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Mortgage calculator

Your mortgage in three numbers: where you are buying, what it costs and your credit score. The loan limits, the price your profile carries, the insurance and the closing costs all follow from them.

$
FICO

Assuming % down -year at % (this week's average) + $ HOA Change any of these.

Monthly, all in

$2,002

$244,000 borrowed at 6.58% over 30 years.

Principal and interest
$1,555
Property tax
$224
Home insurance
$223

A lender would usually want income of about $4,449 a month for this payment — the 45% limit on housing costs, before any other debts. Work it out with your debts

Property tax is this county's effective rate from the 2023 American Community Survey — 0.88% of value, $2,684 a year here. It is what current owners pay: in states that cap assessment growth, a sale triggers reassessment and a new buyer's bill is higher. Home insurance is the NAIC average for FL in 2022 ($2,677 a year) — a state average, because no public county-level source exists, and premiums have risen since.

Where you are buying

POLK COUNTY, FL

Your loan
$244,000
Conforming limit here
$832,750
FHA limit here
$541,287

What borrowers here actually paid

What your score and down payment add

$3,355

Paid once: $3,355 in cash at closing, or instead a rate about 0.17% higher for the life of the loan.

Fannie Mae's published adjustment for a 700–719 score at 75.01–80% loan-to-value: 1.375 points of the loan amount. Published, so this is a calculation rather than an estimate.

Assumes a primary single-family residence: second homes and investment properties carry extra adjustments.

Mortgage insurance

None

At 80% loan-to-value a conventional loan carries none.

Closing costs in this county

$7,686

Scaled from what lenders here actually charged on 15,949 loans. Typical range $4,621–$11,713.

Lender charges only — not title, appraisal, taxes, or the escrow deposit your lender collects up front for future tax and insurance bills.

What would change it

These are one-time amounts, not monthly savings: the adjustment is charged once at closing, or absorbed into the rate for the life of the loan. Both come from the published grid, which moves in steps — that is why a single point of score can be worth thousands, and why the step matters more than the direction.

Conventional, FHA or VA: this loan under each

Same price, down payment and score, priced under each program's rules. Click a column to switch the whole page to it.

Monthly payment, including insurance $1,555$1,667$1,555
Of which mortgage insurance —$112—
One-off fee or pricing adjustment $3,355$4,270$3,050
Usual minimum down payment 3.0%3.5%0.0%
Usual minimum score 620580580

Conventional insurance ends on its own once the loan-to-value falls, and its one-time figure is the Fannie Mae price adjustment for this score and down payment — taken in cash at closing or priced into the rate. FHA takes easier credit and 3.5% down, but below a 10% down payment its premium runs for the life of the loan. VA is open to service members, veterans and eligible surviving spouses only — no insurance and no down payment required, a one-time funding fee instead. All three columns are priced at the same market rate for comparison; in practice FHA and VA rates often run a little below conventional. Minimums are the usual program floors, not a promise: lenders may ask for more.

How often you pay

Half the payment every two weeks is 26 half-payments a year — thirteen monthly payments instead of twelve. The extra one goes straight to principal, and the loan ends years early.

SchedulePaymentLoan paid off inInterest saved
Monthly $1,555 30 years —
Biweekly — every two weeks $778 24.2 years $72,855

Principal and interest only — tax and insurance stay monthly. Weekly quarters are the same arithmetic as biweekly halves, just finer-grained. The savings only happen when the lender credits the extra to principal; some paid "biweekly plans" charge for what adding a twelfth of the payment each month does for free.

Why three questions and not fifteen

Most mortgage calculators open with a form: rate, term, insurance, taxes, points, fees. Every one of those is a question you are being asked to answer about a loan you have not been offered yet, and half of them have published answers already.

The rate is this week’s Freddie Mac survey average. The loan limit is set by FHFA for the county your ZIP code is in, and the FHA limit is a separate ladder HUD publishes for the same county. The price adjustment for your credit score and down payment is a Fannie Mae grid. Mortgage insurance follows from loan-to-value by rule. Closing costs are in the filings of what lenders in that county actually charged last year.

So we ask for the three things no public dataset holds — where, how much, and your score — and derive the rest. Everything derived is shown as an assumption you can change, not hidden inside the answer. That includes the loan program: switch to FHA and the insurance becomes the FHA premium at any down payment. Switch to VA and the monthly insurance disappears in favor of a one-time funding fee. The Fannie Mae pricing grid applies only to conventional loans, and the page says so rather than pretending otherwise.

What this is not

It is not an ARM planner. Everything here assumes a fixed rate, deliberately: an adjustable loan starts cheaper and reprices later on terms no calculator can promise, and the whole point of this page is figures you can rely on. If you are weighing an ARM, treat the fixed payment here as your benchmark — the number the ARM’s opening discount has to beat, and the number your payment may return to after the first reset.

It is not a quote, and nothing here is a promise of what you will be offered. The public data has no income, no debts, no employment history, no property condition. Two people with the same score and the same down payment routinely get different answers from the same lender for reasons none of this can see.

What it does say is what the published rules cost: the limits your loan sits inside, the adjustment your profile carries, the insurance you will pay and when it stops, and what lenders in that county charged to write the loan. Those are facts, and they are usually the ones missing when someone is trying to work out whether an offer in front of them is reasonable.

The two soft numbers in the total

Principal, interest and mortgage insurance follow from rules: given the loan, they are calculations. The other two lines are estimates, and they are not estimates of equal quality.

Property tax is the county’s effective rate from the American Community Survey — median tax paid divided by median value, for owner-occupied homes with a mortgage. It describes what current owners pay. In states that cap how fast an assessment can grow, California and Florida among them, a sale resets the assessment to the purchase price, and a new buyer’s bill is higher than the county median suggests. The survey caps property tax at $10,000, so in the nineteen most heavily taxed counties in the country the figure shown is a minimum — the real bill is higher, and we cannot say by how much.

Home insurance is a state average, not a county one: no public source publishes home insurance by county. It comes from the NAIC’s annual report, which runs about three years behind — and premiums have risen since, sharply in Florida, California and Texas. Treat it as an order of magnitude, get a real quote before you rely on it.

Where these numbers come from