How much mortgage can I afford 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.

What is the average mortgage in Florida?

In Florida, the average outstanding mortgage is $188,223.

Do I have enough cash for a down payment for a mortgage in Florida?

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.

Do you really need private mortgage insurance in Florida?

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.

What are the average annual property taxes in Florida?

The average annual property tax in Florida costs $1,934.

What is the average monthly mortgage payment in Florida?

Mortgage payments in Florida average $1,124 monthly and are around $35 less expensive than the national average.

What is the median home price in Florida?

The median home value in Florida is $237,000.

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Florida Mortgage Calculator: Estimate Your Monthly Payment

In Florida, homeowners pay an average monthly mortgage cost of $1,124. Aside from location, lenders evaluate various factors before approving you for a mortgage loan. Use MoneyGeek’s Florida mortgage calculator to see what other charges are included in your monthly mortgage costs and get an idea of how much you will need to pay on average.

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Last Updated: 2/23/2023

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