How Much Do You Need to Buy a House in Florida

Down payment on a $396,809 house by loan type

The down payment is the largest single check, and the loan program sets the floor. These are the amounts on the statewide single-family value:

• 3% conventional (first-time buyer programs): $11,904.
• 3.5% FHA: $13,888.
• 5% conventional: $19,840.
• 10% down: $39,681.
• 20% down: $79,362, which removes private mortgage insurance on a conventional loan.
• VA and USDA: zero down for eligible veterans and for homes in eligible rural areas.

Less down means a bigger loan, a higher monthly payment and, on conventional loans, mortgage insurance until you reach enough equity. I usually ask buyers to compare the monthly payment at two down payment levels before deciding, because the cash you keep in the bank matters more in Florida than in many states. Insurance surprises and repairs on older homes are common in the first year.

The Florida taxes on a financed purchase

Florida charges two taxes on a new mortgage, and the buyer pays both. On an 80% loan against a $396,809 house, the loan is about $317,447:

• Documentary stamp tax on the note: $0.35 per $100 of the loan, about $1,111.
• Intangible tax on the mortgage: 0.2% of the loan, about $635.

The deed stamp tax of $0.70 per $100 of the price is usually the seller's cost; on this example it would be about $2,778. Miami-Dade uses $0.60 per $100 instead, with a $0.45 surtax on properties other than single-family homes. Contracts can shift these costs, so read who pays what before you sign.

Title insurance is the other big line. Florida sets the owner's policy premium by a promulgated rate, so it does not vary much between title companies, but the custom on who pays it changes by county. Buyers usually pay it in Miami-Dade, Broward and a few other counties; in much of the state the seller pays. Your lender will also require a lender's title policy, which the buyer pays.

Lender fees, inspections and prepaid items

Beyond taxes and title, expect these on a financed purchase:

• Lender charges: origination or underwriting fees, credit report, appraisal and any points you choose to buy.
• Inspections you order: a general home inspection, a wind mitigation inspection, and a 4-point inspection on older homes. The last two often decide which insurers will write the policy and at what price.
• Survey and settlement fees: title search, closing fee and recording charges.
• Prepaid homeowners insurance: lenders want the first year paid at or before closing. In Florida this can be one of the largest items on the statement.
• Tax and insurance escrow: a few months of property tax and insurance deposited into the escrow account.
• Flood insurance if the home sits in a FEMA A or V zone, which lenders require there.
• HOA items: estoppel letter fees and, in some communities, a capital contribution charged to every buyer.

Get an insurance quote during the inspection period, before the deposit becomes hard to recover. The quote is a better predictor of your real cost than anything on a listing sheet.

How the county you choose changes the cash you need

The same 10% down payment means very different checks around the state. Using Zillow county values for all home types:

• Calhoun County, $166,734: about $16,673 at 10%.
• Marion County, $267,911: about $26,791.
• Hillsborough County, $375,501: about $37,550.
• Miami-Dade County, $523,240: about $52,324.
• Monroe County, $962,885: about $96,289.

Taxes and title scale with price, so a cheaper county lowers closing costs as well as the down payment. Insurance does not follow price as neatly. A modest older house near the coast can cost more to insure than a newer inland home worth more, which is why I like to see a quote before buyers settle on a county.

Buying a condo instead: lower price, different cash risks

Florida's typical condo value is $262,592, so 10% down is about $26,259. The entry cost is lower, but condo buyers carry costs house buyers do not:

• Monthly association fees that now must fund reserves for structural items in buildings three or more stories, under the structural integrity reserve study rules.
• Special assessments for milestone inspection repairs in older buildings, which can be large and are billed per unit.
• Financing limits: lenders treat some buildings as non-warrantable, and those loans usually require a larger down payment.

Since July 1, 2025, a resale condo buyer can cancel within 7 days, excluding weekends and legal holidays, after receiving the association documents. Use those days to read the budget, the reserve study and any assessment notices.

The cash cushion I want buyers to keep after closing

Lenders may ask for reserves, often a few months of payments left in your accounts after closing. I suggest planning beyond that for Florida-specific costs:

• Hurricane deductible: it is a percentage of dwelling coverage, commonly 2%, 5% or 10%. On $300,000 of coverage, a 2% deductible is $6,000, and it applies once per calendar year.
• Roof and mechanical age: a roof near the end of its life can push insurers away or raise premiums at renewal.
• Property tax after the sale: the assessed value resets to market value when you buy, so the seller's tax bill is not your tax bill.

If the house will be your permanent residence, file for the homestead exemption with the county property appraiser by March 1 of the following year. In 2026 it takes up to $51,411 off assessed value and limits future assessment increases to 3% a year or CPI, whichever is lower. Second homes get no homestead exemption. Voters decide Amendment 3, a property tax measure, on November 3, 2026; budget on today's rules until the count is in. This isn't legal or tax advice.

A simple way to total your number

Add these four amounts for any house you are considering:

• Down payment for your loan program.
• Note stamps and intangible tax on the loan, plus your share of title and settlement costs.
• First-year insurance premium, escrow deposits and inspection fees.
• A reserve equal to at least one hurricane deductible.

When I run the numbers for a client, the insurance quote and the county custom on title are the two items that move the total most after the down payment. Once you have a target county and price range, a short list of actual homes gives you real numbers to test instead of averages.