Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Florida

Florida Mortgage Calculator

Set to Florida’s own property tax rate of 0.75% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($79,400)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,388
Monthly payment
$2,024
Principal & interest
$248
Taxes
$116
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $317,600 Interest paid $411,107
20262056
Total of 360 payments$859,747
Principal$317,600
Interest$411,107
Taxes$89,340
Insurance$41,700
HOA fees$0
P&I 84.8% Taxes 10.4% Insurance 4.9%
15- vs 30-year term at 6.58%
15-year
$2,781/mo P&I
$182,912 total interest
30-year · current
$2,024/mo P&I
$411,107 total interest
The 15-year term saves $228,195 in interest. Which term is right for you?

What these numbers come from

Median home value
$396,900
Median tax bill
$2,993
Effective tax rate
0.75%
Rank of 51
26th highest

Florida taxes property at about 0.75% of value against 0.89% nationally. On a $397,000 home that is $46 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Florida home prices

20% down, 30-year fixed at 6.58%, with Florida property tax of 0.75% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$238,000 $190,400 $1,213 $149 $1,432
$318,000 $254,400 $1,621 $199 $1,913
$397,000 median $317,600 $2,024 $248 $2,388
$496,000 $396,800 $2,529 $310 $2,984
$595,000 $476,000 $3,034 $372 $3,579

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Florida taxes alone add $248 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $283 $1,742 $364 $317,317
Sep $284 $1,740 $364 $317,033
Oct $286 $1,738 $364 $316,747
Nov $287 $1,737 $364 $316,460
Dec $289 $1,735 $364 $316,171
2026 $1,429 $8,692 $1,820 $316,171
Jan $291 $1,734 $364 $315,880
Feb $292 $1,732 $364 $315,588
Mar $294 $1,730 $364 $315,295
Apr $295 $1,729 $364 $314,999
May $297 $1,727 $364 $314,702
Jun $299 $1,726 $364 $314,404

Refinancing in Florida

Florida taxes the paperwork, which makes refinancing dearer here than in most states. Documentary stamp tax runs 35 cents per 100 dollars of the new note and the intangible tax adds another 2 mills on the mortgage, so a 300,000 dollar refinance carries roughly 1,650 dollars in state taxes before any lender or title charge. Build that into your break-even sum.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Florida home loans in detail

Florida Mortgage Overview

If sunshine and warm weather are something you love, Florida, the flattest state in the country is a great place to live. Popular with tourists and retirees, Florida is also a great place for first-time homebuyers. Its median home price is around $415,000, and plenty of more affordable markets can be found across the state.

If you're thinking about moving to Florida, here are the top first-time homebuyer loans you can choose from:

Florida conventional loans

Do you have great credit and a low debt-to-income ratio? The Florida conventional loan provides low interest rates for borrowers with credit scores of 660 or higher. You'll also need average debt ratios of around 36 - 40%. Conventional loans require just a 3 percent down payment, and you'll pay PMI until you owe less than 80 percent of the home's value.

Florida FHA loans

Borrowers with credit issues or high debt ratios have luck with Florida FHA loans. With just 3.5 percent down and at least a 580 credit score, you can buy your first home. FHA loans have flexible debt ratio guidelines but do require mortgage insurance for the life of the loan. Borrowers with credit scores between 500 - 579 may qualify too, but with a 10 percent down payment.

Florida VA loans

Veterans have the distinct advantage of the VA loan, which offers 100 percent financing. You don't need great credit or a low debt ratio. As long as you prove you have a stable income and can afford your bills and the daily cost of living, you're on your way to a flexible loan.

Florida USDA loans

Florida has plenty of 'rural' areas according to the USDA guidelines. Low to moderate-income families who don't qualify for any other loan program may be eligible for this 100 percent financing loan. You need a 640 credit score and a debt ratio around 41 percent to qualify.

First-Time Homebuyer

Programs in Florida

Down payment assistant

program

Florida residents can receive down payment assistance as a second mortgage. There are no payments due on the loan, but the full amount is due when you sell the home or refinance the loan.

Salute our Soldiers

This veteran's program helps veterans secure a first mortgage with lower than average rates, plus get down payment and closing cost assistance.

Florida First-Time Homebuyer

Program

If your income doesn't exceed the guidelines, and the home price is within the purchase limits, you may secure more favorable terms with the Florida First-Time Homebuyer program with lower interest rates and costs on your first loan.

Florida mortgage FAQ

How much is property tax on a home in Florida?
Florida homeowners pay an effective property tax rate of about 0.75 percent of home value — the 26th highest of the 50 states and DC. On the state's median home value of $396,900 that works out to roughly $2,978 a year, or $248 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Florida home?
At $397,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $2,024 a month. Adding Florida property tax of roughly $248 a month and an estimated $116 of homeowner insurance brings the full payment to around $2,388.
What mortgage options are available in Florida?
Florida buyers can choose conventional loans with 3 percent down for credit scores of 660 or higher, FHA loans with 3.5 percent down and a 580 score (or 10 percent down for scores of 500 to 579), VA loans with 100 percent financing for veterans, and USDA loans offering 100 percent financing in eligible rural areas with a 640 credit score.
What first-time homebuyer programs does Florida offer?
Florida offers a down payment assistance program structured as a second mortgage with no payments due until you sell or refinance, the Salute Our Soldiers program giving veterans lower than average rates plus down payment and closing cost help, and the Florida First-Time Homebuyer Program, which provides lower interest rates and costs for buyers within its income and purchase price limits.
How much do you need for a down payment in Florida?
It depends on the loan type. VA and USDA loans finance 100 percent of the purchase, so no down payment is required. Conventional loans start at 3 percent down, and FHA loans need 3.5 percent with a 580 credit score. FHA borrowers with scores between 500 and 579 must put 10 percent down instead.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.