Mortgage on a $700K house in Florida
$4,585 a month with 20% down — $3,767 principal and interest plus $468 property tax and $350 insurance.
Florida's typical property tax is 0.8% of the home's value a year (U.S. average 0.9%), which adds $468 a month on a $700K home. The typical home in Florida is worth $375,361, so $700K is 86% above the typical price.
$700K home in Florida: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $140,000 | $560,000 | $3,767 | $0 | $818 | $4,585 | $196,500 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $818 | $5,318 | $227,900 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $818 | $5,568 | $238,600 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $818 | $5,751 | $246,500 |
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 $700K buy a typical home?
In these counties the typical home value is within 15% of $700K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Walton County | $660,738 | 0.45% | $4,378 |
66 of 67 Florida counties tracked by Zillow have a typical home value at or below $700K. See all Florida home prices.
Other prices in Florida
Frequently asked questions
What is the mortgage on a $700K house in Florida?
About $4,585 a month with 20% down at 7.11%: $3,767 principal and interest, $468 property tax and $350 insurance.
How much do I need to make to buy a $700K house in Florida?
About $196,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in Florida?
At Florida's typical effective rate of 0.8%, about $5,611 a year. Rates vary by county and city — see the county pages.