Typical Florida mortgage payment
The median home price in Florida is roughly $410,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,242 | $2,201 |
| 5.50% | $3,350 | $2,328 |
| 6.00% | $3,460 | $2,458 |
| 6.50% | $3,572 | $2,591 |
| 7.00% | $3,685 | $2,728 |
| 7.50% | $3,801 | $2,867 |
| 8.00% | $3,918 | $3,008 |
| 8.50% | $4,037 | $3,153 |
| 9.00% | $4,158 | $3,299 |
| 9.50% | $4,281 | $3,448 |
| 10.00% | $4,406 | $3,598 |
What a Florida mortgage really costs (PITI)
Principal & interest alone would run about $2,591/month at 6.50% over 30 years. But Florida's property tax - roughly 0.91% of home value per year here - adds about $311/month, and estimated homeowners insurance adds around $120/month. Your real total monthly payment (PITI) on a $410,000 Florida home is closer to $3,022/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $129,513/year. A 20% down payment here is $82,000.
Florida vs. its neighbors
Of Florida and its neighbors, Alabama has the lowest estimated total monthly payment - about $1,492 less per month than Florida.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Alabama | $220,000 | 0.41% | $1,530/mo |
| Georgia | $330,000 | 0.92% | $2,435/mo |
| Florida (this page) | $410,000 | 0.91% | $3,022/mo |
What affects your Florida payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.