Florida Mortgage Calculator

Florida has no state income tax, which increases take-home pay and can improve cash flow for homeowners. However, lenders calculate debt-to-income ratio based on gross income regardless. Florida homeowners also face high homeowners insurance costs — particularly in coastal counties — which can significantly increase the true monthly cost of ownership. Budget $200–$500/month for insurance in South Florida, depending on location and flood zone status.

Florida charges two documentary stamp taxes at closing. The first is a deed stamp tax of $0.70 per $100 of purchase price paid by the buyer. On a $415,000 home, this equals approximately $2,905. The second is a mortgage stamp tax of $0.35 per $100 of the loan amount — on a $394,250 loan (5% down), that's $1,380. Combined, these add roughly $4,285 to buyer closing costs on a typical Florida home purchase. Source: Florida Department of Revenue (https://floridarevenue.com/taxes/taxesfees/Pages/doc_stamp.aspx).

Flood insurance is required by federal law if your property is in a FEMA-designated Special Flood Hazard Area (SFHA) and you have a federally backed mortgage. In Florida, many properties — especially in coastal areas and South Florida — fall in flood zones. Even outside required zones, flood insurance is strongly recommended. NFIP policies average $700–$1,200/year but can exceed $3,000+ in high-risk areas. Check your property's flood zone at FEMA's Flood Map Service Center (https://msc.fema.gov).

Florida's homestead exemption reduces the assessed value of your primary residence by $50,000 for property tax purposes — the first $25,000 applies to all taxes, while the second $25,000 applies only to non-school levies. Additionally, the Save Our Homes cap limits annual increases in assessed value to 3% or the CPI, whichever is lower. On a $415,000 home, this exemption saves approximately $500–$800/year depending on local millage rates. Apply through your county property appraiser by March 1 of the year following purchase. Source: Florida Department of Revenue (https://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx).

Florida Housing Finance Corporation administers the main programs. Florida Assist provides up to $10,000 as a 0% deferred loan for down payment and closing costs. The Hometown Heroes Program offers up to $35,000 for eligible workers in education, healthcare, law enforcement, and military — and is forgivable after 5 years. The HFA Preferred Grant gives a 3% grant with no repayment required. Income limits are roughly $80,000–$120,000 depending on county and household size. Visit https://www.floridahousing.org for current program details and participating lenders.