Florida PMI Calculator 2026 — Private Mortgage Insurance Cost
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
PMI in Florida on a $405,000 home with 10% down typically runs $258–$334/month (0.85%–1.10% annually on the loan balance). PMI is required when your down payment is less than 20% and automatically cancels when you reach 20% equity (usually after 10–12 years of payments).
Florida Housing & Mortgage Data
| Median Home Price | $405,000 |
| 30-Year Fixed Rate | 6.95%(State average, Apr 2026) |
| Property Tax Rate | 0.86%(Effective rate) |
| Avg HO Insurance | $3,200/yr ($267/mo) |
| Typical Down Payment | 10% ($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
Frequently Asked Questions — PMI Calculator in Florida
- How do I remove PMI on my Florida mortgage?
- PMI on a conventional loan cancels automatically when your loan balance reaches 78% of the original purchase price (per the Homeowners Protection Act). You can request early cancellation at 80% LTV if your home hasn't declined in value. Alternatively, refinancing into a new loan once you have 20% equity eliminates PMI — calculate whether the refinance savings outweigh the closing costs.
- How much PMI do I pay in Florida?
- PMI in Florida typically costs 0.85%–1.10% of the loan amount annually. On a $364,500 loan (Florida median home with 10% down), that is $258–$334/month. FHA loans charge MIP (mortgage insurance premium), which behaves differently and may be permanent.
- 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.