Florida Mortgage Calculator 2026 — Monthly Payment Estimate | US Financial Calculators

Median Florida home ($402,000) — 20% down — 7% rate — 30yr

Component	Monthly	Annual
Principal & Interest	$2,139.61	$25,675
Property Tax (0.89%)	$298.15	$3,578
Homeowners Insurance	$150.00	$1,800
Total PITI	$2,587.76	$31,053

Total interest over 30yr: $448,661. PMI not included.

Monthly property tax on a $400,000 home by state

State	Avg Rate	Monthly/$400k
Alabama	0.41%	$136.67
Alaska	1.04%	$346.67
Arizona	0.62%	$206.67
Arkansas	0.62%	$206.67
California	0.76%	$253.33
Colorado	0.51%	$170.00
Connecticut	1.79%	$596.67
Delaware	0.57%	$190.00
Florida ★	0.89%	$296.67
Georgia	0.92%	$306.67
Hawaii	0.29%	$96.67
Idaho	0.69%	$230.00
Illinois	2.23%	$743.33
Indiana	0.85%	$283.33
Iowa	1.57%	$523.33
Kansas	1.41%	$470.00
Kentucky	0.86%	$286.67
Louisiana	0.55%	$183.33
Maine	1.09%	$363.33
Maryland	1.09%	$363.33
Massachusetts	1.14%	$380.00
Michigan	1.54%	$513.33
Minnesota	1.12%	$373.33
Mississippi	0.81%	$270.00
Missouri	1.01%	$336.67
Montana	0.84%	$280.00
Nebraska	1.73%	$576.67
Nevada	0.55%	$183.33
New Hampshire	1.93%	$643.33
New Jersey	2.23%	$743.33
New Mexico	0.80%	$266.67
New York	1.72%	$573.33
North Carolina	0.80%	$266.67
North Dakota	0.98%	$326.67
Ohio	1.53%	$510.00
Oklahoma	0.88%	$293.33
Oregon	0.87%	$290.00
Pennsylvania	1.49%	$496.67
Rhode Island	1.53%	$510.00
South Carolina	0.57%	$190.00
South Dakota	1.22%	$406.67
Tennessee	0.67%	$223.33
Texas	1.60%	$533.33
Utah	0.52%	$173.33
Vermont	1.83%	$610.00
Virginia	0.87%	$290.00
Washington	0.98%	$326.67
Washington DC	0.55%	$183.33
West Virginia	0.59%	$196.67
Wisconsin	1.76%	$586.67
Wyoming	0.61%	$203.33

Florida's average effective property tax rate of 0.89% is near the national average. However, Florida's homestead exemption reduces the taxable value of a primary residence by $50,000, significantly lowering property taxes for owners who live in their homes. Florida is also a popular destination for retirees, contributing to strong housing demand and appreciation. Flood insurance is an important additional cost in many coastal Florida counties.

Median home price: $402,000. Average property tax: 0.89%. Cost of living index: 103 (US avg = 100).

What is the average property tax rate in Florida?

The average effective property tax rate in Florida is 0.89%. This means on a $402,000 home, you would pay approximately $3,578/year ($298.15/month) in property taxes. Note that actual property taxes are based on the county-assessed value, which may differ from the purchase price, and individual rates vary by county.

How much do I need to earn to afford a home in Florida?

At the Florida median home price of $402,000 with 20% down and a 7% rate, total monthly housing costs (PITI) are approximately $2,587.76. Using the 28% housing-to-income rule, you would need a gross monthly income of about $9,242.01, or $110,904/year. With less down payment or higher home price, the required income increases.

Is Florida a community property state?

Florida is a common law (equitable distribution) state. Spouses can own property separately, and lenders typically evaluate only the borrower(s) named on the mortgage application.

Should I get a 15-year or 30-year mortgage?

A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. For example, on a $321,600 loan at 7%, monthly P&I is $2,139.61 (30yr) vs. $2,890.63 (15yr). Choose 30-year if cash flow is tight; choose 15-year if you can comfortably afford the higher payment.

What other costs should I budget for when buying in Florida?

Beyond the mortgage payment, budget for: (1) Closing costs — typically 2–5% of the loan amount at purchase; (2) Home inspection — $300–$600; (3) Property taxes — $3,578/year at Florida average rates on a $402,000 home; (4) Homeowners insurance — $1,200–$2,400/year; (5) HOA fees if applicable; (6) Maintenance reserve — budget 1–2% of home value annually.

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