Mortgage on a $500K house in Florida
$3,275 a month with 20% down — $2,691 principal and interest plus $334 property tax and $250 insurance.
Florida's typical property tax is 0.8% of the home's value a year (U.S. average 0.9%), which adds $334 a month on a $500K home. The typical home in Florida is worth $375,361, so $500K is 33% above the typical price.
$500K home in Florida: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $584 | $3,275 | $140,300 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $584 | $3,799 | $162,800 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $584 | $3,977 | $170,500 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $584 | $4,108 | $176,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.8% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Florida does $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Saint Johns County | $492,987 | 0.76% | $3,258 |
| Nassau County | $484,963 | 0.71% | $3,235 |
| Miami-Dade County | $523,240 | 0.81% | $3,278 |
| Palm Beach County | $475,754 | 0.86% | $3,300 |
| Martin County | $448,233 | 0.77% | $3,261 |
| Collier County | $552,087 | 0.63% | $3,202 |
63 of 67 Florida counties tracked by Zillow have a typical home value at or below $500K. See all Florida home prices.
Other prices in Florida
Frequently asked questions
What is the mortgage on a $500K house in Florida?
About $3,275 a month with 20% down at 7.11%: $2,691 principal and interest, $334 property tax and $250 insurance.
How much do I need to make to buy a $500K house in Florida?
About $140,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in Florida?
At Florida's typical effective rate of 0.8%, about $4,008 a year. Rates vary by county and city — see the county pages.