Florida ownership costs diverge from national averages in two directions at once. Property tax is held down by the homestead exemption and the Save Our Homes assessment cap, while homeowners insurance runs well above the national norm and is the line most calculators understate. Model both before judging what a Florida home costs to carry.
See how each payment splits between principal and interest, and what extra payments do to the payoff date. Everything updates as you type.
The principal you are borrowing, not the property price. For a refinance, use the payoff balance.
Paying a loan down to zero through equal scheduled payments. Each payment covers that month’s interest first; the remainder reduces the balance.
Extra payments shorten the loan and cut total interest, even small ones.
Any amount paid beyond the scheduled payment. It reduces the balance immediately, which cuts future interest and shortens the loan.
As the loan matures, more of each payment goes to principal and less to interest, until the balance reaches zero.
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The full year-by-year table is in the .
Illustrative schedule only. Not advice; your lender’s schedule governs.
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The rest of this suite. Each answers one question.
It lowers the assessed value your property tax is calculated on, which lowers the tax portion of the payment. Up to $50,000 comes off assessed value for an eligible primary residence, with the second $25,000 not applying to school taxes. The exemption applies only to a primary residence, so an investment property or second home does not get it.
Plain-language definitions of every term this calculator uses.
Paying a loan down to zero through equal scheduled payments. Each payment covers that month’s interest first; the remainder reduces the balance.
A payment-by-payment table showing how much of each payment goes to principal, how much goes to interest, and the balance remaining after it.
How one payment divides between reducing the balance and paying the lender. The split shifts toward principal as the balance falls.
What is still owed on the loan at a point in time. It is also the payoff amount, before any prepayment penalty or per-diem interest.
The date of the final scheduled payment, when the balance reaches zero. Extra payments pull this date earlier.
Any amount paid beyond the scheduled payment. It reduces the balance immediately, which cuts future interest and shortens the loan.
The payment where the principal share first exceeds the interest share. Before it, most of each payment is interest.
A large lump sum due at the end of a loan whose term is shorter than its amortization period. The schedule assumes it is refinanced or paid at maturity.
A stretch of payments that cover interest but none of the balance. The balance does not fall until the period ends.