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Florida mortgage calculator

The median home in Florida runs about $400,000. With 20% down that's a loan near $320,000 — the calculator is pre-filled with that figure. Florida has no state income tax and a near-average property tax rate with a Save Our Homes assessment cap for residents, but homeowners insurance is the most expensive in the country because of hurricane exposure — often rivaling the property tax bill itself.

$2,077.64 / month

Total interest
$427,952
Total paid
$747,952
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$80k$160k$240k$320k0612182430Year

How it works

A full Florida payment is more than principal and interest. At the state's 0.86% effective property tax rate, a $400,000 home owes about $3,440 a year in tax, and homeowners insurance averages roughly $4,000 a year here. Together those add about $620 to the monthly payment before any HOA dues or PMI.

Florida's median household income is about $71,000, or $5,917 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,657 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Florida sell in about 55 days on average.

Frequently asked questions

What is a typical mortgage payment in Florida?
On the state's roughly $400,000 median home with 20% down, the loan is about $320,000. Principal and interest depend on your rate; on top of that, Florida's 0.86% effective property tax rate and about $4,000 a year in homeowners insurance add roughly $620 per month to the payment.
How much are property taxes on a home in Florida?
Florida's effective property tax rate averages about 0.86% of market value — roughly $3,440 a year on the $400,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Florida?
The average Florida homeowners policy runs about $4,000 a year. Florida has no state income tax and a near-average property tax rate with a Save Our Homes assessment cap for residents, but homeowners insurance is the most expensive in the country because of hurricane exposure — often rivaling the property tax bill itself.
Can I afford a home in Florida on the median income?
Florida's median household income is about $71,000 a year, or $5,917 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,657 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Florida?
A for-sale home in Florida spends about 55 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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