Down Payment Calculator for Florida

Down Payment Planning in Florida

With a median home value of $395,000 in Florida, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $11,900
• 3.5% (FHA minimum): $13,800
• 10% (Avoid PMI with some lenders): $39,500
• 20% (Eliminate PMI entirely): $79,000

Conforming Loan Limits in Florida

The conforming loan limit in Florida is $726,200. Most Florida counties are at the standard conforming limit. Monroe County (Florida Keys) qualifies for high-cost limits at $874,000. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $4,100 in Florida. Florida charges documentary stamp taxes on deeds ($0.70/$100 of sale price) and on mortgages ($0.35/$100 of loan amount). There is no state income tax on capital gains from home sales.

Property Tax Impact

Florida's effective property tax rate is 0.86% (average annual bill: $2,338). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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