What would that home cost you monthly?

The principal and interest portion uses the standard amortization formula based on loan amount, interest rate and term. Property taxes, homeowners insurance, HOA dues and PMI (if your down payment is under 20 percent) are added on top to get the full monthly payment.

A common rule is that your total monthly housing payment should stay under 28 percent of your gross monthly income. Run the numbers above, then talk to a lender for a preapproval based on your full financial picture.

Less than most people think. Conventional loans start at 3 percent down, FHA at 3.5 percent, and VA loans often require nothing down. Putting down 20 percent gets you the best rates and no PMI, but plenty of buyers purchase with far less.

A 15-year loan has higher monthly payments but you pay far less interest over time and own the home sooner. A 30-year loan costs less per month, giving you breathing room, but you pay much more interest across the life of the loan.

An FHA loan is government-backed, allows as little as 3.5 percent down and is more forgiving on credit scores, but its mortgage insurance usually lasts the life of the loan. A conventional loan is not government-backed, allows as little as 3 percent down, and its PMI drops off once you owe less than 80 percent of the home's value. Conventional loans usually require a credit score of 620 or higher.

A VA loan is backed by the Department of Veterans Affairs for active-duty service members, veterans and eligible surviving spouses. It usually requires no down payment, has no monthly PMI and offers competitive rates. There is a one-time funding fee that can be rolled into the loan.

The interest rate is what the lender charges on your loan balance. APR (annual percentage rate) folds in fees and other costs, so it is usually a bit higher. When you compare loan offers, compare APR to APR, since it reflects the fuller cost of the loan.

Prequalification is a rough estimate based on numbers you tell a lender. Preapproval means the lender actually verified your income, credit and debts. Sellers take preapproval seriously. Prequalification barely counts.

It means the seller accepted an offer and both sides signed. The home is off the market while inspections, appraisal and loan approval play out. It is not a done deal until closing day.

A professional walkthrough of the home's condition before you buy: roof, AC, plumbing, electrical and structure. In Florida, insurance inspections like wind mitigation and 4-point matter too. If problems turn up, you can negotiate repairs, ask for a credit, or walk away during the inspection period.

An independent estimate of what the home is worth, ordered by your lender. If it comes in below your offer price, the lender will not cover the gap, so you either renegotiate, pay the difference out of pocket, or walk away.

The legal record of who owns a property and whether anyone else has a claim on it. Before closing, a title search checks for liens, unpaid taxes or ownership disputes. Title insurance protects you if something was missed.

Insurance that protects against ownership problems with the property, like old liens or claims from previous owners. The lender requires a policy that protects them, and buyers usually get their own owner's policy too. It is a one-time fee at closing.

Private mortgage insurance protects the lender when your down payment is less than 20 percent of the home price. It usually costs around 0.5 percent of the loan amount per year and drops off once your loan balance falls below 78 percent of the home's value.

Florida's effective property tax rate averages around 1 percent of assessed value, varying by county. The calculator prefills 1 percent of the home price and you can adjust it to match the county you are buying in.

An escrow account is where your lender collects a little extra with each monthly payment to cover property taxes and homeowners insurance. When those bills come due, the lender pays them from that account. It is why your full monthly payment is higher than just principal and interest.

PITI is lender shorthand for your full monthly housing payment: Principal, Interest, Taxes and Insurance. When a lender quotes your payment, this is the number they mean, not just principal and interest.

Equity is the part of your home that you actually own: the home's value minus what you still owe on the mortgage. It grows every month as you pay down the loan, and it grows if the home's value goes up. The green number above shows roughly what you would own after 5 years.

DTI means debt-to-income ratio: your total monthly debts divided by your gross monthly income. Lenders use it to decide how much you can borrow. Most want your housing payment under 28 percent of income, and all your debts combined under 36 to 43 percent.

LTV means loan-to-value ratio: your loan amount divided by the home's price. Put $90,000 down on a $450,000 home and your LTV is 80 percent. Staying at or under 80 percent LTV is the magic line: no PMI and better rates.

The fees you pay to finalize the purchase: lender fees, title insurance, appraisal, and prepaid taxes and insurance. Budget 2 to 5 percent of the home price on top of your down payment.

Points are upfront fees you pay the lender to buy down your interest rate. One point costs 1 percent of the loan amount. It lowers your monthly payment, so it can pay off if you keep the home long enough.

A good-faith deposit you include with your offer, usually 1 to 3 percent of the price. It shows the seller you are serious. It goes toward your down payment at closing, but you can lose it if you walk away without a valid contract reason.

ARV means after repair value: what a home is expected to be worth once renovations are finished. Investors use it to decide what to pay. A common guideline is to buy at no more than 70 percent of ARV minus repair costs, so there is room left to profit.

Cap rate (capitalization rate) measures a rental property's yearly return. Divide the annual net income (rent minus expenses, not counting the mortgage) by the purchase price. A 7 percent cap rate on a $300,000 property means about $21,000 a year in net income.

Cash-on-cash return measures what your actual cash invested earns each year. Divide the yearly cash flow (after mortgage payments) by the cash you put in, meaning down payment plus closing costs. Put $50,000 down and clear $6,000 a year, and that is a 12 percent cash-on-cash return.

A rate lock freezes your interest rate for a set period, usually 30 to 60 days, while your loan is processed. If rates rise during that window, you are protected. If the lock expires before closing, you may have to pay to extend it.

Underwriting is the lender's deep review of your finances before they finalize the loan. An underwriter verifies your income, debts, credit and the property itself. It is the quiet phase where most delays happen, so quick responses to document requests keep things moving.

A standard form lenders must give you within 3 business days of your application. It shows your rate, monthly payment and closing costs in the same format every lender uses, so you can compare offers apples to apples.

The final version of your loan numbers, which the lender must send at least 3 business days before closing. Compare it to your Loan Estimate. If fees jumped, ask why before you sign.

The three words every buyer waits for. It means underwriting is done, all conditions are met, and the lender is ready to fund your loan. Closing day gets scheduled right after.