How Much Home Can You Afford in Florida?
Enter your income, debts, and down payment to see your estimated maximum home price and full PITI monthly payment. Every calculation uses Florida-specific tax rates and accounts for the homestead exemption.
Gross (before taxes) from all borrowers
Car payments, student loans, credit card minimums
Auto-fills an estimated interest rate
Auto-filled from credit score; edit if you have a quote
30-year is most common for first-time buyers
Affects property tax rate
$0 if no HOA community
FL average is $2,000-$4,000/year. Get quotes early.
Estimated Maximum Home Price
$270,000
Tight BudgetMonthly Payment Breakdown
Down Payment
$20,000
Loan Amount
$250,000
Loan-to-Value
92.6%
Florida-Specific Notes
Gross Millage Rate by County
This is the raw rate applied to your taxable value. Your effective rate after homestead exemption is lower. This calculator applies the homestead exemption automatically.
Homestead Exemption
Florida homeowners get up to $50,000 or more off the assessed value for tax purposes (the second $25,000 has been inflation-indexed since 2023). This calculator already factors that in.
New Construction Warning
If buying new construction, your property tax bill in year 2 may jump 2-3x once the county reassesses the finished home. Budget accordingly.
Florida Insurance
FL homeowners insurance averages $2,000-$4,000/year depending on location, age, and roof type. Get quotes before making an offer so there are no surprises.
Want to sharpen these numbers?
Barrett can connect you with participating lenders who specialize in first-time buyer programs. Many buyers qualify for down payment assistance that changes this math dramatically.
Call (813) 733-7907How does the 28% rule determine what you can afford?
Most lenders use the 28/36 rule as a starting point. Your total housing payment, including principal, interest, taxes, and insurance (PITI), should not exceed 28% of your gross monthly income. Your total debt payments (housing plus car loans, student loans, credit cards) should stay below 36%. FHA is more flexible, allowing up to 31% front-end and 43% back-end in many cases, which is why FHA borrowers often qualify for higher purchase prices than conventional borrowers at the same income level.
What is PITI and why does it matter?
PITI stands for Principal, Interest, Taxes, and Insurance, the four components of your monthly housing payment. Many first-time buyers only think about the loan payment (principal + interest) and are surprised when property taxes, homeowners insurance, and mortgage insurance add $400-700/month on top. In Florida, property taxes vary significantly by county. Hillsborough County's effective rate runs around 0.97%, while Pasco is closer to 0.85%. The homestead exemption reduces your taxable value by $50,000, saving most buyers $500-900/year depending on the county millage rate.
How does down payment assistance change the math?
DPA programs fundamentally shift your affordability calculation. Without assistance, a $350,000 FHA purchase requires $12,250 down plus $8,000-12,000 in closing costs, roughly $20,000-24,000 upfront. With Hometown Heroes covering 5% ($17,500) and seller concessions covering closing costs, your upfront cost drops to $0-1,500. This means buyers who thought they needed 2-3 more years of saving can often purchase now. The calculator above does not factor in DPA, your actual out-of-pocket will likely be significantly lower than the down payment shown. Check your eligibility to see which programs apply to your situation, then re-run the numbers with your true out-of-pocket costs.
Ready to Check Your Eligibility?
Barrett matches first-time buyers with the best programs, free, no obligation.
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This calculator provides estimates for educational purposes only. Actual loan amounts, rates, and payments depend on your lender, credit profile, and property details. Not a commitment to lend. Consult a licensed mortgage professional for personalized numbers.
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