Florida Mortgage Calculator 2025
Calculate your Florida mortgage payment with PMI, property tax, and closing costs.
Comprehensive tool for home buyers in Miami, Orlando, Tampa, Jacksonville, St. Petersburg, and all of Florida.
Last updated: June 2025 |
Data verified with current market rates
Florida Mortgage Calculator
Why use our Florida Mortgage Calculator?
Florida has no state income tax and offers homestead exemptions. Our calculator includes Florida-specific property taxes, PMI estimates, and closing costs for accurate payment calculations.
Florida has no state income tax and offers homestead exemptions. Our calculator includes Florida-specific property taxes, PMI estimates, and closing costs for accurate payment calculations.
About Florida Mortgage Calculations
Our comprehensive Florida mortgage calculator helps you estimate your monthly payments including principal, interest, property taxes, PMI, and insurance costs for homes throughout the Sunshine State.
Florida offers unique advantages for homebuyers, including no state income tax, which can significantly improve your debt-to-income ratio for mortgage qualification. The state also provides generous homestead exemptions that can reduce your property tax burden by up to $50,000 on your primary residence.
Whether you're buying in expensive markets like Miami and Fort Lauderdale or more affordable areas like Jacksonville and Gainesville, our calculator accounts for regional variations in property taxes, insurance costs, and current 2025 mortgage rates to give you accurate payment estimates. For comparison with other states, check our California mortgage calculator or complete list of state mortgage calculators.
Florida vs Other States: Tax & Cost Comparison
| State | State Income Tax | Property Tax Rate | Annual Tax Savings* | Calculator |
|---|---|---|---|---|
| Florida | 0% | 0.89% | Baseline | Current Page |
| California | 1.0% - 13.3% | 0.75% | -$3,000 to -$35,000 | Calculate |
| New York | 4.0% - 10.9% | 1.30% | -$6,000 to -$25,000 | Calculate |
| Texas | 0% | 1.69% | Higher Property Tax | Calculate |
*Based on $150,000 household income comparison. Actual savings vary by income level and deductions.
Florida Property Tax Benefits: The average effective property tax rate is about 0.89% statewide. Florida's homestead exemption provides up to $50,000 reduction in assessed value, plus annual assessment increases are capped at 3%. Closing costs in FL are typically 2-5% of the purchase price.
Average Home Prices in Major Florida Cities (2025)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Miami | $650,000 | $525,000 | $425,000 | $375,000 |
| Orlando | $425,000 | $375,000 | $325,000 | $275,000 |
| Tampa | $445,000 | $395,000 | $340,000 | $290,000 |
| Jacksonville | $375,000 | $325,000 | $275,000 | $225,000 |
| St. Petersburg | $410,000 | $360,000 | $310,000 | $250,000 |
| Fort Lauderdale | $595,000 | $485,000 | $395,000 | $340,000 |
Mobile Note: On small screens, some columns are hidden for better readability.
Prices are approximate averages for 2025 and may vary by neighborhood and property features.
How Mortgage Rules Work in Florida
Property Tax
- Average Rate: 0.89% effective rate statewide
- Homestead Exemption: Up to $50,000 exemption for primary residences
- Assessment Caps: 3% annual increase limit for homesteaded properties
- Payment: Property taxes paid annually, often included in monthly mortgage payment
- Variation: Rates vary by county, from 0.4% to 1.3%
Example: $400,000 home with homestead exemption = $350,000 taxable value × 0.89% = $3,115 annual tax
PMI & Insurance
- PMI Requirement: Required when down payment < 20%
- PMI Cost: 0.5% - 1.2% of loan amount annually
- Homeowners Insurance: $1,200-$3,500+ annually (hurricane coverage)
- Flood Insurance: Often required in coastal areas
- Windstorm Coverage: May be separate policy in high-risk areas
Important: Florida insurance costs can be significantly higher than national averages due to hurricane risk
Closing Costs
- Total Range: 2-5% of purchase price
- Documentary Stamps: $0.70 per $100 of loan amount
- Title Insurance: $5.75 per $1,000 of purchase price
- Recording Fees: Varies by county ($25-$100)
- Attorney Fees: $800-$1,500 (optional but recommended)
Advantage: Florida has relatively standardized closing costs compared to other states
Special Programs
- Florida Housing: First-time buyer assistance programs
- SHIP Program: State Housing Initiatives Partnership
- Down Payment Assistance: Available in many counties
- USDA Rural Loans: 0% down in eligible rural areas
- VA Loans: Strong veteran population and benefits
Research: Check with Florida Housing Finance Corporation for current programs
Complete Florida Mortgage Example
Scenario: $400,000 home purchase in Tampa with 10% down payment
- Purchase Price: $400,000
- Down Payment: $40,000 (10%)
- Loan Amount: $360,000
- Interest Rate: 6.8%
- Loan Term: 30 years
Monthly Payment Breakdown:
- Principal & Interest: $2,370
- Property Tax: $284 ($3,400/year)
- Homeowners Insurance: $167 ($2,000/year)
- PMI: $225 (0.75% annually)
- Total PITI + PMI: $3,046/month
Closing Costs: Approximately $12,000-$16,000 (includes doc stamps, title insurance, appraisal, inspections, and other fees)
Florida Mortgage FAQ
Common questions and detailed answers for Florida home buyers covering tax benefits, insurance requirements, and market conditions.
Florida offers several programs for first-time home buyers:
- Florida Housing Finance Corporation: Provides below-market interest rate loans and down payment assistance
- SHIP (State Housing Initiatives Partnership): County-administered programs offering down payment and closing cost assistance
- FHA Loans: 3.5% down payment with competitive rates
- VA Loans: 0% down for eligible veterans (Florida has large veteran population)
- USDA Rural Development: 0% down for eligible rural areas in Florida
Tip: Contact your county housing authority as many local programs offer additional assistance. Requirements typically include income limits and completion of homebuyer education courses.
Resources: Visit Florida Housing Finance Corporation for current programs and eligibility requirements.
Florida's homestead exemption provides significant property tax savings:
- Base Exemption: Up to $25,000 exemption on assessed value for all property taxes
- Additional Exemption: Additional $25,000 exemption for non-school taxes (total $50,000)
- Assessment Cap: Annual increases limited to 3% or inflation rate, whichever is lower
- Portability: Can transfer some benefits when moving to a new homestead in Florida
Example Savings:
- $400,000 home value - $50,000 exemption = $350,000 taxable value
- At 0.89% effective rate: $3,115 vs. $3,560 (saves $445 annually)
How to Apply: File with your county property appraiser by March 1st after establishing residency. Must be your permanent residence as of January 1st.
Florida mortgage insurance requirements are more complex due to weather risks:
Required Insurance:
- Homeowners Insurance: $1,200-$3,500+ annually (varies by location and hurricane risk)
- PMI: 0.5%-1.2% of loan amount annually if down payment < 20%
- Flood Insurance: Required in flood zones, $400-$2,000+ annually
Special Considerations:
- Hurricane Coverage: May require separate windstorm policy in high-risk areas
- Citizens Property Insurance: State insurer of last resort for high-risk properties
- Deductibles: Hurricane deductibles often 2%-10% of dwelling coverage
Cost Planning: Budget $2,000-$5,000+ annually for all insurance in coastal areas. Inland properties typically have lower costs but still higher than national averages.
Florida's lack of state income tax provides substantial savings for homebuyers:
Annual Savings Examples:
- $75,000 income: Save $3,000-$6,000+ vs. states like California or New York
- $150,000 income: Save $7,500-$15,000+ annually
- $300,000 income: Save $20,000-$35,000+ annually
Additional Tax Benefits:
- Retirement Income: No state tax on pensions, 401(k), IRA distributions
- Investment Income: No state tax on capital gains or dividends
- Social Security: Not taxed at state level
- Estate Tax: No state estate tax
Mortgage Qualification: Higher take-home pay improves debt-to-income ratios, potentially qualifying you for larger loan amounts or better rates.
Florida's housing market has distinct seasonal patterns and strategic timing considerations:
Seasonal Market Patterns:
- Peak Season (Jan-Apr): Highest activity, limited inventory, highest prices
- Shoulder Season (May-Jun, Nov-Dec): Moderate activity, better selection
- Off-Season (Jul-Oct): Lower activity, more negotiating power, hurricane season
Strategic Advantages by Season:
- Summer (Jul-Sep): Less competition, motivated sellers, better prices
- Fall (Oct-Nov): Pre-snowbird season, good inventory
- Winter (Dec-Feb): Peak market but new inventory
- Spring (Mar-May): High competition but maximum selection
Current Market (2025): With elevated mortgage rates, competition has moderated from peak levels. Focus on personal financial readiness rather than trying to time the market perfectly.
Hurricane risk is a significant factor in Florida real estate decisions:
Risk Assessment by Region:
- South Florida: Higher hurricane risk, highest insurance costs
- Central Florida: Moderate risk, inland protection from storm surge
- North Florida: Lower hurricane risk, occasional tropical storms
- Panhandle: Variable risk, tornado activity possible
Insurance Impact:
- Coastal Properties: $3,000-$8,000+ annually for comprehensive coverage
- Inland Properties: $1,500-$3,500 annually
- Deductibles: Hurricane deductibles often 2%-10% of dwelling coverage
- Flood Insurance: Separate policy required in flood zones
Mitigation Strategies:
- Building Features: Impact windows, reinforced construction reduce premiums
- Location: Inland and elevated properties have lower risks
- Age of Home: Newer homes built to current wind codes cost less to insure
Buying Tip: Factor insurance costs into your mortgage qualification. Lenders require proof of adequate coverage before closing.
Florida Mortgage Economic Overview (2025)
Current mortgage rates, housing market trends, and economic factors affecting Florida home buyers in 2025.
Current Mortgage Rates
- 30-Year Fixed: 6.8% - 7.2%
- 15-Year Fixed: 6.3% - 6.7%
- 5/1 ARM: 6.1% - 6.5%
- FHA 30-Year: 6.5% - 6.9%
- VA 30-Year: 6.4% - 6.8%
- Jumbo 30-Year: 7.0% - 7.4%
Federal Economic Indicators
- Fed Funds Rate: 5.25% - 5.50%
- 10-Year Treasury: 4.15%
- 30-Year Treasury: 4.35%
- Inflation (CPI): 3.1%
- Unemployment: 3.7%
- GDP Growth: 2.4%
Florida Housing Market Trends
Market Activity
- Homeownership Rate: 69.8%
- Median Days on Market: 31 days
- Price-to-Income Ratio: 4.2x
- Year-over-Year Price Change: +6.8%
Inventory & Sales
- Months of Supply: 3.8 months
- New Listings: +12.5% YoY
- Pending Sales: +8.2% YoY
- Cash Sales: 28.4%
Affordability
- Affordability Index: 89.2
- Qualifying Income: $95,600
- Monthly Payment/Income: 24.8%
- First-Time Buyers: 31%
Regional Florida Housing Data (2025)
| Metro Area | Median Price | Median Income | Property Tax Rate | Median Rent | Affordability % |
|---|---|---|---|---|---|
| Miami-Dade | $575,000 | $58,900 | 1.02% | $2,850 | 42% |
| Orlando | $385,000 | $56,200 | 0.91% | $1,950 | 58% |
| Tampa-St. Pete | $410,000 | $59,100 | 0.85% | $2,100 | 56% |
| Jacksonville | $345,000 | $63,400 | 0.92% | $1,650 | 68% |
| Fort Lauderdale | $525,000 | $61,800 | 0.98% | $2,650 | 46% |
| Naples | $695,000 | $78,200 | 0.76% | $3,200 | 38% |
| Gainesville | $295,000 | $48,900 | 0.88% | $1,350 | 72% |
Affordability %: Percentage of households that can afford median-priced home with 20% down payment
Sources: Florida Realtors Market Data, Zillow Research, ATTOM Data
Sources: Florida Realtors Market Data, Zillow Research, ATTOM Data
Factors Increasing Rates
- Federal Reserve Policy: Maintaining high federal funds rate to control inflation
- Economic Growth: Strong Florida population growth driving demand
- Hurricane Risk: Climate-related insurance costs affecting lending
- Credit Market Conditions: Tighter lending standards and higher spreads
- Migration Trends: Continued influx from high-tax states increasing demand
Potential Rate Relief Factors
- Inflation Control: Fed may cut rates if inflation reaches target
- Economic Slowdown: National economic cooling could prompt rate cuts
- Housing Supply: New construction increasing inventory
- State Programs: Florida housing assistance and first-time buyer programs
- Competition: Strong lender competition in major Florida markets
Florida Housing Market Advantages
Tax Benefits:
- No state income tax saves residents thousands annually
- Homestead exemption reduces property taxes significantly
- Lower overall effective property tax rates than many states
- No estate tax for Florida residents
Market Strengths:
- Strong population growth and job market
- Diverse economy with tourism, aerospace, and agriculture
- Year-round climate attracting retirees and families
- Relatively affordable compared to California and New York
Result: Florida continues to attract new residents, supporting housing demand and long-term property values despite higher mortgage rates.
Sources:
Enterprise Florida,
US Census Migration Data
2025 Florida Housing Market Outlook
Price Projections
- 2025 Growth: +4-6% statewide
- Miami: +3-5% (moderation)
- Orlando: +5-7% (continued growth)
- Tampa: +4-6% (steady appreciation)
Market Conditions
- Inventory: Increasing supply
- Competition: Moderating from peak levels
- Time on Market: Slightly longer than 2023
- New Construction: Strong pipeline
Rate Expectations
- Q3 2025: 6.5-7.0% range likely
- Q4 2025: Potential modest decline
- 2026: 6.0-6.5% if Fed cuts rates
- Risk: Hurricane season could impact markets
Bottom Line: Florida's housing market remains attractive due to no state income tax, population growth, and diverse economy. While mortgage rates are elevated, the state's fundamental advantages continue to support housing demand and values.
Florida Economy & Lifestyle Guide
Economic Overview
Major Companies & Employers
Aerospace & Defense
- Boeing - Jacksonville (4,000+ employees)
- Lockheed Martin - Orlando (8,000+)
- Northrop Grumman - Melbourne (1,200+)
- SpaceX - Cape Canaveral (3,000+)
- Blue Origin - Cape Canaveral (500+)
Tourism & Entertainment
- Walt Disney World - Orlando (77,000+)
- Universal Studios - Orlando (25,000+)
- Royal Caribbean - Miami (5,000+)
- Carnival Corporation - Miami (3,500+)
Technology
- Citrix - Fort Lauderdale (1,800+)
- Magic Leap - Plantation (800+)
- AdventHealth - Altamonte Springs (83,000+)
Key Industries
- Tourism: $112 billion annually, 1.4M jobs
- Agriculture: $155 billion economic impact
- Aerospace: 130,000+ jobs, $27 billion impact
- International Trade: $173 billion in goods
- Financial Services: Growing fintech sector
- Life Sciences: 4,200+ companies
Economic Highlights:
• 3rd largest state economy ($1.1 trillion GDP)
• No state income tax
• Business-friendly environment
• Major international gateway
• 3rd largest state economy ($1.1 trillion GDP)
• No state income tax
• Business-friendly environment
• Major international gateway
Top Attractions & Destinations
Theme Parks & Entertainment
- Walt Disney World - Magic Kingdom, EPCOT, Hollywood Studios, Animal Kingdom
- Universal Studios - Universal Studios, Islands of Adventure
- Busch Gardens Tampa - Thrill rides and wildlife
- SeaWorld Orlando - Marine life shows and rides
Natural Attractions
- Everglades National Park - Unique ecosystem and wildlife
- Florida Keys - Tropical paradise and coral reefs
- Art Deco District - Miami Beach historic architecture
- Crystal Springs - Natural springs throughout the state
Cost of Living & Lifestyle
| Category | Cost Range |
|---|---|
| Airbnb (Miami Beach) | $150-$400/night |
| Airbnb (Orlando) | $80-$250/night |
| Airbnb (Tampa) | $90-$300/night |
| Airbnb (Key West) | $200-$600/night |
| Gasoline | $3.20-$3.50/gallon |
| Dining Out | $15-$45/person |
Climate & Weather:
• Subtropical climate with warm temperatures year-round
• Average 237 sunny days per year
• Hurricane season: June-November
• Winter highs: 70-80°F, Summer highs: 85-95°F
• Subtropical climate with warm temperatures year-round
• Average 237 sunny days per year
• Hurricane season: June-November
• Winter highs: 70-80°F, Summer highs: 85-95°F
Why People Move to Florida
- No State Income Tax: Significant tax savings for residents
- Year-Round Weather: Warm climate and outdoor lifestyle
- Beaches & Recreation: 600+ miles of beaches and water activities
- Growing Job Market: Diverse economy with expanding opportunities
- Retirement Friendly: No tax on retirement income, many 55+ communities
- Business Environment: Pro-business policies and regulations
- Cultural Diversity: International gateway with rich cultural mix
- Entertainment: World-class theme parks, sports teams, and nightlife
Considerations
- Hurricane Risk: Seasonal weather threats and insurance costs
- Summer Heat & Humidity: Uncomfortable outdoor conditions May-September
- Traffic Congestion: Heavy traffic in major metro areas
- Tourist Crowds: Seasonal influx affecting daily life
- Rising Housing Costs: Rapid price appreciation in popular areas
- Water Quality: Some areas have water management challenges
- Limited Public Transit: Car-dependent lifestyle in most areas
Moving Tip:
Research specific counties and municipalities as taxes, regulations, and amenities vary significantly across Florida.
Research specific counties and municipalities as taxes, regulations, and amenities vary significantly across Florida.