Your budget is a monthly number, not a price. On a $400,000 Apopka home with 10% down, the full payment in November 2026 is about $3,506 a month, and only $2,439 of that is the loan.
The six lines in a Florida house payment
- Principal and interest. Set by the loan amount and the rate. The Freddie Mac 30-year average was 7.18% on November 5, 2026. That survey assumes 20% down and excellent credit, so your quote may be higher.
- Property tax. Inside Apopka city limits the 2026 rate is 16.0079 mills: $16.0079 per $1,000 of taxable value. Never budget from the seller's bill. The assessment resets to market value the January after you buy.
- Homeowners insurance. The Orange County average with wind coverage was $3,610 a year in the state's July 2026 report, as quoted by two insurance agencies.
- Mortgage insurance (PMI). Charged on conventional loans with less than 20% down. Published costs run from about 0.46% to 1.50% of the loan a year, depending on credit.
- HOA dues. Nearly every Apopka subdivision we profiled has a mandatory HOA.
- CDD assessment. Some newer communities carry a Community Development District charge. It rides on the tax bill but is not part of the millage rate.
Worked example: $400,000 in Apopka
Inputs: $400,000 price, 10% down ($40,000), a $360,000 conventional loan at 7.18% for 30 years, the homestead exemption under 2026 rules, and a home assessed at its purchase price.
| Line | How it is figured | Per month |
|---|---|---|
| Principal and interest | $360,000 at 7.18%, 30 years | $2,438.77 |
| Property tax | $5,747.70 a year, divided by 12 | $478.98 |
| Homeowners insurance | $3,610 a year, divided by 12 | $300.83 |
| PMI (estimate) | 0.70% of $360,000, divided by 12 | $210.00 |
| HOA | Example: the listing-reported median in Rock Springs Ridge, November 2026 | $77.00 |
| Total | $3,505.58 |
The tax line works like this. The first $25,000 of value is exempt from every levy, so $375,000 is taxed at the 6.3430 school mills: $2,378.62. A second exemption of up to $26,411 applies to the other 9.6649 mills, which leaves $348,589 taxed there: $3,369.08. Together that is $5,747.70. Without homestead the same home is billed $6,403.16.
Now add a CDD. The MLS median assessment in Crossroads at Kelly Park was about $2,253 a year in 2026. That is another $187.75 a month, for a total of $3,693.33.
How a lender reads it: debt-to-income
Debt-to-income (DTI) is your monthly debt payments divided by your gross monthly income. A household earning $130,000 a year grosses $10,833 a month. Add $600 of car and student loan payments to the $3,505.58 housing payment and the total is $4,105.58, a DTI of 37.9%.
Each loan program sets its own ceiling, so ask your lender which one applies to you. Then set your own. The lender does not count groceries, child care, or the 1% to 4% of the home's value that Fannie Mae suggests setting aside each year for upkeep.
These tax figures use 2026 law. Florida voters approved Amendment 3 on November 3, 2026 (about 62% yes, unofficial until certified), and it changes homestead taxes from 2027. Lesson 7 has the estimates.
Before the next lesson
- Run your own price, down payment and income through the mortgage calculator.
- Work backward from a payment you are comfortable with in the affordability tool.
- Compare city and unincorporated tax bills in the property tax estimator.
- Write down your gross monthly income and every monthly debt payment. Your lender will ask for both.
Sources: Freddie Mac PMMS, November 5, 2026, Orange County Property Appraiser final 2026 millage rates, 2026 homestead exemption amounts, Experian on PMI cost, Fannie Mae maintenance budget guidance. Checked November 2026.
A CDD assessment is a separate line on the tax bill, added on top of the millage. Principal and interest is $2,438.77; tax, insurance, PMI and HOA make up the other $1,066.81.
