The above mortgage scenarios should give you a better understanding of what a potential mortgage payment could look like on a Fort Lauderdale property. Keep in mind that each scenario has variables and can differ from person to person. One buyer may be decide to put more or less funds for a down payment, credit score can vary and one mortgage program may be more appropriate for one individual whereas another program could make more sense for a different buyer.

But in South Florida, the mortgage payment is just part of the picture. Property taxes in Fort Lauderdale generally run about 1.25% of the home’s assessed value per year.

Condos and townhomes can present a different picture. A $400,000 condo might have a lower mortgage and property tax bill, but you’ll likely have a monthly association fee that could range from $300 for a modest community to $1,000 or more in a luxury building with full amenities. For buyers who want a lock-and-leave lifestyle or amenities like a pool, gym, or 24-hour security, those fees are simply part of the equation.

How Loan Type and Down Payment Affect the Average

Not everyone puts down 20%. Many buyers, especially first-time homebuyers, use programs that allow a much smaller down payment, such as 3% with a conventional loan or 3.5% with the FHA program. That flexibility is valuable, but it also increases the loan amount.

For example, if that same $575,000 home is purchased with 5% down, the loan amount jumps to $546,250. At the same interest rate, the principal and interest payment rises to about $3,450 per month before adding taxes and insurance. FHA loans may have lower down payment requirements but include mortgage insurance premiums, which add to the cost.

VA loans, available to eligible veterans and active-duty service members, allow for 0% down and no monthly mortgage insurance—helping keep payments lower even without a down payment.

Why the “Average” Mortgage Varies So Much

One of the challenges in talking about the “average” mortgage in Fort Lauderdale is how diverse the housing market is. You could have two buyers each spending $3,500 per month on housing, but one might be in a luxury condo downtown while the other is in a three-bedroom home west of Federal Highway.

Interest rates also have a dramatic impact. A buyer locking in a rate at 5.5% will have a noticeably lower payment than someone purchasing the exact same property at 6.5%. Over the life of a loan, that difference can add up to tens of thousands of dollars.

Planning for More Than Just the Mortgage

If you’re shopping in Fort Lauderdale, it’s important to remember that your mortgage is only part of the cost of ownership. Property taxes, insurance, HOA or condo fees, and maintenance expenses all play a role in your monthly budget. In coastal Florida cities, insurance costs can be higher than in inland areas, particularly for properties east of Federal Highway or in flood zones.

For condos and townhomes, association fees can cover valuable services—exterior maintenance, building insurance, amenities—but they still need to be factored into your affordability calculations.

In Fort Lauderdale’s current market, a typical homebuyer might expect their all in monthly housing cost to range from $2,500 to $3,000 for a smaller condo to $3,500 to$5,000 or more for a median-priced single-family home, depending on the mortgage program, down payment, etc. Luxury properties, of course, can easily exceed those numbers.

The best way to get an accurate picture for your situation is to speak with a mortgage broker who can provide estimates tailored to your price range, loan program, and down payment. Fort Lauderdale offers everything from starter condos to multimillion-dollar estates, so “average” will always be relative. Understanding the ballpark figures can help you shop with confidence and avoid surprises.

With the right planning, you will not only find a home you love, but also one that fits comfortably within your budget, letting you enjoy all that Fort Lauderdale living has to offer from its beaches and boating to its lively downtown scene.