Florida Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of Florida and the rest of the United States. On this page we offer a convenient Florida home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Florida.
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Florida Mortgage Calculator
In numerous regions of Florida and across the entirety of the United States, mortgages stand as the sole viable choice for individuals with modest to moderate earnings who aspire to become homeowners. We present to you a user-friendly calculator specifically designed for Florida residents, allowing you to assess your prospective expenditures associated with home loans. Additionally, we furnish the latest responses to a variety of commonly posed inquiries about the process of purchasing a property in Florida.
Best mortgage lenders in Florida
The most popular mortgage lenders in Florida operate nationwide. These include such recognizable names as Anchor Home Mortgage, Gateway Capital Mortgage, Rocket Mortgage. Several lesser known but trustworthy options include Florida-based Lord Mortgage & Loan, Florida Mortgage Providers, Inc.
How to calculate mortgage payment in Florida
Take advantage of our lightning-fast and user-friendly mortgage calculator FL to analyze your forthcoming monthly financial obligations. An extensive and meticulously crafted set of sequential guidelines awaits you beneath.
Why and How to Use Our Mortgage Calculator
Utilize our advanced housing expenditure estimator for Florida to meticulously strategize your forthcoming financial commitments. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Florida.
The initial fragment of this intricate puzzle pertains to the monetary value of the dwelling — specifically, the amount you envision investing in your prospective property. A down payment denotes the proportion of this sum that is to be disbursed upfront. To evade exorbitant insurance costs, it is imperative to generate a minimum of 20% down payment (in the case of a conventional loan). The remaining balance constitutes the principal amount, equating to 80% of the home price considering a 20% down payment.
The loan term encompasses the timeframe required for complete reimbursement of your mortgage through scheduled payments. Fixed-rate conforming loans are typically permitted to extend up to 30 years, while adjustable-rate alternatives generally possess shorter durations.
The interest rate represents a fixed or variable percentage of the principal that must be remitted over the loan's entire duration. It is essential to note that the actual charge imposed is the annual percentage rate (commonly abbreviated as APR), which slightly differs from the interest rate. While the interest rate forms the major portion of the APR, the latter also encompasses an array of additional charges (such as origination fees, closing costs, and insurance payments).
For a more precise evaluation, the interest rate utilized for these computations is based on the prevailing mortgage rates in Florida, given a $400,000 home price and a 10% down payment.
Florida Housing Market 2023
In recent times, the housing market in Florida has undergone a dramatic transformation in terms of its value. The years gone by have witnessed an unprecedented surge, defying all expectations and norms, primarily influenced by the disruptive COVID pandemic. Nonetheless, the momentum of this growth has considerably dwindled in comparison to the previous year, although the rates of both home purchases and refinancing have been steadily and persistently soaring, and this trend is anticipated to persist and intensify in the future.
Median property taxes in Florida counties
The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Alachua County | $1,984 | $172,500 |
| Baker County | $867 | $121,100 |
| Bay County | $1,075 | $171,500 |
| Bradford County | $835 | $90,500 |
| Brevard County | $1,618 | $195,400 |
| Broward County | $2,664 | $260,700 |
| Calhoun County | $725 | $80,000 |
| Charlotte County | $1,780 | $193,600 |
| Citrus County | $1,021 | $128,900 |
| Clay County | $1,569 | $177,700 |
| Collier County | $2,399 | $358,900 |
| Columbia County | $1,147 | $145,500 |
| DeSoto County | $966 | $83,700 |
| Dixie County | $503 | $71,600 |
| Duval County | $1,500 | $185,900 |
| Escambia County | $1,135 | $143,900 |
| Flagler County | $1,702 | $225,400 |
| Franklin County | $726 | $135,300 |
| Gadsden County | $779 | $101,300 |
| Gilchrist County | $867 | $96,700 |
| Glades County | $970 | $80,100 |
| Gulf County | $898 | $151,400 |
| Hamilton County | $668 | $73,500 |
| Hardee County | $836 | $81,200 |
| Hendry County | $1,133 | $79,700 |
| Hernando County | $1,432 | $142,700 |
| Highlands County | $938 | $100,200 |
| Hillsborough County | $2,168 | $213,600 |
| Holmes County | $555 | $92,400 |
| Indian River County | $1,789 | $200,000 |
| Jackson County | $630 | $94,900 |
| Jefferson County | $978 | $131,700 |
| Lafayette County | $938 | $101,400 |
| Lake County | $1,757 | $185,200 |
| Lee County | $2,197 | $225,300 |
| Leon County | $1,743 | $201,300 |
| Levy County | $735 | $88,700 |
| Liberty County | $695 | $62,400 |
| Madison County | $736 | $87,200 |
| Manatee County | $1,973 | $233,900 |
| Marion County | $1,299 | $137,300 |
| Martin County | $2,315 | $280,800 |
| Miami-Dade County | $2,756 | $288,100 |
| Monroe County | $2,673 | $513,700 |
| Nassau County | $1,572 | $234,000 |
| Okaloosa County | $1,322 | $209,800 |
| Okeechobee County | $1,112 | $89,900 |
| Orange County | $2,152 | $234,400 |
| Osceola County | $1,887 | $197,900 |
| Palm Beach County | $2,679 | $282,900 |
| Pasco County | $1,363 | $161,500 |
| Pinellas County | $1,699 | $197,300 |
| Polk County | $1,274 | $153,700 |
| Putnam County | $813 | $86,600 |
| Santa Rosa County | $1,314 | $192,900 |
| Sarasota County | $2,095 | $253,000 |
| Seminole County | $1,945 | $236,400 |
| St. Johns County | $2,702 | $297,600 |
| St. Lucie County | $2,198 | $179,700 |
| Sumter County | $1,517 | $259,000 |
| Suwannee County | $753 | $92,400 |
| Taylor County | $774 | $84,900 |
| Union County | $785 | $89,000 |
| Volusia County | $1,713 | $173,300 |
| Wakulla County | $996 | $133,700 |
| Walton County | $831 | $227,900 |
| Washington County | $687 | $102,700 |
Source: American Communities Survey 2016, U.S. Census
How do I calculate my mortgage payment?
Our cutting-edge calculator is the ultimate solution for this task. It operates on a unique algorithm, enabling a manual determination of the payment amount using the following formula:
M = P * i(1 + i)^n / (1 + i)^n – 1
In this context:
M denotes the estimated monthly mortgage payment,
P represents the principal amount,
I corresponds to the monthly interest rate (determined by dividing the annual mortgage rate by 12),
N signifies the loan term expressed in months (equivalent to the overall number of monthly payments).
Imagine you are contemplating a 15-year mortgage loan with a fixed annual percentage rate (APR) of 6.99% (or .0699 as a unit fraction). The property you aim to acquire has a price of $500k, and you plan to make a down payment of 10% ($50,000). Hence, the principal amount (P) is calculated as 90% of the initial home cost ($500,000 – $50,000 = $450,000).
To determine the monthly interest rate (I), divide .0699% by 12, resulting in .005825%.
Now, let's convert the loan duration from years to months: N = 15 * 12 = 180.
Plugging the numbers into the formula, we get: M = 450,000 * .005825(1 + .005825)^180 / (1 + .005825)^180 – 1, which yields an approximation of 4042.
Therefore, your monthly payment will amount to approximately $4042.
Please note that the computed value of M is an estimate and does not consider any additional fees.
Tips for first-time home buyers in Florida
Initially, a myriad of federal entities (USDA, FHA, and VA) ensure loans for handpicked borrowers. Numerous individuals embarking on the journey of purchasing their first home can discover alternatives that best align with their financial capabilities.
In addition to these government-backed initiatives, it is worthwhile to explore the array of opportunities provided by UHC (Florida Housing Corporation), catering specifically to the residents of Florida. More specifically, first-time homebuyers may apply for the FirstHome program, a scheme designed to assist with down payments and closing costs. To be eligible, applicants must meet the criteria for an FHA loan and possess a FICO score of at least 660. This option grants coverage for up to 6% of the loan amount, allocated towards either the down payment or the closing costs. It is essential to note that this choice exclusively offers a 30-year fixed-rate second loan. If you do not meet the requirements for the FirstHome program, there is no cause for dismay. An alternative solution comes in the form of the Florida Housing Score Loan, encompassing coverage of up to 4%. The minimum credit score deemed acceptable is 620.
A comprehensive guide for novice homebuyers:
- Get pre-approved beforehand. This strategic move will revolutionize how home sellers perceive your creditworthiness. It is imperative to proactively seek pre-approval letters from a diverse array of lenders, not limiting yourself to just one, but rather exploring the offerings of at least two or three different financial institutions.
- Make a comparison of the interest rates. Opt for a minimum of three lenders.
- Conduct initial computations based on the pre-approved amount. Strategize your future financial obligations.
- Allocate a substantial sum for a down payment as early as possible. This step reduces the principal amount and consequently minimizes potential expenses. Therefore, commencing saving in advance holds significant importance.
- If you qualify for a VA loan, give this option top priority.
- Take into consideration government-backed initiatives and local assistance programs. There may be alluring offers that you should not let slip away.
- Pay off any outstanding debts.