Florida Mortgage Calculator
Estimate your monthly mortgage payment in Florida using local property tax rates, insurance costs, and current interest rates.
$
$20%
%
Monthly Payment
$2,208
$1,816 principal & interest
Principal & Interest: $1,816
Property Tax: $292
Insurance: $100
Loan Amount
$280,000
Total Interest
$373,787
Total Cost
$653,787
LTV Ratio
80.0%
Advanced
Advanced Calculator
Charts, scenario comparison, tax benefits, equity projection
Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
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Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Florida
Florida is the third most populous state and has one of the most active real estate markets in the country. With an average home price of $404,000, it sits above the national median — but prices vary enormously by region. Miami and coastal communities are expensive, while areas like Jacksonville, Ocala, and the Panhandle offer significantly more affordability.
The biggest financial surprise for new Florida homeowners is often insurance. Between homeowners insurance (averaging $4,200/year due to hurricane and flood risk) and potentially separate flood and windstorm policies, insurance costs can easily exceed property taxes. Factor these carefully into your monthly payment estimate.
Key Housing Facts for Florida
- Average home price: $404,000
- Average effective property tax rate: 0.80%
- Average homeowners insurance: $4,200/year
- No state income tax
- Homestead exemption: up to $50,000 off assessed value
- Hottest markets: Miami, Naples, Palm Beach, Tampa
- More affordable markets: Jacksonville, Ocala, Pensacola, Gainesville
Florida First-Time Homebuyer Programs
- Florida First Mortgage: 30-year fixed-rate first mortgage at below-market interest rates for income-qualifying buyers.
- HFA Preferred Grant: 3% or 4% of loan amount as a gift (no repayment required) for down payment and closing costs.
- Florida Assist (FL Assist): Up to $10,000 deferred-payment second mortgage at 0% interest; repaid when home is sold, refinanced, or paid off.
- Florida Homeownership Loan Program (FL HLP): Up to $10,000 at 3% fully amortized over 15 years for down payment assistance.
- Salute Our Soldiers Military Loan Program: Below-market rates and down payment assistance for active duty military and veterans.
Property Tax Rates by Major Florida County
| County | Effective Tax Rate | Median Home Value | Annual Tax (Median) |
|---|---|---|---|
| Miami-Dade | 0.86% | $520,000 | $4,472 |
| Broward (Fort Lauderdale) | 1.00% | $420,000 | $4,200 |
| Palm Beach | 0.91% | $490,000 | $4,459 |
| Hillsborough (Tampa) | 0.90% | $380,000 | $3,420 |
| Orange (Orlando) | 0.90% | $360,000 | $3,240 |
| Duval (Jacksonville) | 0.88% | $280,000 | $2,464 |
| Pinellas (St. Petersburg) | 0.85% | $340,000 | $2,890 |
| Lee (Fort Myers) | 0.77% | $380,000 | $2,926 |
Average Home Prices by Major Florida City
| City | Median Home Price |
|---|---|
| Miami | $620,000 |
| Naples | $680,000 |
| Fort Lauderdale | $480,000 |
| West Palm Beach | $440,000 |
| Tampa | $380,000 |
| Orlando | $360,000 |
| St. Petersburg | $340,000 |
| Jacksonville | $280,000 |
| Tallahassee | $240,000 |
Frequently Asked Questions
Florida faces exceptional weather risks including hurricanes, tropical storms, flooding, and sinkholes, driving homeowners insurance costs to among the highest in the nation. Average premiums run $4,200 per year — nearly triple the national average. Many national insurers have reduced or eliminated their Florida presence, leaving fewer options. Citizens Property Insurance, the state-backed insurer of last resort, is often the only option in high-risk areas.
Florida offers one of the best homestead exemptions in the country. Permanent residents who use their home as a primary residence get $50,000 off the assessed value for property tax purposes ($25,000 applies to all taxing authorities, the second $25,000 applies to non-school taxes). Additionally, the Save Our Homes cap limits assessed value increases to 3% or the Consumer Price Index (whichever is less) per year.
Yes. Florida Housing Finance Corporation (Florida Housing) offers the Florida First program with below-market 30-year fixed mortgages. The HFA Preferred Grants provide 3–4% down payment and closing cost assistance as a grant (no repayment). The Florida Assist program offers deferred-payment second mortgages up to $10,000. Income and purchase price limits vary by county.
If your property is in a FEMA-designated high-risk flood zone (Zone A or V), your lender will require flood insurance. Even outside high-risk zones, flood insurance is strongly recommended in Florida given the state's low elevation and frequent rainfall. Flood insurance is purchased separately through the National Flood Insurance Program (NFIP) or private insurers, costing an additional $700–$2,000+ per year.
Florida closing costs typically range from 2–4% of the purchase price. On a $404,000 home, expect $8,080–$16,160. Florida charges documentary stamp taxes on the deed (0.70 per $100 of purchase price) and on the mortgage (0.35 per $100 of loan amount), which add up. The buyer typically pays these in Florida, though it's negotiable.