Mortgage Calculator Florida
0.78% is the Florida median effective rate, before any homestead exemption
Florida average is $3,757 a year including wind (OIR, 2026)
The last $25,000 of the $50,000 does not apply to school taxes
Estimated monthly payment
$2,848.53
- Principal & interest
- $2,275.44
- Property tax(statewide median)
- $260.00
- Home insurance(OIR average)
- $313.08
- Escrowed tax and insurance
- $573.08
- Loan amount
- $360,000
- Total interest over the term
- $459,160
Property tax per year
$3,120
- Taxable value after homestead
- $400,000
- Without the exemption
- $3,510 — homestead saves $390
- Tax, insurance and HOA per year
- $6,877 — 1.53% of price
The same home at four tax rates
| Rate | Tax / yr | Monthly |
|---|---|---|
| 0.78% | $3,120 | $2,848.53 |
| 1.00% | $4,000 | $2,921.86 |
| 1.25% | $5,000 | $3,005.19 |
| 1.50% | $6,000 | $3,088.53 |
Same price, down payment, rate and term at every line — only the levy changes.
- • Homestead knocks $50,000 off taxable value — $390 a year at 0.78%. The last $25,000 does not apply to school taxes, so your real saving is a little lower.
- • Save Our Homes caps assessment growth at 3% a year once homestead is in place, so a long-held home can be taxed far below a new purchase next door.
For the escrow breakdown on any state's numbers see the taxes and insurance calculator, or run the same house under California and Texas rules.
On a $450,000 Florida home with 20% down the loan is $360,000 — $2,275.44 a month at 6.5% over 30 years. Florida's $50,000 homestead exemption leaves $400,000 taxable, so at the statewide median effective rate of 0.78% the tax bill is $3,120 a year, or $260 a month, instead of $3,510. Insurance is the bigger line: the state average including wind coverage is $3,757 a year — $313.08 a month — putting the full payment at $2,848.53.
Homestead is the single biggest lever on a Florida bill
Florida's homestead exemption removes up to $50,000 of assessed value from taxation on a permanent residence, and the split matters: the first $25,000 applies to all property taxes, including school district taxes, while the additional $25,000 applies only to non-school taxes. On the default figures that is $390 a year off the bill.
Two things to know about it:
- You have to apply. The exemption is not automatic. It is filed with the county property appraiser, and there is a deadline tied to the tax year.
- It changes what happens next. Once homestead is in place, Save Our Homes caps the growth of your assessed value at 3% a year, or the change in the Consumer Price Index, whichever is less.
That cap is why Florida's median effective rate, 0.78%, is lower than a new buyer's first bill. Long-time owners are assessed far below market; a buyer this year starts at market value and gets the cap only from the following year. This calculator prefills the median and gives the "without exemption" line so you can see both sides.
The same home at four tax rates
| Rate | Tax a year | Monthly payment |
|---|---|---|
| 0.78% (statewide median) | $3,120 | $2,848.53 |
| 1.00% | $4,000 | $2,921.86 |
| 1.25% | $5,000 | $3,005.19 |
| 1.50% | $6,000 | $3,088.53 |
Same $450,000 price, 20% down, 6.5% and 30 years on every line, with the $50,000 exemption applied throughout. Florida millage is set by county, city and school board, so where in the state you buy moves this number more than anything else on the page.
Insurance is where Florida is different
The Florida Office of Insurance Regulation reports a statewide average homeowners premium of $3,757 including wind coverage, on policies in force as of 31 March 2026. That is more than twice the California average, and on the default house it is larger than the property tax line — $313.08 a month against $260.00.
Three Florida-specific things to check that the average does not capture:
- The hurricane deductible. Most Florida policies carry a separate percentage deductible for named storms, typically 2% to 5% of the dwelling limit. On a $450,000 home that is $9,000 to $22,500 out of pocket before insurance pays.
- Wind mitigation credits. Roof shape, roof-to-wall attachments, shutters and opening protection all carry credits. A wind mitigation inspection is cheap relative to the premium and often pays for itself in a year.
- Which carrier you can get. Florida's insurer of last resort, Citizens, has shrunk sharply from its peak, and admitted carriers have returned to more of the state. Which one will write your home is a bigger factor here than in most states.
What else moves the number
- Whether homestead is already in place. Buying a home that has been homesteaded for years means inheriting a low assessed value; that advantage disappears the year after you buy if you do not file.
- Portability. Florida lets you transfer a Save Our Homes benefit between Florida homes, up to a cap. If you are moving within the state, it is worth real money.
- The conforming limit. Florida counties generally use the $832,750 baseline; above that a loan is jumbo, which the jumbo mortgage calculator prices separately.
- HOA and condo dues. Common in Florida and often large enough to change the answer on affordability — lenders count them in your housing ratio.
How to use this calculator
- Enter the purchase price and your down payment.
- Enter the rate and term you were quoted.
- Check the tax rate against the home's current bill — the median is a statewide figure, and Florida millage is set locally.
- Confirm the homestead exemption amount; set it to zero if the home will not be your permanent residence.
- Replace the insurance figure with your own quote, wind deductible included, before you treat the monthly number as final.
Frequently asked questions
How much is the Florida homestead exemption?
Up to $50,000 of assessed value: the first $25,000 applies to all property taxes including school taxes, and the additional $25,000 applies only to non-school taxes. You must apply with the county property appraiser.
What is Save Our Homes?
A cap on assessed-value growth for homesteaded property: after the first year, the assessment cannot rise more than 3% or the change in the CPI, whichever is less. It is why long-held Florida homes are taxed well below a new purchase next door.
Why is Florida insurance so expensive?
Wind exposure. Hurricane risk drives both the premium and the separate hurricane deductible, and reinsurance costs in the state feed directly into what carriers charge. The state average including wind is $3,757 a year.
Do I get the exemption in the first year?
You must own and occupy the home on 1 January and file with the county appraiser by the deadline for that tax year. Filing late means a year without the exemption.
How does Florida compare with Texas on the same house?
At the same $450,000 price and the same loan terms, Texas comes out at $3,092.61 against $2,848.53 here. Florida's 0.78% median levy is far below Texas's 1.40%, and it is partly offset by Florida's higher insurance average.
Data sources: The $50,000 homestead exemption and its $25,000 / $25,000 split come from Florida Department of Revenue form DR-501; the Save Our Homes 3% assessment cap comes from the Department of Revenue's Property Tax Oversight guidance (floridarevenue.com, checked 2026-10-23). The median effective rate of 0.78% is Tax Foundation's Property Taxes by State and County, 2026, calculated from US Census Bureau ACS 2024 data (B25082/B25090). The $3,757 average homeowners premium including wind coverage is the Florida Office of Insurance Regulation's Property Insurance Stability Report (July 2026, on policies in force as of 31 March 2026). The $832,750 conforming baseline is FHFA's 2026 announcement. Payments use the standard amortizing loan formula at the rate you enter; property tax applies the rate to price minus the exemption, and the page shows the no-exemption figure alongside it. Because the last $25,000 of the exemption does not apply to school taxes, the saving shown is slightly generous. Not modeled: Save Our Homes portability, senior and veteran exemptions, hurricane deductibles unless you fold them into the premium, Citizens eligibility, closing costs, lender fees and mortgage insurance — every figure here is an estimate rather than an offer or financial advice, so compare written Loan Estimates before you commit. All calculations run in your browser. For the escrow breakdown see the taxes and insurance calculator; for the other two states, the California and Texas versions.