What is the average mortgage payment in Florida?

The mortgage payment for a home in Florida can vary significantly by location, from expensive waterfront properties to more affordable houses inland. The average mortgage payment in Florida for principal and interest on a 30-year fixed-rate loan is $2,204, based on data from Rocket Mortgage for 2025.

Overview of the Florida housing market

The median home price for October 2025 was $408,400, based on Redfin data. That's 7% less than the national median home price of $439,869.

There are several factors trending toward Florida being a bit of a buyer’s market. The following are some key stats regarding the Florida housing market for October 2025:

• Florida has 209,069 homes for sale, an increase of 4.1% over October 2024. This represents 6 months’ supply. Inventory continues to be high after first hitting a record in January of this year.
• Homeowners are getting an average of 96.2% of their original list price in sales. Within these sales, 28.8% of homes have seen price drops, with 9.2% selling above list price. It depends on the area, but buyers may have room to negotiate.
• It takes an average of 83 days to sell a house in Florida, which is up 13 days from the same time a year ago.
• A popular destination for vacations, there are many condos in the state sold as second homes. The median condo price is $284,600 and these are spending an average of 121 days on the market. As a result, sellers are seeing just 93.9% of their list price.

Mortgage rates in Florida are going to depend on your qualifications and market rates at the time, but it would be fair to say that overall rates might be slightly higher in the state due to the number of vacation homes and investment properties.

Key factors influencing mortgage payments in Florida

There are several factors that influence what your mortgage is in Florida or anywhere else. We’ll go deeper when factors involving the state housing market have an outsized influence on any of these factors:

• Interest rates. Your mortgage rate affects the amount of interest paid monthly.
• Down payment. The higher your down payment, the lower your monthly payment.
• Mortgage insurance. This is required for all FHA loans and conventional mortgages with down payments of less than 20%.
• Property taxes. Many homeowners pay their property taxes using an escrow account. According to the latest available Tax Foundation data from 2023, the effective property tax rate in Florida is 0.64%, which ranks 30^th highest among the states.
• Homeowners insurance. Home insurance would also be part of your escrow account. Primarily due to things like hurricane season, Florida has some of the highest homeowners insurance rates in the country.
• Homeowners association fees. While not directly included in your mortgage payment, these are factored into your debt-to-income ratio (DTI) to determine what you can afford.

How to calculate your mortgage payment

If you’re looking to calculate your mortgage payment, here’s a formula to help you determine it whether you’re a longtime Florida resident or moving to Fort Lauderdale next week. This is before adding taxes and insurance.

M = P × ((I × (1 + I)^T) ÷ ((1 + I)^T – 1))

From a practical standpoint, it makes far more sense to use a mortgage calculator, but it may be instructive to go over the main components of the formula so you understand what goes into the payment:

• M: Monthly payment
• P: Principal or loan balance
• I: monthly interest rate
• T: mortgage term in months

This gets you your monthly principal and interest payment. Because people often use escrow accounts it can be helpful to think of the four main elements as being principal, interest, taxes, and insurance (PITI).

You may also find our home affordability calculator and down payment calculator useful.

Regional differences in mortgage payments: How does Florida compare?

Florida has the 16^th highest average mortgage payments in the country at $2,204. But this is a far cry from the nation-leading $4,635 in Connecticut and $3,672 in California. The state with the lowest monthly mortgage payments is Michigan, which averages $1,506. The average mortgage in the U.S. is $2,329.

If you look at payments in Escambia County in the panhandle, these are $1,363 while the average in nearby Santa Rosa County is $1,648. Moving down the western coastline, in Pinellas County, property values are such that the average monthly payment is $2,534 and $2,376 in neighboring Manatee.

In inland central Florida, Orange County mortgage payments average $3,920 while further down state in Highlands County, the average mortgage is $1,564. Moving down the east coast, the average mortgage in Duval County is $2,127. Further south in Brevard County, the average monthly payment is $2,191.

At the southern tip of Florida, Miami-Dade and Monroe counties have average mortgage payments of $2,558 and $1,359, respectively.

Monthly mortgage payments by county

Assuming similar qualifications, the biggest difference in monthly mortgage payments is going to come from property values. The housing market is different in Orlando than it’s going to be in Miami. Jacksonville is a very different market from Tampa.

Taxes and insurance are also going to play a role, but there’s so much variance based on exemptions and differences in homeowners insurance premiums that it’s beyond the scope of this article. The payments are based on principal and interest.

As explained in the methodology section below, each of the payments mentioned in this article is based on the same assumed interest rate. The difference is going to come from the property value. Following are the average payment in the top five most populated counties in Florida.

Florida-specific mortgage resources

One of the best ways to lower your mortgage payment is to make a larger down payment, but that can be easier said than done. That’s where down payment assistance programs come in. It can be in the form of grants or traditional, deferred, or forgivable loans.

One good source of potential down payment assistance is this state directory maintained by the Department of Housing and Urban Development. One thing to know is that many lenders, including Rocket Mortgage^®, don’t accept programs requiring them to accept a secondary lien position.

One+ by Rocket Mortgage allows you to put 1% down on a 30-year conventional loan while receiving a 2% lender grant, so you start with 3% equity. ¹ This program is available to homeowners who make up to 80% of the area median income and could be a good option.

The bottom line: What you’ll pay each month as a Florida homeowner

While the average mortgage payment in Florida is $2,204, there’s wide variability across the state based on property values. It’s also important to note that these don’t include tax and insurance payments. Homeowners insurance in Florida can be particularly difficult given the increasing prevalence of hurricanes.

Some of the expenses involved are causing Florida homeowners to sell and it’s taken a turn toward being a buyer’s market recently. Opportunistic buyers may be able to find a good deal on a home along with the warm weather.

If you want to explore your borrowing options for buying a home, apply online today with Rocket Mortgage.