Math that makes sense

Florida Calculates Mortgages A Bit Differently

What goes into a mortgage payment in Florida?

Credit Score

When it comes to securing a good mortgage deal in Florida, your credit score is crucial. A higher credit score signals to lenders that you’re proficient in managing credit, essentially giving them confidence in your financial reliability.

Loan-to-Value (LTV) Ratio

Regarding the LTV ratio, it essentially compares the borrowed amount to the property’s value. A lower LTV ratio indicates a higher upfront cash payment, which typically results in a better mortgage rate.

Down Payment

Making a larger down payment on a Florida home demonstrates financial readiness and can help secure a lower interest rate.have your finances in good shape. This can also help you get a lower interest rate.

Debt-to-Income (DTI) Ratio

Lenders examine your DTI ratio, which compares your monthly debt to your income.

Loan Type and Term

The type of loan you select and its repayment period can affect your interest rate. For example, opting for a 15-year fixed mortgage typically secures a lower interest rate than a 30-year fixed one.

Loan Amount

If you decide to go for a bigger loan on a home in Florida, you’re probably going to see a bit of a jump in the interest rate. That’s because when you borrow more, the lender sees it as more of a risky move.

Type of Property

The type of property you’re purchasing in Florida — be it a single-family home or a condo — significantly affects your mortgage cost.

How much are property taxes in Florida counties?

Moving to Florida comes with advantages, like not facing a state property tax. However, you still have property taxes that vary by county.

In discussing the property taxes of Florida’s 20 largest counties, remember that these assessed values aren’t frequently updated, so the rate you pay may differ from the figures provided here.

CountyMedian home range*Average Property TaxMedian Annual Property Tax Cost
Miami-Dade County$541,8371.01%$5,743
Broward County$500,4981.20%$6,006
Palm Beach County$524,9181.10%$5,827
Hillsborough County$436,7231.15%$5,022
Orange County$445,5031.02%$4,554
Duval County$351,8790.97%$3,413
Pinellas County$425,0850.96%$4,081
Lee County $440,0561.03%$4,533
Polk County$308,5580.97%$4,269
Brevard County$393,3390.92%$4,049
Pasco County$342,1631.00%$3,422
Volusia County$355,2120.92%$3,268
Seminole County$455,7860.87%$3,965
Sarasota County$508,6580.98%$4,985
Manatee County$476,5921.03%$4,909
Osceola County$396,3111.06%$4,201
Lake County$359,6260.98%$3,524
Collier County$657,6230.83%$5,438
Marion County$276,6871.03%$2,850
St. Lucie County$397,5221.31%$5,208

How much does homeowners insurance cost in Florida

The cost of homeowners insurance in Florida, as in other states, 
is influenced by a variety of factors. Whether you live on the coast, 
in one of the major cities, or in the Everglades, there are multiple aspects 
of your home that impact your homeowners insurance payment.

These factors help insurers assess the risk associated with your home 
and determine the price you pay for coverage. Here are some key factors that go into determining the cost of homeowners insurance in Florida.


The location of your home plays a significant role in determining insurance costs. Homes in areas prone to natural disasters like hurricanes, floods, or extreme weather may have higher premiums.

Dwelling Coverage

The amount of dwelling coverage you choose affects the cost. Make sure it’s enough to pay for building a new home if your current one is a total loss due to a natural disaster or fire.

Property Value

When insurance costs are calculated, providers look at how much your whole property is worth, which includes the land, the structures, and any additions or improvements that have been made to it.

Home Features & Construction

How old your house is, what it’s made of, and construction materials used can change how much insurance costs. Some materials or things in your home might be easier to break or fix, so they might make the cost go up.

Coverage Limits

The choices you make about how much insurance to get for your stuff and for when you’re responsible for accidents can also change how much you pay for insurance.

Deductible Amount

If you pick a bigger deductible, it means you’ll have to pay more yourself if something bad happens and you need insurance. However, choosing a higher deductible means your regular insurance payments might be less.

Claims History

If you’ve used insurance before and made a lot 
of claims or had really expensive claims, it might make your insurance cost more now.

Security & Safety Features

When you add items like security systems, smoke detectors, and alarms for fires, you might get a discount on how much you have to pay for insurance.

Additional Coverage

Adding optional coverages like flood insurance or hurricane insurance will increase your premium.

How can I start a mortgage application on a home in Florida?

Considering making your next big move by getting a new home in Florida? Start your journey to the sunshine state with a mortgage pre-approval.

Getting pre-approved is a great way to show sellers and real estate agents you’re serious, and it helps you understand how much you might be approved for. It’s essentially moving one step closer to securing 
your dream home in the beautiful state of Florida.

*All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction.

Owning, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Owning, Inc. Owning, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.