Mortgage on a $550K house in Florida
$3,602 a month with 20% down — $2,960 principal and interest plus $367 property tax and $275 insurance.
Florida's typical property tax is 0.8% of the home's value a year (U.S. average 0.9%), which adds $367 a month on a $550K home. The typical home in Florida is worth $375,361, so $550K is 47% above the typical price.
$550K home in Florida: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $110,000 | $440,000 | $2,960 | $0 | $642 | $3,602 | $154,400 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $642 | $4,179 | $179,100 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $642 | $4,375 | $187,500 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $642 | $4,519 | $193,700 |
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 $550K buy a typical home?
In these counties the typical home value is within 15% of $550K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Collier County | $552,087 | 0.63% | $3,522 |
| Miami-Dade County | $523,240 | 0.81% | $3,606 |
| Saint Johns County | $492,987 | 0.76% | $3,584 |
| Nassau County | $484,963 | 0.71% | $3,558 |
| Palm Beach County | $475,754 | 0.86% | $3,630 |
64 of 67 Florida counties tracked by Zillow have a typical home value at or below $550K. See all Florida home prices.
Other prices in Florida
Frequently asked questions
What is the mortgage on a $550K house in Florida?
About $3,602 a month with 20% down at 7.11%: $2,960 principal and interest, $367 property tax and $275 insurance.
How much do I need to make to buy a $550K house in Florida?
About $154,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in Florida?
At Florida's typical effective rate of 0.8%, about $4,409 a year. Rates vary by county and city — see the county pages.