FinanceCalc

Florida Mortgage Calculator

Calculate your Florida mortgage payment with accurate FL property tax rates. See median home prices and closing costs for Florida.

Loan Details

?The purchase price of the home you're considering buying.
?The amount you plan to pay upfront when purchasing the home.
?The annual interest rate on your mortgage loan.
?The length of your mortgage in years. Common terms are 15 or 30 years.
?The annual property tax rate as a percentage of home value.
?Annual homeowners insurance premium.
?Monthly homeowners association (HOA) fees, if applicable.
End of inputs

Results

Monthly Payment
$2,377.60

Total / month

Loan Amount
$315,000.00

After down payment

Total Interest
$401,768.34

Over 30 years

Monthly Payment Breakdown
Amortization Schedule
Payment Schedule
MonthPrincipalInterestBalance

360 months · Showing 0 rows

Key Insights
Over the life of this loan you'll pay $401,768.34 in interest — more than the principal itself. A shorter loan term or biweekly payments could dramatically reduce this cost.
Making one extra payment per year (about $165.92/month) could save approximately $91,254.63 in interest and pay off your loan 5.8 years earlier.
Your interest rate of 6.50% is in line with recent market averages. Shopping around with at least three lenders could still save you thousands over the life of the loan.
Your down payment of 20% or more means you avoid Private Mortgage Insurance (PMI) entirely — a saving of hundreds of dollars per month.
Your down payment of 20.25% is strong, giving you immediate equity in your home and helping you secure better loan terms.

Florida Housing Facts

Median Home Price
$395,000
Average Property Tax Rate
0.82%
Annual Tax on Median Home
$3,239
State Income Tax
None (no state income tax)
Homebuyer Programs
Florida HFA Preferred + DPA
Property Tax Relief
Homestead + Save Our Homes cap

How to Use This State Mortgage Calculator

  1. 1The calculator opens pre-filled with your state's median home price and average property tax rate. Adjust the Home Price slider to match the listing you are considering.
  2. 2Set your down payment. Toggle between a dollar amount and a percentage of the home price; a 20% down payment avoids PMI entirely.
  3. 3Enter the interest rate quoted by your lender. The default reflects a recent market average, but your rate depends on your credit score, loan type, and down payment.
  4. 4Review the Property Tax Rate slider — it starts at your state's average, but your actual rate depends on your county and any homestead exemptions you qualify for.
  5. 5Add annual home insurance and monthly HOA fees if applicable, then review the monthly payment breakdown, amortization chart, and AI-powered insights.

How Your Monthly Payment Is Calculated

The monthly principal-and-interest payment uses the standard amortization formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where:
- M = monthly payment (principal + interest)
- P = loan amount (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)

Your total monthly housing payment (PITI) adds monthly property tax, home insurance, HOA fees, and PMI (if your down payment is under 20%). Property tax uses the rate entered for your state applied to the home price, divided by 12.

Key Mortgage Terms

Florida Mortgage FAQ

What is the median home price in Florida?

Florida's median home price of about $395,000 is near the national median, though coastal and South Florida markets are considerably higher. This calculator uses $395,000 as the default home price so you can see a typical monthly payment in Florida.

What is the average property tax rate in Florida?

The average effective property tax rate in Florida is about 0.82%. Florida has no state income tax, and the average effective property tax rate is about 0.82%. Homestead exemptions reduce taxable value by at least $25,000 for primary residences, and the Save Our Homes amendment caps annual assessed-value increases at 3% for homesteaded properties. Hurricane windstorm insurance can materially raise monthly housing costs in coastal counties. The calculator applies 0.82% by default, but your actual rate depends on your county and assessed value.

What homebuyer assistance programs are available in Florida?

Florida Housing Finance Corporation (Florida HFA) offers the Florida HFA Preferred and Florida HFA Advantage loan programs with up to $10,000 in down payment and closing cost assistance for eligible first-time buyers.

Does Florida offer a homestead exemption or property tax relief?

Florida has no state income tax, and the average effective property tax rate is about 0.82%. Homestead exemptions reduce taxable value by at least $25,000 for primary residences, and the Save Our Homes amendment caps annual assessed-value increases at 3% for homesteaded properties. Hurricane windstorm insurance can materially raise monthly housing costs in coastal counties. Check with your county assessor to confirm which exemptions apply to your property.

What closing costs should I expect when buying a home in Florida?

Florida closing costs typically run 1%-1.5% of the price, including documentary stamp tax on the deed ($0.70 per $100 of value) and title insurance, which is negotiable between buyer and seller.

How does Florida's tax structure affect my overall housing costs?

Florida's lack of a state income tax is offset by property taxes and sales tax. Factor in windstorm and flood insurance, which can add hundreds per month in vulnerable areas. With an average property tax rate of 0.82% and a median home price near $395,000, your total monthly housing cost includes principal, interest, taxes, and insurance (PITI).

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