It's the first question most buyers ask — and the honest answer is "less than you might think, but more than just the down payment." Here's how to figure your real number.
Down payment
It varies by loan: conventional loans can go as low as 3–5% down, FHA 3.5%, and VA and USDA can be 0% for those who qualify. More down means a lower payment, but you don't always need 20%.
Closing costs
Budget another 2–5% for closing costs — lender fees, title, prepaid insurance and taxes. In coastal Florida, insurance escrows can push this higher, so price insurance early.
Reserves & the extras
Lenders like to see a few months of reserves after closing, and you'll want a cushion for moving, inspections, and immediate repairs. Don't drain every dollar into the purchase.
Run your real number
A good rule: down payment + ~3% closing + a cushion. Try our affordability calculator to see a price range, then we'll connect you with a trusted local lender → — including options for relocating and international buyers.
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Keep reading: How Much Does It Cost to Sell a House in Florida? · Florida Homestead Exemption: How to Lower Your Property Taxes · Buying a Beachside Home in Volusia County: What to Know · All insights →
About the author — Arthur Simpson
Arthur is a Florida attorney, licensed real estate broker, and Certified International Property Specialist (CIPS), and a member of the Real Property and International Law Sections of The Florida Bar. He founded Simpson & Simpson Realty to give Volusia & Flagler families — and buyers from around the world — a brokerage with a real estate attorney's eye on every deal. Meet Arthur & the family →