Florida Mortgage Calculator

Florida is one of the fastest-growing states in the country, driven by no state income tax, warm weather, and strong job growth in Tampa, Orlando, and Miami. Median home prices have risen sharply since 2020, with Miami and coastal markets exceeding $500,000 and inland markets like Orlando and Jacksonville remaining more accessible.

Major markets include Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale. Monthly P&I estimates at 7%, 30-year fixed with 20% down:

Assumes 20% down, 30-year fixed at 7%, P&I only. Add taxes and insurance for full payment.

Florida has no state income tax, which helps offset its property tax rate of around 0.89% — close to the national average. However, homeowners insurance in Florida is significantly above the national average due to hurricane risk, often running $2,000–$4,000 per year depending on location and coverage.

On a $410,000 home at 0.89%, that's roughly $304/month in property taxes, collected in escrow by your lender. At the national average of 1.1%, the same home would cost $376/month — a meaningful difference over the life of the loan.

The calculator above uses 0.89% as a starting point. Update it with your specific county rate for a more accurate estimate. Your lender will verify the exact rate during underwriting.

The calculator breaks your total monthly payment into four components:

• Principal & Interest — the base loan payment, calculated using the standard amortization formula.
• Property Tax — at Florida's 0.89% average, collected monthly in escrow by your lender.
• Home Insurance — estimated at $2,400/year ($200/month) for Florida. Your actual cost depends on location, coverage, and your insurer.
• PMI — required if your down payment is under 20%. Typically 0.5–1.5% of the loan per year, cancellable once you reach 20% equity.

Scroll below the payment summary to see the full amortization schedule — every monthly payment shown with principal, interest, and remaining balance.

Florida offers first-time homebuyer support through the Florida Hometown Heroes Program. This program typically provides:

• Competitive fixed-rate mortgage financing
• Down payment assistance for eligible buyers
• Available for FHA, VA, USDA, and conventional loans (varies by program)
• Income and purchase price limits apply

For current eligibility requirements, income limits, and participating lenders, visit floridahousingheroeshelp.gov.

Use the calculator above to estimate your full monthly payment before applying. Knowing your number makes it easier to compare programs and evaluate affordability.

Florida provides two meaningful property tax benefits that reduce the tax portion of your mortgage payment over time — both exclusive to primary-residence homeowners.

The Homestead Exemption reduces your home's taxable assessed value by up to $50,000. The first $25,000 applies to all taxing authorities (county, school, city); the second $25,000 applies to all taxes except school district levies. On a home assessed at $400,000, this typically saves $700–$1,400 per year depending on your combined local millage rate. To claim it, you must apply with your county property appraiser's office by March 1 of the tax year — it is not automatic for new owners.

Once you qualify, the Save Our Homes (SOH) cap limits annual increases in your home's assessed value to 3% or the rate of inflation (CPI), whichever is lower. For homeowners who have held a homestead property for several years, the SOH cap can mean the assessed value is well below market value — and the tax bill substantially lower than what a new buyer of the same home would face.

• First $25,000 exemption: applies to all taxing authorities
• Second $25,000 exemption: applies to all taxes except school district
• Save Our Homes cap: assessed value grows no more than 3%/year after you qualify
• Portability: when you sell and buy in FL, you can transfer up to $500,000 of accumulated SOH benefit to your next home
• Application deadline: March 1 — apply through your county property appraiser's office

The 0.89% effective tax rate in the calculator reflects the statewide average across all homeowners, including those who already benefit from the exemption. Your actual effective rate after qualifying — especially in year two and beyond — may be noticeably lower.

Standard homeowners insurance in Florida may not fully cover hurricane wind damage. Many policies include a separate windstorm deductible — typically 2–5% of the insured value rather than a flat dollar amount. On a $400,000 home, a 2% deductible means you pay the first $8,000 of any hurricane-related wind damage before coverage applies.

Flood insurance is separate from homeowners insurance and is required by lenders for homes in FEMA-designated Special Flood Hazard Areas (SFHAs). Florida has more active NFIP policies than any other state. Premiums vary widely by flood zone and elevation:

• Zone X (minimal risk): $400–$900/year — optional but common near the coast
• Zone AE (100-year floodplain): $1,000–$3,000/year — typically lender-required
• Zone VE (coastal high-hazard, wave action): $3,000–$8,000+/year

Look up any property's flood zone on the FEMA Map Service Center

The $2,400 homeowners insurance default covers a typical inland Florida home. Coastal buyers should budget separately for a windstorm deductible risk and, if in a SFHA, a flood insurance premium — these can add hundreds to thousands per year.