Florida Mortgage Calculator
Estimate your monthly mortgage payment in Florida with local property taxes and insurance built in. The typical Florida home costs around $400,000 — about 5% more affordable than the national median — and the state's effective property-tax rate of 0.86% (below the U.S. average) adds roughly $287 a month on a median-priced home, with average homeowners insurance contributing another $595. On a typical 30-year loan with 20% down, that puts the all-in monthly cost near $2,905. The calculator starts from these local defaults; swap in your own price, down payment and rate to see your actual payment, and read on for how Florida's taxes and insurance compare.
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Amortization schedule
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Property taxes in Florida
Florida's effective property-tax rate is about 0.86% of a home's value each year — lower than the U.S. average of 1.1%. On the state's median home price of $400,000, that works out to roughly $3,440/year ($287/month) added to your payment.
Good to know: Florida's Save Our Homes cap limits assessed-value growth on a homestead to 3% a year and there's no state income tax — but insurance is the real housing-cost story here, with the highest average premiums in the country.
For the full formula and a worked example, see the main Mortgage Calculator.
Homeowners insurance in Florida
Lenders require homeowners insurance, and in Florida it averages about $7,136/year ($595/month) for a policy with $300,000 in dwelling coverage — 181% above the U.S. average of $2,543. Premiums run high here, so it's worth comparing several insurers and asking about wind, hail or flood deductibles that may apply separately. The calculator above already includes this figure in the monthly estimate — replace it with a real quote when you have one.
Buying a home in Florida
At a median price of $400,000, homes in Florida are about 5% more affordable than the U.S. median of $420,000. On a typical purchase with 20% down on a 30-year loan around 6.5%, the principal and interest comes to roughly $2,023/month. Adding Florida's property tax of about $287/month and average insurance of $595/month brings the housing cost to around $2,905/month before any HOA dues and — if you put down less than 20% — PMI. Because Florida's effective property-tax rate (0.86%) is below the national average, taxes here weigh more lightly on your monthly budget than in most states. Use the calculator above to swap in your own price, down payment and rate, and the local figures will adjust the total for you.