What's the Average Mortgage in Ocala, FL?
Learn what monthly payments could be on an Ocala home.
Ocala, nestled in the heart of Marion County, is drawing attention from homebuyers seeking affordability without sacrificing quality of life. Known for its scenic rolling hills, equestrian culture, and reputation as the "Horse Capital of the World," Ocala offers a compelling blend of small-town charm and value when considering housing costs. While some people outside the state of Florida ask where is Ocala, those who have seen the area may be asking what's the average mortgage payment in Ocala?
To dive deeper into this question, a homebuyer needs to understand that the mortgage payment will be a combination of the principal, interest, taxes and homeowner's insurance. Factors such as the home price, your down payment and interest rate obtained when purchasing the home will play a role in the monthly payment.
Many Floridians have relocated to Ocala over the years to be able to afford a home, or essentially get more bang for your buck compared to some of the bigger cities in the state including Miami, Fort Lauderdale, Orlando and Jacksonville. Likewise, many folks from northern states have relocated to Ocala, FL as they enjoy the quality of life and can price point they can obtain. Let's look further at a few home price points and their respective monthly mortgage payments.
A 3 bedroom, 2 bathroom single family home on a little more than a half acre is priced at $185,000 in Ocala, FL 34476. With a mortgage requiring a small down payment for a first-time homebuyer, such as a FHA loan, only a $6475 down payment would be required. The home's current property taxes are $2128 per year, or $177.33 per month. With estimated homeowner's insurance around $1225 per year, the monthly amount would be $102.08 per month. Keep in mind that with FHA, there is mortgage insurance which would wind up being approximately $82 per month. Utilizing a 6% interest rate, Here's what the estimated payment looks like:
Principal and Interest (P&I): $1109 / month
Property Taxes: $177.33
Homeowner's: $102.08 / month
Mortgage Insurance: $82
Monthly Mortgage Payment: $1470.41
This three bedroom, 2 bathroom home in Ocala, FL 34473 is priced at $250,000 which is still below the average price point for a home in the area. Let's presume a buyer puts 3.5% down payment on the home which would only be $8750. With property taxes on this home at only $1088 per year, the new buyer will temporarily save on their taxes. The seller most likely purchased the home a while ago and homesteaded the property which allows a homeowner to save on their primary Florida home. Realistically, the property taxes will get adjusted by Marion County when the trim notices come out in late summer. For now, we'll utilize the current taxes which come out to be only $91 per month. Annual homeowner's insurance is approximately $1450 per year, or $120.83 per month. Keep in mind, there will be mortgage insurance since there's a small down payment and the buyer is utilizing a FHA loan. The estimated monthly mortgage insurance is $110.57. With an interest rate of 6.5%, an estimated payment would be approximately $1847.40 per month. Here's the mortgage breakdown:
Principal and Interest (P&I): $1525 / month
Property Taxes: $91
Homeowner's Insurance: $120.83 / month
Mortgage Insurance: $110.57
Monthly Mortgage Payment: $1847.40
With an average priced home closer to approximately $300k in Ocala, FL, this four bedroom, two bathroom home is in the ballpark for a common price point in the area. This single family home happens to be in a HOA in Ocala, FL 34480 which will have a monthly fee in the association. We'll get to that in a moment.
A first-time homebuyer can purchase with only a 3.5% down payment, or $12,075, to get into the home. The mortgage payment (principal and interest) will be approximately $2050 per month with an estimated 6.25% interest rate. Current property taxes are only $364 per year. For most buyers, this is not realistic as the taxes are simply too low on this property. This is an important detail to look for and realize that your property taxes can adjust once you purchase the property. This specific homeowner could be a disabled veteran or have a property exemption with the state. Let's presume once a buyer purchases the home that Marion County will adjust the home's taxes and they become roughly $3622 per year, or $302 per month, which is a reasonable estimate for such a house. Insurance for the home could be around $1615 per year or $134.58 per month. Now, let's add the monthly mortgage insurance of $110.98 since a small down payment was put on the property.
As mentioned earlier, this home is in a HOA community. Due to the homeowner's association, there is a $73 per month fee.
The total monthly mortgage payment is $2597.56 and below is the breakdown. Keep in mind that the homeowner would also need to send a $73 check each month to the association.
Principal and Interest (P&I): $2050 / month
Property Taxes: $302
Homeowner's Insurance: $134.58 / month
Mortgage Insurance: $110.98
Monthly Mortgage Payment: $2597.56
HOA Fee: $73 / month
As a buyer approaches homes nearing the half million dollar price range, let's review what the monthly mortgage could be for this home being sold as $495,000 in Ocala, FL 34475. In this scenario, we have a buyer putting a 20% down payment.
The advantage of putting twenty or more percent down is that there will not be any mortgage insurance. The buyer will be proceeding with a conventional mortgage. Since they are putting down $99,000, the mortgage balance will be $396,000. And, with a 6.5% interest rate, the monthly payment will be $2503.
The home's property taxes are currently $2615 per year. Similar to the previous home, these taxes will get adjusted by Marion County in due time once a new buyer purchase the property. For now, we can utilize the current taxes which come out to be $217.92.
For the homeowner's insurance policy, the annual premium comes out to $2090, or $174.17 per month. The home is situated in a HOA and has a small HOA payment of $41 per month. Here's the monthly breakdown:
Principal and Interest (P&I): $2503 / month
Property Taxes: $217.92 / month
Homeowner's Insurance: $174.17 / month
Monthly Mortgage Payment: $2895.09
Hopefully, these average mortgage scenarios for homes in Ocala, FL will give you a better understanding of what the monthly payment may look like. To learn more, get pre-approved and start your mortgage journey, please feel free to contact us.
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