Florida Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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Homeowners in Florida spend about $35 less than the national average for their mortgages. However, these charges can vary depending on many factors, including the cost of your home, interest rate, annual property and real estate taxes and more.
The average monthly mortgage payment in Florida is $1,124. With the average Florida household earning $6,388, mortgage payments account for nearly 18% of Florida residents’ monthly income.
With the help of MoneyGeek’s Florida mortgage calculator, you can estimate your mortgage costs and possibly minimize your monthly payments. Comparing several lenders in the state enables you to select the best alternative depending on your budget. You will be able to see what other fees, such as taxes and interest, are included in your mortgage payments.
Start Here: Plug In Your Mortgage Factors
If you are a Florida resident and want to know the costs you could pay for a mortgage, MoneyGeek's Florida state mortgage calculator calculates the expenses for you.
Why and How to Use Our Mortgage Calculator
Knowing the fees and charges you’ll pay in your mortgage is important since it can help you adjust the amounts based on what you can afford to pay. With MoneyGeek’s mortgage calculator, it is easier to calculate your monthly payments if you are getting a mortgage in Florida.
Calculating these factors out on your own can be confusing, so MoneyGeek has taken the guesswork out for you. Here is a detailed breakdown of what is included in our calculator so that there is no confusion as you analyze your estimated monthly mortgage costs.
Home Price:
Enter the maximum price you are willing to spend or the actual amount you are ready to pay for a home.
Down Payment:
A down payment is usually required when financing your home. A higher down payment means lower monthly costs.
Interest Rate:
The annual rate lenders charge for the money you borrowed. MoneyGeek offers daily mortgage rate reports from lenders.
Loan Terms:
Mortgage terms typically last 15 or 30 years. You can choose your term length.
Payments per Year:
Consider how many times a year you can afford to pay. Typically, people break it down to monthly payments or 12 payments in a year, which is more manageable to pay than a lump sum.
Property Tax:
In Florida, the average annual property tax is $1,934. This is the amount that you pay the government, which is calculated based on the purchase price of your home.
HOA Fees:
If you live in a community with a homeowner’s association (HOA), this means you’ll pay additional fees on your mortgage loan.
Principal & Interest:
This is the total amount you borrowed plus the cost you have to pay to compensate the lender for the loan.
Monthly Payment:
This is the amount that you pay every month with the inclusion of principal, interest, property taxes and HOA dues.
Principal Payment:
This is the monthly payments you make that go toward paying off the entire balance of your loan.
Interest Payment:
This is the amount the lender charges for the mortgage loan based on the interest rate.
Total Cost with Interest:
This is the total amount you pay the lender that includes all types of charges.
Monthly mortgage payments vary based on the home price, location, type of loan and lender. In Florida, the average monthly mortgage payment is $1,124. A few of the ways that you can lower this cost are:
- Purchasing a less expensive house. The cheaper the house, the less you’ll pay each month.
- Put down a large down payment on your home. Homeowners who make a payment of less than 20% are usually required to purchase private mortgage insurance. The cost of this is determined by the cost of the home.
- Extend your loan term. If a 15-year loan term seems a bit high for your budget, you can always request a longer period.
- Research programs. Determine whether you are eligible for a government loan or a mortgage relief program. Florida Housing has a loan program for home buyers that offers a 30-year fixed rate if it’s your first time buying a home.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
Understanding mortgages can be difficult, especially for first-time buyers. MoneyGeek has compiled helpful materials from our own study to assist you in your home-buying journey. Follow this simple step-by-step guide to help you get started.
- Shop and compare rates - Finding the best plan requires shopping around and learning about the average Florida mortgage rates.
- Not ready to make a purchase? - Reviewing your finances can help you determine whether it is better to rent or to buy a home.
- Learn More - Knowing more about FHA, VA and reverse mortgages will help you determine which type of mortgage loan is right for you.
Frequently Asked Questions About Mortgages in Florida
Housing expenses should not exceed 28% of your pre-tax monthly income and 36% of your total pre-tax monthly income. Your debt-to-income ratio should be a strong indicator of your ability to obtain a home loan in Florida.
In Florida, the average outstanding mortgage is $188,223.
The amount of money you put down on a house affects the cost of your monthly payments. In general, homeowners are advised to put down at least 20% of the purchase price.
Private mortgage insurance is required if you cannot afford to put down at least 20% on a home. Your monthly payments will increase to cover the cost of this insurance.
The average annual property tax in Florida costs $1,934.
Mortgage payments in Florida average $1,124 monthly and are around $35 less expensive than the national average.
The median home value in Florida is $237,000.
sources
- Florida Housing. "Homebuyer Overview." Accessed March 3, 2022.