Florida Mortgage Calculator

Calculate your monthly mortgage payment in Florida. Pre-filled with Florida's average property tax rate of 0.89%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$260
Homeowner's Insurance
$100
Total Monthly Payment
$2,129

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,129/month. See how it fits alongside your income, savings, investments, and other expenses over time.

Try the Full Simulator

Florida Housing Overview

Florida has an average property tax rate of 0.89%. Florida's cost of living is roughly at the national average, though South Florida and coastal areas are significantly more expensive.

Property Tax: 0.89%No state income taxNo state estate tax6% sales tax

Buying a Home in Florida

If you're considering buying a home in Florida, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Florida's average property tax rate of 0.89% to give you a more accurate estimate.

Florida Property Taxes

Florida has an average effective property tax rate of 0.89%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 0.89% rate means approximately $3115 per year, or $260 per month in property taxes alone.

Cost of Living in Florida

Florida's cost of living is roughly at the national average, though South Florida and coastal areas are significantly more expensive. When evaluating whether to buy a home in Florida, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Florida Homebuyers

  • With no state income tax, Florida workers keep significantly more of their paycheck
  • Florida's lack of state income tax makes it attractive for remote workers earning high salaries
  • No state estate tax provides additional long-term financial benefits
  • While there is no income tax, Florida has a 6% sales tax — factor this into your cost of living

Key Florida Features

  • No state income tax
  • No state estate tax
  • 6% sales tax
  • Popular for remote workers and retirees

See How Your Florida Mortgage Fits Your Financial Plan

This calculator shows your Florida mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

Start Simulating for Free

Compare Florida Mortgage Costs with Other States

Georgia0.92% property taxAlabama0.40% property taxCalifornia0.71% property taxNew York1.46% property taxNew Jersey2.23% property tax

Frequently Asked Questions

What is the average property tax rate in Florida?
The average effective property tax rate in Florida is approximately 0.89%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Florida's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Florida?
Your mortgage payment in Florida depends on the home price, your down payment, interest rate, and loan term. With Florida's average property tax rate of 0.89%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Florida an affordable state to buy a home?
Florida's cost of living is roughly at the national average, though South Florida and coastal areas are significantly more expensive. When evaluating affordability in Florida, consider not just the home price but also property taxes (0.89% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Florida property taxes compare to other states?
Florida's average property tax rate of 0.89% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Florida?
Most states, including Florida, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Florida's housing authority and the FHA, VA, and USDA loan programs for additional options.

Related Calculators

Housing

Rent vs. Buy Calculator

Monthly Rent$1,800
Home Price$350,000
Monthly Own$2,228
Equity (5yr)+$47,200
Breakeven4.2 years
5yr WinnerBuy
sample data — click to try your numbers
Savings

Savings & Investment Growth Calculator

Starting$10,000
Monthly+$500
Return8%/yr
Contributions$190,000
Earnings$555,620
Final Balance$745,620
sample data — click to try your numbers
Debt

Debt Payoff Calculator

Total Debt$18,500
Extra Payment$200/mo
StrategyAvalanche
Interest Saved$3,847
Debt-Free34 months
vs. Minimum22mo faster
sample data — click to try your numbers