, interest, property tax, homeowners insurance and your monthly dues. For most buyers in Palm Beach County, that is the honest monthly cost of ownership.
It does not include private mortgage insurance, which most lenders add when you put down less than 20 percent. It does not include flood insurance, which is separate from your homeowners policy and is required in some zones here. It does not include a club initiation or equity contribution, which is paid at closing rather than monthly, and it does not include any special assessment your association has voted through.
The three numbers buyers underestimate
Property tax. Florida reassesses at market value when a property changes hands. If you are looking at a home owned by the same family since 2004, the tax line on the listing is theirs, not yours. Yours will very likely be higher. Check the county property appraiser for the figure at current market value, and understand what homestead exemption and the Save Our Homes cap will and will not do for you.
Insurance. Premiums here turn on roof age, wind mitigation features and flood zone far more than on the price of the house. A twelve year old roof can cost you thousands a year more than a three year old one, or make the home difficult to insure at all. Get a quote before you are under contract, not after.
Dues. In a 55+ community the HOA fee often bundles cable, alarm monitoring, lawn care and the amenity package, so a higher number is not automatically a worse deal. In a country club community there is a second set of club dues on top, plus a food and beverage minimum. Put all of it in the box above.
Questions I get asked most
How accurate is this calculator?
The mathematics is exact: it is the standard amortisation formula. The accuracy of the answer depends entirely on the accuracy of what you type in, and the two inputs people get wrong are property tax and insurance. Treat the prefilled values as placeholders to replace, not as estimates for your specific home.
Why is my property tax higher than the current owner pays?
Because Florida reassesses the property at market value when it sells. The Save Our Homes cap limits how fast an existing homesteaded owner assessment can rise, so a long time owner can be paying tax on a value far below what you are about to pay. Your bill resets to your purchase price.
Does this include PMI?
No. If your down payment is under 20 percent, most lenders will add private mortgage insurance, commonly somewhere between 0.3 and 1.5 percent of the loan amount per year. Ask your lender for the exact figure and add it to the insurance box.
Should I put 20 percent down?
That is a question for you and your lender, not for me, and the right answer depends on what else the money would be doing. What I can tell you is that in this market a strong, clean offer matters, and the size of the down payment is only one part of how a seller reads an offer.
Can you recommend a lender?
I can give you several names of local lenders who close on time and answer the phone on a Sunday, which in a competitive offer matters more than a tenth of a point. I do not take referral fees for it.
Want the real numbers on a specific home?
Send me the address and I will come back with the actual tax figure at current market value, the association dues, what the roof and insurance situation looks like, and what comparable homes have closed at.
This calculator is provided for general estimation only and is not a loan offer, a quote, or financial advice. Harvey Dubov is a licensed real estate professional, not a mortgage lender or financial adviser. Confirm all figures with your lender, your insurance agent and the Palm Beach County Property Appraiser before relying on them.