Florida, FL

Florida Mortgage Calculator

Estimate your complete monthly payment in Florida including taxes, insurance & PMI

🏠 Avg Home Price: $390,000
🏛️ Property Tax: 0.89%
🛡️ Insurance: $2200/yr
📍 Largest City: Miami
Florida Mortgage Calculator
Home Price
$50K$2M
Down Payment
3%60%
Interest Rate
1%15%
Loan Term
Property Tax (Annual)
Florida avg: 0.89% — $3471/yr
Home Insurance (Annual)
Florida avg: $2200/year
HOA Fees (Monthly)
PMI Rate
Required if down payment < 20%

Amortization Schedule

Show / Hide
YearPrincipal PaidInterest PaidRemaining Balance
Your Monthly Payment
$0
Principal · Interest · Taxes · Insurance
Principal & Interest—
Property Tax—
Home Insurance—
PMI—
HOA—
Loan Amount—
Total Interest—
Total Cost—
—
P&I share
Florida Housing Market
  • 🏠
    Avg Home Price
    $390,000
  • 📈
    Property Tax
    0.89% annually
  • 🛡️
    Home Insurance
    $2200/year
  • 📍
    Major City
    Miami
  • 🗺️
    State Code
    FL
Florida Mortgage Tips
  • ✅
    Get pre-approved before house hunting in Florida
  • ✅
    Compare at least 3–5 lenders for best rate
  • ✅
    Check Florida first-time buyer programs
  • ✅
    Budget 0.89% property tax into monthly costs
  • ✅
    Consider mortgage recast to lower payments
Current Rates 2026
  • 📊
    30-Year Fixed
    ~6.5% – 7.0%
  • 📊
    15-Year Fixed
    ~5.7% – 6.2%
  • 📊
    FHA Loan
    ~6.2% – 6.8%
  • 📊
    VA Loan
    ~5.9% – 6.4%
  • 📊
    Jumbo Loan
    ~6.8% – 7.4%

Florida Mortgage Calculator – Complete 2026 Guide

Buying a home in Florida is one of the most significant financial commitments you'll make. Whether you're a first-time homebuyer in Miami or refinancing an existing property, accurately estimating your monthly mortgage payment is essential for smart financial planning. Our Florida Mortgage Calculator gives you a complete picture of your monthly costs — including principal, interest, property taxes at Florida's 0.89% average rate, homeowners insurance, HOA fees, and PMI if applicable.

📌 Quick Estimate: On a $390,000 home in Florida with 20% down ($78,000) and a 6.8% interest rate on a 30-year loan, your estimated monthly payment is approximately $2506/month (PITI — Principal, Interest, Taxes & Insurance).

How to Use the Florida Mortgage Calculator

Simply enter your details into the calculator above. Here's what each field means for Florida homebuyers:

  • Home Price: The purchase price. Average home price in Florida is $390,000.
  • Down Payment: 20% = $78,000 — avoids PMI on your Florida mortgage.
  • Interest Rate: 2026 average in Florida is ~6.5%–7.0% for a 30-year fixed loan.
  • Loan Term: 30 years is most common for lower payments; 15 years saves interest.
  • Property Tax: Florida averages 0.89% = $3471/year on a $390,000 home.
  • Home Insurance: Florida average is $2200/year ($183/month).

Florida Property Taxes Explained

Property taxes in Florida are calculated as a percentage of your home's assessed value. Florida's average effective rate of 0.89% means on a $390,000 home, you pay approximately $3471 per year or $289 per month in property taxes. Rates vary by county — always verify with your Florida county assessor's office.

Monthly Cost Breakdown for Florida

Payment ComponentMonthlyAnnual
Principal & Interest (6.8%, 30yr)$2034$24,408
Property Tax (0.89%)$289$3471
Home Insurance$183$2200
Total PITI Payment$2506$30,072

Income Needed to Buy a Home in Florida

Lenders typically use the 28% front-end DTI rule — your total housing payment (PITI) should not exceed 28% of your gross monthly income.

  • Estimated monthly payment for average Florida home: $2506
  • Required annual gross income (28% rule): $87,171
  • Assumes 20% down payment of $78,000 and 6.8% rate

Florida Mortgage Rates 2026

Loan TypeAvg Rate (2026)Best For
30-Year Fixed6.5% – 7.0%Lower monthly payments
15-Year Fixed5.7% – 6.2%Pay off faster, save on interest
FHA 30-Year6.2% – 6.8%Lower credit, 3.5% down
VA Loan5.9% – 6.4%Veterans, 0% down
USDA Loan6.0% – 6.5%Rural Florida, 0% down

Mortgage Recast vs Refinance in Florida

If you already own a Florida home and want a lower payment:

  • Refinance: New loan at potentially lower rate — requires full underwriting, appraisal, 2%–5% in closing costs.
  • Mortgage Recast: Lump-sum payment toward principal, re-amortized at same rate. Only $150–$500 fee. No credit check. Must have conventional loan.

🔄 Use our Free Mortgage Recast Calculator to see how much you could save on your Florida mortgage.

Frequently Asked Questions

Everything you need to know about mortgages in Florida

What is the average mortgage payment in Florida?+
Based on Florida's average home price of $390,000 with a 20% down payment ($78,000) and 6.8% on a 30-year mortgage, the estimated monthly PITI payment is $2506. This includes $2034 principal & interest, $289 property tax (0.89%), and $183 insurance. Your actual payment depends on your specific loan terms, credit score, and location within Florida.
What is the property tax rate in Florida?+
Florida has an average effective property tax rate of 0.89% per year. On a $390,000 home that's $3471 per year ($289/month). County rates vary — check your local Florida county assessor's office for the precise rate in your area.
How much down payment do I need in Florida?+
For a $390,000 Florida home your options are:
  • 3.5% FHA: $13,650 — requires PMI
  • 5% Conventional: $19,500 — requires PMI
  • 10%: $39,000 — lower PMI
  • 20%: $78,000 — no PMI!
  • 0% VA/USDA: $0 — for eligible veterans & rural areas
How much income do I need to afford a home in Florida?+
Using the 28% debt-to-income rule, you need approximately $87,171 gross annual income to comfortably afford a $390,000 home in Florida with 20% down. This means your monthly housing costs ($2506) don't exceed 28% of your gross monthly income. Your actual qualifying income may differ based on debt, credit score, and lender.
Can I use a mortgage recast in Florida?+
Yes! Florida homeowners with conventional loans (Fannie Mae/Freddie Mac) can recast their mortgage. Make a lump-sum principal payment (typically $5,000+ minimum), and your lender re-amortizes the balance at the same rate — lowering your monthly payment with a small fee ($150–$500). Note: FHA, VA, and USDA loans are generally not eligible for recasting in Florida.
What is PMI and when is it required in Florida?+
PMI (Private Mortgage Insurance) is required in Florida when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year — on a $312,000 Florida loan that's roughly $$390 per month. PMI is automatically removed once you reach 20% equity in your Florida home. Use our PMI Calculator to estimate your exact cost.
30-year vs 15-year mortgage in Florida — which is better?+
On a $312,000 Florida loan:
  • 30-Year at 6.8%: ~$2034/month — lower payment, total interest: $420,240
  • 15-Year at 6.0%: ~$2,633/month — higher payment but saves tens of thousands in interest
Choose 30-year if cash flow is important. Choose 15-year if you want to build equity fast and save on interest.
What are current mortgage rates in Florida for 2026?+
As of 2026, Florida mortgage rates average:
  • 30-Year Fixed: ~6.5% – 7.0%
  • 15-Year Fixed: ~5.7% – 6.2%
  • FHA 30-Year: ~6.2% – 6.8%
  • VA Loan: ~5.9% – 6.4%
  • Jumbo: ~6.8% – 7.4%
Always compare quotes from multiple Florida lenders. Even 0.25% difference can save thousands over your loan life.

Related Calculators

🔄
Mortgage Recast
 💰
Mortgage Payoff
 🛡️
PMI Calculator
 📊
Recast Savings