# What you can really afford

> The true monthly cost of a $400,000 Apopka home: loan, tax, insurance, PMI, HOA and CDD, and how a lender reads it.

Source: https://moorerealtyapopka.com/academy/home-buyer-bootcamp/what-you-can-really-afford/ · Last updated 2026-11-12 · Robert Moore, Broker/Owner, Moore Realty Group, Inc. · 352-504-6371

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- What you can really afford

Lesson 01 of 07 · 7 min

# What you can really afford

The true monthly cost of a $400,000 Apopka home: loan, tax, insurance, PMI, HOA and CDD, and how a lender reads it.

The point

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.

Monthly cost of a $400,000 home inside Apopka city limits, rates as of November 2026

| 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.

Watch for

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](https://moorerealtyapopka.com/tools/mortgage-calculator/?price=400000).
- Work backward from a payment you are comfortable with in the [affordability tool](https://moorerealtyapopka.com/tools/affordability/).
- Compare city and unincorporated tax bills in the [property tax estimator](https://moorerealtyapopka.com/tools/property-tax/).
- Write down your gross monthly income and every monthly debt payment. Your lender will ask for both.

Sources: [Freddie Mac PMMS, November 5, 2026](https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decline-third-consecutive-week-718), [Orange County Property Appraiser final 2026 millage rates](https://ocpaimages.ocpafl.org/api/Content/GetContentDynamicFile?contentFileID=418587), [2026 homestead exemption amounts](https://www.pcpao.gov/amendment3), [Experian on PMI cost](https://www.experian.com/blogs/ask-experian/how-much-does-private-mortgage-insurance-pmi-cost/), [Fannie Mae maintenance budget guidance](https://yourhome.fanniemae.com/own/how-build-your-maintenance-and-repair-budget). Checked November 2026.

  Which of these is not included in Apopka's 16.0079-mill tax rate?