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.