Florida Mortgage Payment Calculator
🏛️ Florida Tax & Cost Considerations
As a Florida resident, you benefit from no state income tax, which means more take-home pay for your mortgage payment but also affects the value of mortgage interest deductions.
💡 Key Tax Highlights:
- No state income tax means more money available for housing
- Mortgage interest deduction provides purely federal tax benefits
- Property taxes may be higher to offset lack of income tax
- Consider total tax burden when calculating affordability
🎯 Payment Considerations:
- Property taxes (0.83%) are within typical ranges
- High insurance costs (1.64% of home value) add substantially to payments
- Homestead exemption can significantly reduce property taxes
- Hurricane insurance requirements affect total insurance costs
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Rates updated: Oct 26, 2025 9:00 PM
Loan Details
📊 Current mortgage rates updated 6 hours ago
30 Yr. Fixed
Range: 6.176% - 7.306%
6.236%
15 Yr. Fixed
Range: 5.646% - 6.636%
5.806%
30 Yr. Jumbo
Range: 6.146% - 7.496%
6.186%
7/6 SOFR ARM
Range: 5.636% - 7.296%
5.896%
30 Yr. FHA
Range: 5.946% - 6.666%
5.996%
30 Yr. VA
Range: 5.956% - 6.686%
6.016%
Florida Costs
Payment Breakdown
$0
Monthly Payment (PITI + PMI + HOA)
Principal & Interest
$0
Property Taxes
$0
Insurance
$0
PMI
$0
HOA Fees
$0
Loan Amount
$0
Total Interest
$0
Total Payments
$0
Closing Costs (Est.)
$0
Florida Mortgage Information
Florida Rates & Costs
- Property Tax Rate 0.83%
- Avg. Insurance Rate 1.64%
- Avg. Closing Costs 2.1%
- FHA Loan Limit $647,200
- State Income Tax None
Available Programs
- Florida Housing Finance Corporation
- SHIP (State Housing Initiatives Partnership)
- Homestead exemption benefits
Florida Considerations
- No state income tax maximizes take-home pay
- Hurricane insurance requirements affect costs
- Homestead exemption provides property tax savings
Loan Types
- FHA loans available up to $647,200
- VA loans for eligible veterans (no down payment)
- Conventional loans with competitive rates
- Jumbo loans for amounts above $647,200
Understanding Mortgage Rates: APR vs Rate vs Points
🏷️ Interest Rate
The interest rate is the annual cost of borrowing money, expressed as a percentage. This is what you see advertised and what's used to calculate your monthly principal and interest payment.
Example: A 6.5% interest rate on a $300,000 loan = ~$1,896/month (P&I only)
📊 APR (Annual Percentage Rate)
APR includes the interest rate PLUS additional costs like origination fees, discount points, and some closing costs. It gives you the "true cost" of the loan.
Key Insight: Always compare APRs, not just interest rates, when shopping for loans.
💰 Discount Points
Points are upfront fees you pay to "buy down" your interest rate. Each point typically costs 1% of your loan amount and reduces your rate by ~0.25%.
Example: On a $300,000 loan, 1 point = $3,000 upfront to reduce rate from 6.5% to 6.25%
💡 Should You Buy Points? The Math Behind the Decision
✅ Points Usually Make Sense When:
- You're staying long-term: Need 5-8+ years to break even
- You have extra cash: Better than investing in low-yield accounts
- You want payment certainty: Locked-in lower payment for life
- Tax benefits: Points may be tax-deductible (consult tax advisor)
⚠️ Common Gotchas & When to Avoid:
- Short-term ownership: You'll lose money if you move/refinance early
- Opportunity cost: That cash might earn more in investments (especially in bull markets)
- Cash flow: Don't deplete your emergency fund for points
- Rate environment: If rates are falling, you might refinance soon anyway
- Seller concessions: Sometimes sellers will pay points instead of lowering price
🧮 Quick Break-Even Formula:
Break-Even Months = (Points Cost) ÷ (Monthly Payment Savings)
Example: $3,000 in points saves $42/month → 71 months (6 years) to break even
Example: $3,000 in points saves $42/month → 71 months (6 years) to break even
🎯 Expert Tips for Rate Shopping
1. Compare APRs, not rates - This accounts for all costs
2. Get quotes on the same day - Rates change daily
3. Ask about rate locks - Protect against rate increases during closing
4. Consider no-point options - Often the best choice for most buyers
5. Negotiate everything - Lender fees, not just rates
6. Check local credit unions - Often have competitive rates
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