Unless you've got a huge bank account, chances are when you buy your next Florida home you're going to need a mortgage. A mortgage is a type of long-term loan typically granted to consumers for the purchase of a home, with the home itself serving as collateral, or security, for the loan.

The typical Florida home loan type is a 30-year fixed mortgage. This means the mortgage is repaid through monthly payments made over 30 years (or 360 total monthly payments), at an interest rate that remains the same throughout the life of the loan.

There are other types of mortgage loans, of course, including 20-year and 15-year mortgages, and ARMs, or adjustable rate mortgages, with interest rates that can fluctuate.

You will of course need to figure out how much Florida home you can afford based on your income, down payment and other factors. To help you figure out how much your monthly mortgage payments would be, we've provided a handy mortgage calculator below. You can use it to calculate a variety of scenarios, interest rates, monthly payments and more.

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are municipal property taxes and their effect on the total monthly mortgage payment.

Purchase & Financing Information
Sale Price of Home: (In Dollars)
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
Explain Calculations: Show me the calculations and amortization