Florida Down Payment Calculator 2026 — How Much to Save

Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation

Quick Answer

For the Florida median home price of $405,000, you need: $12,150 for a 3% conventional loan, $14,175 for FHA (3.5%), $40,500 for 10% down (lower PMI), or $81,000 for 20% (no PMI). VA and USDA loans offer 0% down for eligible buyers.

Florida Housing & Mortgage Data

Median Home Price$405,000
30-Year Fixed Rate6.95%(State average, Apr 2026)
Property Tax Rate0.86%(Effective rate)
Avg HO Insurance$3,200/yr ($267/mo)
Typical Down Payment10% ($40,500)
Median Household Income$60,000/yr

Key Facts for Florida

  • ✓Florida median home price is $405,000 as of 2026
  • ✓30-year fixed mortgage rates in Florida average 6.95%
  • ✓Property taxes in Florida are 0.86% — near the national average of 1.10%
  • ✓Homeowners insurance averages $3,200/year in Florida
  • ✓A household earning $101,250/year can typically afford the median Florida home

More Florida Calculators

Mortgage CalculatorMortgage Affordability CalculatorHomeowners Insurance CalculatorProperty Tax Calculator

Frequently Asked Questions — Down Payment Calculator in Florida

Are there down payment assistance programs in Florida?
Yes. Florida offers state-level down payment assistance (DPA) programs through its Housing Finance Agency. Programs typically offer 2–5% of the purchase price as a forgivable grant or low-interest second loan for first-time buyers who meet income and purchase price limits. Search "Florida Housing Finance Agency" for current programs.
Is a 20% down payment required to buy a home in Florida?
No. The 20% down payment is a myth. Conventional loans start at 3% down, FHA loans at 3.5% down, and VA/USDA loans offer 0% down for eligible buyers. The tradeoff: anything below 20% requires PMI on a conventional loan. On a $405,000 home, 20% down is $81,000 vs $12,150 for 3% down.
What is the average mortgage payment in Florida?
The average monthly mortgage payment (principal + interest) in Florida is approximately $2,413 for a $364,500 loan at 6.95% over 30 years. Adding property tax ($290/mo) and homeowners insurance ($267/mo) brings total PITI to about $2,970/month.
What credit score do I need for a mortgage in Florida?
Most Florida lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in Florida, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $54,675 over the life of a 30-year loan.
How much down payment is required to buy a home in Florida?
You can buy a home in Florida with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the Florida median home price of $405,000, a 20% down payment is $81,000 and lets you avoid PMI. Florida also has state-level down payment assistance programs for first-time buyers.
What are current mortgage rates in Florida?
Current 30-year fixed mortgage rates in Florida average 6.95% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best Florida mortgage rate.
What is the property tax rate in Florida?
Florida's effective property tax rate is 0.86%. On the Florida median home value of $405,000, annual property taxes are approximately $3,483 ($290/month). Property taxes in Florida are typically escrowed in your monthly mortgage payment.