Will checking my mortgage options hurt my credit score?

No. We start with a soft pull only — zero impact to your credit score. A hard pull only happens once you decide to move forward.

I was already denied by my bank. Can I still get approved?

Yes. Banks use rigid guidelines. We have flexible programs including bank statement loans, DSCR, and non-QM products. A denial from them is not a denial from us.

I'm self-employed and my taxes show low income. Can I qualify for a mortgage?

Yes — we qualify self-employed borrowers using 12 or 24 months of bank statements instead of tax returns. We look at actual cash flow, not write-offs.

How fast can you close a mortgage loan?

Most loans close in 21–30 days. For buyers in contract with qualifying issues we move as fast as possible — call us directly for your specific timeline.

Do I need a 20% down payment to buy a home?

No. We have programs starting at 3–3.5% down and can often pair them with down payment assistance programs.

Do you offer DSCR loans for real estate investors?

Yes, DSCR loans are a specialty of ours. They qualify based on the property's rental income, not your personal tax returns — ideal for investors with multiple properties.

How accurate is a mortgage calculator?

The math uses the standard amortization formula lenders use, so it is accurate for the inputs given. The actual rate a borrower receives depends on credit score, debt-to-income ratio, loan program, and current market conditions, so a pre-qualification is needed for an exact quote.

What is included in the monthly mortgage payment?

A complete monthly payment includes PITI plus HOA: Principal, Interest, property Tax, home Insurance, plus PMI when the down payment is under 20% on a conventional loan, and HOA fees where applicable.

When is PMI required on a mortgage?

PMI is typically required on conventional loans when the down payment is less than 20%. FHA loans carry MIP regardless of down payment. VA loans have no monthly mortgage insurance.

What interest rate should I use in a mortgage calculator?

Use a rate close to current market rates for the loan type. Conventional 30-year rates typically run between 6.5 and 7.25 percent in 2026. Actual rates depend on credit score, loan amount, and lender, with 740+ scores generally receiving the best pricing.

How much is property tax in Florida?

Florida property tax averages 0.9 to 1.5 percent of home value per year. Sarasota and Manatee counties typically range 1.1 to 1.4 percent. The county property appraiser's site shows the exact tax for a specific property.

Is home insurance required for a mortgage?

Yes, lenders require home insurance on every mortgage. Florida insurance averages $2,000 to $4,500 per year for coastal homes, higher near beaches and lower inland.

What if my income situation is complex or self-employed?

Self-employed borrowers, investors, and buyers with non-traditional income can use the calculator for a baseline payment estimate, but their qualifying program may differ — bank statement loans, DSCR loans, and other non-QM programs have their own requirements.

Free Mortgage Calculator | Monthly Payment Estimator | The Galli Team

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See exactly what your monthly payment will be — including taxes, insurance, and PMI. Compare loan scenarios in real time. No email required.

Loan Details

Adjust the values and watch your payment update instantly.

Home price

Down payment % $90,000

Loan term

Interest rate %

Property tax %/yr

Insurance $/yr

HOA $/mo

PMI %/yr

Conventional: PMI applies automatically when your down payment is under 20%.

Estimated Monthly Payment

30-year fixed at 6.875%

Principal & Interest$0

Property Tax$0

Home Insurance$0

PMI$0

HOA$0

Loan Amount$0

Total Interest Paid$0

Total Cost of Loan$0

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Smart Tip · From 29 Years of Lending

Lenders typically approve buyers for a payment up to 28% of gross monthly income.

At $2,892/month, you'd need a gross income of about $124,000/year to qualify comfortably. Want to see your actual buying power based on your real numbers? Get My Real Numbers →

Disclaimer: This calculator provides estimates for educational purposes only. Actual loan terms, rates, and payments depend on credit score, debt-to-income ratio, property type, loan program, and current market conditions. FHA loans carry upfront and annual MIP; figures shown are simplified estimates. For a personalized quote based on your situation, contact The Galli Team. Not an offer of credit or commitment to lend. Novus Home Mortgage, a division of Ixonia Bank. NMLS #423065. Equal Housing Lender.

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Here's what to do next — based on what your situation looks like.

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FHA, VA, Conventional, Jumbo, Bank Statement, DSCR — see which one fits your situation best.

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First-Time Buyer Help

Combine your loan with down payment assistance to reduce out-of-pocket costs significantly.

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Common Questions

Calculator
FAQs.

Straight answers about what these numbers mean — and what they don't.

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The math is accurate — it uses the standard mortgage formula lenders use. But the result is only as good as the inputs. Your actual rate depends on your credit score, debt-to-income ratio, loan program, and current market conditions. For an exact quote, get pre-qualified.

This calculator shows PITI + HOA — Principal, Interest, Property Tax, Home Insurance, plus PMI (if your down payment is less than 20%) and HOA fees if applicable. This is the full monthly cost of homeownership.

PMI (Private Mortgage Insurance) is typically required on conventional loans when your down payment is less than 20%. FHA loans have MIP (Mortgage Insurance Premium) regardless of down payment. VA loans don't have monthly mortgage insurance. The calculator auto-adjusts based on your loan type and down payment.

Use a rate close to current market rates for your loan type. Conventional 30-year rates typically run between 6.5–7.25% in 2026. Your actual rate depends on credit score (740+ gets best rates), loan amount, and lender. Want a real quote? Get pre-qualified and we'll give you your actual rate.

Florida property tax averages 0.9–1.5% of home value per year. The calculator defaults to 1.2% which works for most areas. Sarasota and Manatee counties typically range 1.1–1.4%. For your exact tax, check the property appraiser's site for your county.

Yes — lenders require home insurance on every mortgage. Florida insurance averages $2,000–$4,500/year for coastal homes (higher near beaches, lower inland). The calculator defaults to $1,800/year which is a reasonable starting estimate. Get a real quote from a Florida insurance agent before closing.

If you're self-employed, an investor, have non-traditional income, or need a non-QM loan, this calculator gives a baseline estimate. Your actual program might have different requirements. View all our loan programs or get a custom quote.

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Calculators give estimates. We give real rates, real programs, and a real path to your home — within 2 hours.

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