Florida mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in Florida. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Florida housing market

Florida, The Sunshine State, is the third-most populous state in the United States.... And while state average affordability metrics and home prices are similar to national averages, Florida residents know that the housing dynamics differ meaningfully within the state. Home prices are much lower in the Panhandle than the glitzier Atlantic Coast cities like Miami. Florida is among the most volatile housing markets and saw the largest decrease in home prices following the last housing crisis.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,054$1,454
Mortgage Rate4.125%2.66%*3.052%*
Total interest paid
$178,737
$51,318
$126,693
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,054$1,454
Mortgage Rate4.125%2.66%*3.052%*
Total interest paid
$178,737
$51,318
$126,693
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

Insights

We’ll share an interesting insight here for key milestones in your payoff schedule.

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See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest

$1,163

Florida mortgage and refinance rates today (APR)

Loan typeAverage
rate
Change
1 day
Change
1 year
30-year fixed3.126%
0.003%
0.894%
15-year fixed2.748%
0.01%
0.842%
5/1 ARM3.14%
0.071%
1.25%

Today’s rate

3.126%
30-year fixed

Current rates in Florida are 3.126% for a 30-year fixed, 2.748% for a 15-year fixed, and 3.14% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in Florida

Start building your winning home buying team! Our partner, HomeLight, analyzes millions of home sales to identify the best performing agent.

Florida's first-time home buyer programs

The Florida Housing Finance Corporation, or Florida Housing, offers several loan programs to help qualified first-time home buyers get a mortgage.

HFA Preferred Grant

State program

Review FHFC lenders

at NerdWallet

Best for

Down payment assistance

Closing cost assistance

What you need to know

This assistance program provides qualified borrowers with 3% of the home’s purchase price to be used as a down payment or to pay closing costs. The HFA Preferred program is a grant, which means it doesn’t have to be repaid.

See full article

Florida's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Florida.

See full article

Average property tax in Florida counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Florida. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Alachua County1.18%$172,500
Baker County0.75%$121,100
Bay County0.69%$171,500
Bradford County0.75%$90,500
Brevard County0.94%$195,400
Broward County1.14%$260,700
Calhoun County0.61%$80,000
Charlotte County0.95%$193,600
Citrus County0.82%$128,900
Clay County0.98%$177,700
Collier County0.69%$358,900
Columbia County0.98%$145,500
DeSoto County0.84%$83,700
Dixie County0.68%$71,600
Duval County1.01%$185,900
Escambia County0.79%$143,900
Flagler County0.93%$225,400
Franklin County0.68%$135,300
Gadsden County0.64%$101,300
Gilchrist County0.79%$96,700
Glades County0.73%$80,100
Gulf County0.68%$151,400
Hamilton County0.79%$73,500
Hardee County0.92%$81,200
Hendry County1.12%$79,700
Hernando County0.91%$142,700
Highlands County0.8%$100,200
Hillsborough County1.05%$213,600
Holmes County0.63%$92,400
Indian River County0.83%$200,000
Jackson County0.62%$94,900
Jefferson County0.8%$131,700
Lafayette County0.47%$101,400
Lake County0.94%$185,200
Lee County0.96%$225,300
Leon County1.01%$201,300
Levy County0.8%$88,700
Liberty County0.64%$62,400
Madison County0.74%$87,200
Manatee County0.95%$233,900
Marion County0.91%$137,300
Martin County0.91%$280,800
Miami-Dade County0.95%$288,100
Monroe County0.62%$513,700
Nassau County0.91%$234,000
Okaloosa County0.74%$209,800
Okeechobee County1.02%$89,900
Orange County1.03%$234,400
Osceola County0.98%$197,900
Palm Beach County1.04%$282,900
Pasco County1.01%$161,500
Pinellas County0.97%$197,300
Polk County0.89%$153,700
Putnam County0.93%$86,600
Santa Rosa County0.78%$192,900
Sarasota County0.85%$253,000
Seminole County0.95%$236,400
St. Johns County0.97%$297,600
St. Lucie County1.19%$179,700
Sumter County0.91%$259,000
Suwannee County0.86%$92,400
Taylor County0.66%$84,900
Union County0.9%$89,000
Volusia County1.01%$173,300
Wakulla County0.81%$133,700
Walton County0.55%$227,900
Washington County0.57%$102,700

Source: American Communities Survey 2016, U.S. Census

How do I calculate my mortgage payment?

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of the down payment (if you're buying) or the amount of equity you have (if refinancing).

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may also enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don't wish to use NerdWallet's estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

What's the formula for calculating a mortgage payment?

The mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How can a mortgage calculator help me?

Determining what your monthly house payment will be is an important part of answering the question "how much house can I afford?" That monthly payment is likely to be the biggest part of your cost of living.

Using this tool to calculate your mortgage payment can help you run scenarios as you buy a home or consider a refinance. It can help you decide:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you'll pay, but your monthly payment will be higher.
  • Is an ARM a good option? Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
  • Are you buying too much home? The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
  • Are you putting enough money down? With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

What costs are included in a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Can I reduce my monthly payment?

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Can my monthly payment go up?

Yes, your monthly payment can go up over time:

  1. If property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.
  2. If you incur a late payment fee from your mortgage loan servicer.
  3. If you have an adjustable-rate mortgage and the rate rises at the adjustment period.