Monthly Payment on a $350K Mortgage in Florida
Using Florida's 0.86% property tax rate and $4,200/yr homeowners insurance.
$350K Mortgage in Florida: Rate Comparison
Monthly PITI payment using Florida's 0.86% property tax and $4,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,683 | $2,573 | $2,191 |
| 6.0% | $2,788 | $2,673 | $2,280 |
| 6.5% | $2,896 | $2,776 | $2,371 |
| 7.0% | $3,007 | $2,880 | $2,464 |
| 7.5% | $3,120 | $2,987 | $2,559 |
| 8.0% | $3,235 | $3,096 | $2,655 |
How This Compares to Florida's Median
A $350K home is 11% below Florida's median of $395K. You'll find homes at this price in cities like Kissimmee, Jacksonville, Deltona, Palm Bay, Gainesville, Pensacola.
Income Needed for a $350K Home in Florida
To afford this payment of $2,776/mo in Florida, you'd need a household income of approximately $119K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $120K salary can afford →Closing Costs in Florida
Estimated closing costs in Florida: $6K (1.8% of purchase price). Florida also charges a 0.7% transfer tax, which may add $2,450 to your transaction costs.
What to Know About a $350K Mortgage in Florida
Homeowners insurance in Florida runs $4,200/yr, adding $350/mo to your payment. This is well above the national average due to weather-related risks in the region. Shopping for competitive insurance quotes can help offset this cost.
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Florida's 0.86% property tax ($251/mo) and $4,200/yr insurance ($350/mo) brings your total to $2,776/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.