Buying a home in Florida feels different than anywhere else. Maybe it’s the combination of hurricane insurance considerations, flood zone designations, and property taxes that vary wildly from one county to the next. Or perhaps it’s the fact that you’re competing with retirees paying cash, investors snapping up rentals, and remote workers fleeing high-cost states.
Whatever the reason, understanding your true monthly costs before you start house hunting isn’t just helpful: it’s essential.
Free Florida Mortgage Calculator: Estimate Your 2025 Monthly Payment Accurately
A free Florida mortgage calculator gives you that clarity. With median home prices in Florida projected to reach $420,000 in 2025, according to Florida REALTORS®, even small differences in interest rates or property taxes translate to hundreds of dollars in monthly savings.
The calculator above accounts for Florida-specific factors that generic tools overlook, giving you a realistic picture of what homeownership costs in the Sunshine State.
Taking out a mortgage in Florida
Florida’s mortgage market has its own rhythm. Interest rates here tend to track national averages closely, but the overall cost of borrowing includes factors unique to the state.
Florida Mortgage Requirements: Credit Score, DTI, Employment and Down Payment
The good news? Florida has no state income tax, so more of your paycheck is available for housing costs.
The trade-off is that the state relies heavily on property taxes and sales taxes to fund services, so your property tax bill matters more here than in states where income taxes offset some of that burden.
Conventional vs. FHA Loans in Florida: Minimum Credit Scores and Down Payment Rules
Lenders in Florida will evaluate your application based on standard criteria: credit score, debt-to-income ratio, employment history, and down payment amount. Most conventional loans require a minimum credit score of 620, though you’ll qualify for better rates with scores above 740.
FHA loans accept scores as low as 580 with a 3.5% down payment, making them popular among first-time buyers.
Florida Home Insurance Costs: Homeowners, Flood and Windstorm Coverage Explained
What catches many Florida buyers off guard is the insurance situation. Standard homeowners’ insurance costs have skyrocketed in recent years, and if your property sits in a flood zone, you’ll need separate flood insurance. Some coastal areas also require windstorm coverage through separate policies.
These costs can add $300 to $800 monthly to your housing expenses, depending on location and coverage levels.
Florida’s First-Time Home Buyer Programs
Florida offers several programs designed to help first-time buyers clear the down payment hurdle. These aren’t charity: they’re structured assistance programs with specific requirements and repayment terms.
Understanding what’s available could mean the difference between renting another year and getting into your first home.
Florida First-Time Homebuyer Programs Through the Florida Housing Finance Corporation
The Florida Housing Finance Corporation runs the primary state-level programs. Their First Time Homebuyer Program offers 30-year fixed-rate mortgages through participating lenders, often at rates slightly below market.
You’ll need to meet income limits, which vary by county and household size, and the home must be your primary residence.
Down payment assistance comes in several forms:
The Florida Assist program provides up to $10,000 as a deferred second mortgage with 0% interest. You don’t make payments on this loan: it comes due when you sell, refinance, or pay off your first mortgage.
The HLP Second Mortgage program offers up to $10,000 at 3% interest, fully amortized over 15 years. You’ll make monthly payments, but the rate is well below market.
Some counties offer additional local assistance that can be combined with state programs.
Income limits typically cap out around $120,000 for a household of three in most Florida counties, though this varies. Purchase price limits also vary by county, generally ranging from $350,000 to $500,000, depending on local market conditions.
What “First-Time Homebuyer” Really Means in Florida Assistance Programs
One thing to know: “first-time homebuyer” doesn’t always mean you’ve never owned a home. Many programs define it as not having owned a primary residence in the past three years. If you owned a home previously but have been renting for three or more years, you may still qualify.
How to Apply for Florida Housing Programs Through Approved Lenders
The application process runs through approved lenders, not directly through the state. Start by getting pre-approved with a lender who participates in Florida Housing programs, then work with them to determine which assistance options fit your situation.
Average Property Tax by County in Florida
Property taxes in Florida can surprise buyers who assume the state’s “no income tax” reputation means low overall taxes.
The reality is more nuanced: Florida’s average effective property tax rate of about 0.89% sits below the national average, but rates vary dramatically by county.
Here’s what you’ll find across some of Florida’s most populated counties:
Miami-Dade County: Effective rate around 0.97%, meaning a $420,000 home generates roughly $4,074 in annual property taxes
Broward County: Approximately 1.02%, one of the highest rates in the state
Palm Beach County: About 1.05%, among the highest in Florida
Hillsborough County (Tampa): Roughly 0.95%
Orange County (Orlando): Around 0.92%
Duval County (Jacksonville): Approximately 0.89%
Pinellas County (St. Petersburg): About 0.88%
The variation matters more than you might think. On a $420,000 home, the difference between Broward County’s 1.02% rate and Pinellas County’s 0.88% rate equals about $588 annually, or nearly $50 monthly added to your housing costs.
How Florida’s Save Our Homes Amendment Limits Property Tax Increases
Florida’s Save Our Homes amendment caps annual assessment increases at 3% for homesteaded properties, regardless of how much the market value increases.
This protects long-term homeowners from rapid tax increases but also means that newer buyers often pay significantly more in property taxes than neighbors who’ve owned their homes for years.
Why Using the Correct County Millage Rate Matters in a Florida Mortgage Calculator
When you’re using a mortgage calculator for Florida properties, plug in the actual millage rate for the specific county and municipality where you’re buying.
Generic calculators that use statewide averages can underestimate your costs by $100 or more monthly in high-tax areas.
How to Use the Mortgage Calculator
Getting accurate results from a Florida mortgage calculator requires entering realistic numbers, not wishful thinking. Here’s how to approach each field to get a payment estimate you can actually budget around.
Home Price
Start with the home price. If you’re early in your search, use the median price for your target area as a starting point. Overall, in Florida, that’s around $420,000 in 2025, but your specific market may be higher or lower. Miami and the Keys perform significantly above average, while areas in the Panhandle or rural Central Florida often perform below average.
Down Payment
Your down payment percentage affects more than just the loan amount. Put down less than 20%, and you’ll pay private mortgage insurance, which adds $100 to $300 monthly on a typical Florida home. The calculator should factor this in automatically once you enter your down payment amount.
Interest Rates
For interest rates, use current market rates rather than the default the calculator suggests. Your actual rate depends on your credit score, down payment, and loan type.
Loan Term
Loan term selection involves a trade-off. A 15-year mortgage builds equity faster and saves substantial interest, but monthly payments are 40-50% higher than those on a 30-year loan. For a $350,000 loan at 6%, you’re looking at roughly $2,100 monthly on a 30-year term versus $2,950 on a 15-year term.
Property Tax and Insurance
Don’t skip the property tax and insurance fields. Enter your county’s actual tax rate (check your county property appraiser’s website) and get insurance quotes for the specific area where you’re buying. These “extras” often add $500 to $1,000 monthly to your payment in Florida.
Calculating Costs in Addition to Principal and Interest
Your mortgage payment consists of principal and interest, but that’s rarely what you’ll actually pay each month. In Florida, in particular, the additional costs can equal or exceed your principal-and-interest payment in some cases.
Property Taxes
Property taxes get collected through your escrow account if you put down less than 20%. The lender divides your annual tax bill by 12 and adds that amount to each monthly payment. On a $420,000 home in a county with a 1% effective rate, that’s $350 monthly added to your payment.
Homeowners’ Insurance
Homeowners’ insurance in Florida has become a major budget item. The state’s property insurance market has faced significant challenges, with several insurers exiting and premiums rising sharply. Annual premiums of $3,000 to $6,000 are common for standard coverage, which translates to $250 to $500 per month.
Flood Insurance
Flood insurance applies if your property sits in a designated flood zone. FEMA flood maps determine your zone classification, and even properties that have never flooded can require coverage if they’re in a high-risk area. Premiums vary widely based on elevation, flood zone, and coverage amount, but budget $1,000 to $3,000 annually for properties in moderate to high-risk zones.
Private Mortgage Insurance
Private mortgage insurance kicks in when your down payment falls below 20%. PMI typically costs 0.5% to 1% of your loan amount annually. On a $380,000 loan, that’s $1,900 to $3,800 per year, or $158 to $317 monthly. The good news: PMI automatically terminates once you reach 22% equity, and you can request removal at 20%.
HOA Fees
HOA fees apply to many Florida properties, particularly condos, townhomes, and homes in master-planned communities. Monthly fees range from $100 for basic communities to $500 or more for properties with extensive amenities. High-rise condos in Miami or beachfront communities typically charge $800 to $1,500 per month.
Explanation of Mortgage Terminology
Mortgage documents are dense with jargon that can obscure what you’re actually agreeing to. Understanding these terms helps you compare loan offers accurately and avoid surprises at closing.
Annual Percetage Rate
The annual percentage rate, or APR, represents your true borrowing cost better than the interest rate alone. APR includes the interest rate plus lender fees, mortgage insurance, and certain closing costs, expressed as a yearly rate. When comparing loans, APR gives you an apples-to-apples comparison. A loan at 6.0% with high fees might have a higher APR than one at 6.125% with minimal fees.
Amortization
Amortization is the process by which your loan balance decreases over time. With a standard amortizing mortgage, early payments go mostly toward interest, with the principal portion growing over time. On a 30-year loan, you might pay $1,500 per month, but only $400 goes toward principal in year one. By year 25, that flips: $1,200 might go to principal and $300 to interest.
Escrow
Escrow accounts hold money for property taxes and insurance. Your lender collects these amounts monthly along with your principal and interest payment, then pays your taxes and insurance when they become due. This protects the lender’s collateral and prevents you from facing large lump-sum bills.
Points
Points, or discount points, let you buy down your interest rate. One point equals 1% of your loan amount and typically reduces your rate by 0.25%. On a $400,000 loan, one point costs $4,000 and could lower your rate from 6.25% to 6.0%, saving about $67 per month. The break-even point is roughly 60 months: if you keep the loan longer, buying points saves money.
Debt-to-Income Ratio
The debt-to-income ratio measures your monthly debt payments against your gross monthly income. Most lenders prefer your total DTI, including the new mortgage payment, to be below 43%. Some programs allow higher ratios with compensating factors like excellent credit or significant savings.
Loan-to-Value Ratio
The loan-to-value ratio compares your loan amount to the property’s appraised value. An LTV of 80% means you’re borrowing 80% of the home’s value and putting 20% down. Higher LTV ratios mean more risk for lenders, which is why PMI is required above 80% LTV.
Mortgage Calculator FAQ
What credit score do I need to qualify for a home loan in Florida?
Minimum requirements vary by loan type. Conventional loans typically require a credit score of 620 or higher, though you’ll pay higher rates and fees below 680. FHA loans accept scores as low as 580 with 3.5% down, or 500 with 10% down. VA loans have no official minimum credit score, but most lenders require at least 620.
For the best rates, aim for 740 or above. Each 20-point improvement in your score can save you 0.125% to 0.25% on your interest rate, which translates to real money over a 30-year loan.
How much house can I afford on a $100,000 salary in Florida?
Using the standard 28% front-end ratio guideline, your maximum housing payment would be about $2,333 monthly on a $100,000 gross salary. With current rates around 6.1% and factoring in property taxes, insurance, and PMI, that payment supports a home price of roughly $350,000 to $400,000, depending on your down payment and the specific county’s tax rate.
However, just because you can qualify for that amount doesn’t mean you should borrow it. Many financial advisors recommend keeping housing costs at 25% or less of your take-home pay to maintain a comfortable budget.
Should I choose a 15-year or 30-year mortgage?
The 15-year option saves substantial interest and builds equity faster, but requires higher monthly payments. On a $350,000 loan at 6%, a 30-year mortgage costs about $2,100 monthly, while a 15-year mortgage runs approximately $2,950: an $850 difference. Over the life of the loan, the 15-year option saves roughly $150,000 in interest.
Choose 15 years if you can comfortably afford the higher payment without sacrificing retirement savings or emergency funds. The 30-year makes sense if you want payment flexibility or plan to invest the monthly savings in higher-returning assets.
How do Florida’s homestead exemption and Save Our Homes work?
Florida’s homestead exemption reduces your property’s taxable value by up to $50,000 for your primary residence. The first $25,000 applies to all property taxes, while the second $25,000 applies only to non-school taxes. Save Our Homes caps annual assessment increases at 3% or the Consumer Price Index, whichever is lower, regardless of market value changes.
This benefits long-term owners significantly but creates situations where neighbors with identical homes pay vastly different property taxes based on when they purchased.
