Monthly Payment on a $800K Mortgage in Florida
Using Florida's 0.86% property tax rate and $4,200/yr homeowners insurance.
$800K 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% | $5,682 | $5,431 | $4,557 |
| 6.0% | $5,923 | $5,660 | $4,760 |
| 6.5% | $6,170 | $5,894 | $4,969 |
| 7.0% | $6,423 | $6,134 | $5,181 |
| 7.5% | $6,681 | $6,378 | $5,398 |
| 8.0% | $6,943 | $6,626 | $5,619 |
How This Compares to Florida's Median
A $800K home is 103% above Florida's median of $395K. This puts you in the upper range of the Florida market, targeting more desirable neighborhoods or larger properties.
Income Needed for a $800K Home in Florida
To afford this payment of $5,894/mo in Florida, you'd need a household income of approximately $253K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $250K salary can afford →Closing Costs in Florida
Estimated closing costs in Florida: $14K (1.8% of purchase price). Florida also charges a 0.7% transfer tax, which may add $5,600 to your transaction costs.
What to Know About a $800K 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 ($80,000), your loan of $720,000 at 6.5% over 30 years produces a principal and interest payment of $4,551/mo. Adding Florida's 0.86% property tax ($573/mo) and $4,200/yr insurance ($350/mo) brings your total to $5,894/mo. Because you're putting less than 20% down, PMI adds $420/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $918,320 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $86,144 over the life of the loan.