Florida affordability isn't what national calculators tell you. Insurance and HOA dues compress your real qualifying number — sometimes by 15-25%. This tool runs the math with realistic FL costs included.
Lenders qualify you primarily on debt-to-income (DTI) — your total monthly debts divided by gross monthly income. Most conventional loans cap DTI at around 45% (some allow 50% with strong compensating factors). FHA and VA can stretch higher.
This calculator backs into the maximum monthly housing payment you can afford given your income, existing debts, and target DTI — then converts that to a maximum purchase price using your assumed rate and Florida tax/insurance estimates.
Assumes 30-year loan. Adjust tax and insurance rates above for your specific property — coastal FL insurance is typically 1.0–2.0%+. Lender approval depends on credit, asset reserves, and property type.
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Most national calculators assume average property tax (~1.1%) and average insurance (~0.35%). Florida averages 0.86-1.0% on tax — close enough — but insurance is far above the national average, especially in coastal counties.
That higher PITI eats into your DTI. A buyer who could afford $500K of home in Tennessee might only qualify for $440K in coastal Florida at the same income. The house didn't get more expensive — the carrying cost did.
Pre-approval gets you a real qualifying number based on actual credit, income docs, and current rates — usually within 1-3 business days.