Mortgage for Florida (2026)
Florida (FL) Key Facts
Median Home Price
$390,000
Average Property Tax Rate
0.89%
Average Home Insurance Rate
1.5%
Estimated Monthly Payment
$3,053
First Time Buyer Programs
2
How This Calculator Works in Florida
This mortgage calculator lets you estimate your monthly payment on a Florida home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Florida's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Florida Overview
Florida has a median home price of approximately $390K, with an average property tax rate of 0.89% and homeowners insurance averaging 1.5% annually. Homestead exemption saves up to $50K in assessed value. Hometown Heroes and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Florida Compares
Compared to neighboring states, Florida's median home price of $390,000 is below the national median of about $420,000. Nearby Georgia has a median price of $320,000 with a 0.92% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Georgia | $320,000 | Median home price is $320,000 with a 0.92% property tax rate. Estimated monthly mortgage payment is about $2,287. |
| Alabama | $230,000 | Median home price is $230,000 with a 0.41% property tax rate. Estimated monthly mortgage payment is about $1,555. |
| South Carolina | $290,000 | Median home price is $290,000 with a 0.57% property tax rate. Estimated monthly mortgage payment is about $2,000. |
The median home price in Florida is $390,000, compared to the national median of approximately $420,000. With a 0.89% average property tax rate and 1.5% insurance rate, Florida homeowners can expect an estimated monthly payment of about $3,053 on a median-priced home with 10% down at 6.75% interest.
Tips for Florida Residents
- 1Florida has a median home price around $390K. Homestead exemption saves up to $50K in assessed value. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Florida average 0.89%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore Hometown Heroes & FL Housing programs for potential down payment assistance and favorable rates. Florida also offers Florida Assist (FL Assist). Check income limits and eligibility early in your home search.
- 4Doc stamp tax applies at closing; windstorm insurance can be substantial in coastal areas. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Budget for hurricane/flood insurance. A 0.25% rate difference on a $390K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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