Florida Mortgage Calculator
How much home can you afford in South Florida? This calculator uses standard DTI ratios to give you a realistic picture of your buying power. For a full walkthrough of the buying process, visit my Buying Guide. Also try the Closing Cost Estimator.
How Much Can You Borrow in Florida?
Lenders use Debt-to-Income (DTI) ratios to determine how much you can borrow. For conventional loans, the standard limits are 28% front-end (your housing costs should not exceed 28% of gross income) and 36% back-end (total debts including housing should not exceed 36% of income). FHA loans allow up to 43% back-end.
This calculator estimates the maximum home price you can qualify for based on your annual income, monthly debts, down payment, and an assumed interest rate. The result is an estimate — your actual buying power depends on your credit score, loan program, and a full underwriting review.
Quick tip: In South Florida, many buyers in Delray Beach and Boca Raton qualify for more than they expect. Low property tax rates relative to home values and strong appreciation make homeownership especially compelling here. Set up a call to discuss your specific situation.
28% of gross income — housing costs (PITI) should not exceed this threshold for conventional loans.
36% conventional / 43% FHA — total debts including the new mortgage payment.
3% minimum for conventional, 3.5% for FHA, 0% for VA. 20% avoids PMI.
Run Your Numbers
Adjust the inputs and see results update instantly.
Your Finances
Loan Details
Estimated Monthly Costs
Palm Beach County average is about 1.1%
Monthly Payment Breakdown (PITI)
DTI Analysis
Loan Summary
Next step: This estimate helps you understand your price range. For a personalized pre-approval with exact terms, talk to a lender. I work with trusted local lenders who know the South Florida market.
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan approval or commitment to lend. Actual loan terms, rates, and approval amounts depend on your credit score, full financial profile, property type, and lender underwriting. DTI limits vary by loan program and lender. Consult a licensed mortgage professional for personalized guidance.
Ready to get pre-approved?
Talk to Austin Edwards, a trusted local lender who knows the South Florida market. He can get you pre-approved and help you understand your exact buying power.
Frequently Asked Questions
How much do I need for a down payment in Florida?
It depends on the loan program. Conventional loans require as little as 3% down for first-time buyers. FHA loans require 3.5%. VA and USDA loans offer 0% down. In South Florida's luxury market, many buyers put 20% down to avoid private mortgage insurance (PMI) and stay competitive. On a $600K home, 20% is $120,000 — but even 5-10% can work with the right loan program.
What is included in my monthly mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance. Your monthly payment typically includes the loan principal and interest, property taxes (often held in escort), homeowner's insurance, and if your down payment is under 20%, private mortgage insurance (PMI). In South Florida, you may also have flood insurance and HOA fees depending on the property.
What interest rate should I expect in 2026?
Rates fluctuate based on the Federal Reserve's policy and market conditions. As of mid-2026, rates for a 30-year conventional loan range approximately 6.25-7%. Your rate depends on your credit score, down payment, loan type, and the lender. Shopping around with 3-5 lenders can save you thousands over the life of the loan — I can connect you with trusted local lenders. Check the Financing Guide for more details.
How does the DTI ratio affect what I can afford?
Your Debt-to-Income ratio is the single biggest factor lenders use. The front-end ratio (housing costs only) should not exceed 28% of gross income. The back-end ratio (total debts including housing) should stay under 36% for conventional loans and 43% for FHA. If your DTI is high, paying down credit cards or car loans before applying can increase your buying power significantly.
Can I afford a home in Delray Beach or Boca Raton?
South Florida has options across every price point. The median home price in Delray Beach is roughly $425K, with condos starting in the low $200s and luxury waterfront properties reaching $5M+. Boca Raton's market ranges from $300K condos to multi-million dollar estates. Use this calculator to find your range, then reach out and I can show you what's available in your budget. Also check out the Rent vs. Buy Calculator to compare options.