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# Florida True Monthly Cost Worksheet
- URL: https://floridatruecost.com/florida-true-monthly-cost-worksheet/
- Published: 2026-11-12T01:42:46.000Z
- Updated: 2026-11-12T15:36:58.000Z
- Description: A line-by-line worksheet for the true monthly cost of a Florida house or condo: mortgage, property taxes, homestead, homeowners and flood insurance, HOA fees, reserves, and special assessments.
- Author: Dion Link
- Tags: True Cost, Florida, Insurance, Property Taxes, HOA, Lakeland, #Import 2026-11-11 19:12

*Reviewed November 12, 2026\. General information only — not legal, tax, insurance, or financial advice, and not a commitment to lend.* 

The payment in a listing or an online calculator is almost never the number that decides whether a Florida house or condo is affordable. The number that matters is the **true monthly cost**: principal and interest, plus property taxes, plus homeowners insurance, plus flood coverage when it applies, plus HOA or condo fees, plus any reserve increase or special assessment you can already see coming.

This explainer shows you how to fill in each line with official or property-specific sources. It does **not** invent average premiums, millage totals, or utility bills. Download the companion [printable checklist (PDF)](https://floridatruecost.com/downloads/florida-true-cost-checklist.pdf) and fill it with *your* quotes. Reviewed **November 12, 2026**; homestead section reflects Amendment 3, and the insurance section now links the My Safe Florida Home guide.

## The worksheet

Copy these lines into a notes app or print the PDF. Use monthly amounts. If you only have an annual figure, divide by 12.

1. First-mortgage principal and interest
2. Other mortgage or lien payments (including any *amortizing* second; skip a 0% deferred second while it remains deferred)
3. Property taxes
4. Homeowners insurance (HO-3 for a house, HO-6 for a condo), including any separate windstorm policy
5. Flood insurance (NFIP or private), if required or if you choose to carry it
6. Regular HOA or condominium assessment
7. Documented reserve increases or special assessments, converted to a monthly amount for the period they are due
8. Mortgage insurance or funding-fee-related monthly cost, if the first mortgage has it
9. Utilities you will pay (electric, water, sewer, trash, internet)
10. A maintenance reserve you actually intend to fund

**True monthly cost = the sum of the lines that apply.** Compare that total to your budget, not to the listing payment alone.

### 4\. Homeowners and wind insurance

A Florida homeowners policy is a package, but it is not “everything.” The Department of Financial Services [Homeowners’ Insurance Toolkit](https://www.myfloridacfo.com/docs-sf/consumer-services-libraries/consumerservices-documents/understanding-coverage/consumer-guides/english---homeowners-insurance-toolkit.pdf?sfvrsn=1a17d80c%5F26) explains that:

- Most policies **exclude flood**
- Windstorm, hurricane, and hail coverage is generally included unless you sign a specific written rejection
- In some wind-pool areas, wind may be written as a **separate** policy
- Hurricane deductibles are often a **percentage of the dwelling limit**, not a small flat dollar amount

The Department’s [hurricane deductible page](https://www.myfloridacfo.com/division/consumers/consumerprotections/floridashurricanedeductible) and [section 627.701, Florida Statutes](https://www.flsenate.gov/Laws/Statutes/2026/627.701), are the official places to read the deductible rules. Citizens Property Insurance, Florida’s residual market, describes hurricane deductibles of **2%, 5%, or 10%** of Coverage A on its consumer pages; private carriers set their own options. A 2% deductible on a $350,000 Coverage A limit is $7,000 out of pocket for a covered hurricane, which is not a monthly line but is a cash-reserve fact.

If the home is an owner-occupied homestead, Florida’s [My Safe Florida Home](https://floridatruecost.com/my-safe-florida-home-2026-guide/) program can pay for a free wind-mitigation inspection and, for eligible low- and moderate-income homeowners, a grant of up to **$10,000** toward recommended hurricane upgrades. The inspection can also support the wind-mitigation credits Florida law requires insurers to file. It does not apply to rentals or second homes.

For a condo, split the stack: the association master policy, the unit HO-6, and any loss-assessment coverage, as outlined in the [condo due-diligence checklist](https://floridatruecost.com/florida-condo-due-diligence-checklist/). Use written quotes on the actual address. This site will not invent a “typical Lakeland premium.”

Mortgage lending and insurance are **separate services**. To compare **home, wind, auto, or renters** insurance, use the [The Zebra placeholder](https://floridatruecost.com/compare-home-insurance/) (partner link not live yet). For a **Florida flood** quote, [get a flood quote from Dion](https://floridatruecost.com/request-flood-quote/) through Link Consultant LLC. You are not required to use either insurance path to obtain a loan, or to obtain a loan to request a quote.

### 5\. Flood insurance

Treat flood as its own line. See the [Polk County flood zone and elevation certificate guide](https://floridatruecost.com/polk-county-flood-zone-elevation-certificate-guide/) for how to look up a zone, how to request an elevation certificate, and which community’s CRS class applies—an NFIP discount is assigned by community, so a Lakeland address and an unincorporated Polk County address can differ. As of the November 12, 2026 review, FEMA’s Community Status Book lists both the City of Lakeland and unincorporated Polk County as Class 6 (a 20% discount). The Florida Office of Insurance Regulation states that flood coverage is usually purchased separately, and that federally related mortgages on buildings in high-risk flood areas generally require it.

## A worked layout, with blanks on purpose

Suppose you are comparing a Lakeland house at a stated price. Your worksheet should look like this, with *your* numbers, not ours:

- Principal and interest: from a written Loan Estimate
- Property tax escrow: from the property appraiser’s taxable value and current millage, adjusted if you expect to file homestead, and — starting with the 2027 roll — using the Amendment 3 exemption amounts that apply to you
- Homeowners insurance: from a quote, including the hurricane deductible in a footnote
- Flood: from an NFIP or private quote after you look up the zone
- HOA: from the estoppel or resale certificate, plus any special assessment already approved
- Remaining lines: from the Loan Estimate and your own utility/maintenance plan

If two properties have similar principal-and-interest payments and very different insurance or association lines, the true monthly cost will pick the winner. That is the entire point of the worksheet.

## After you have a total

- Compare the total to your income and to any program ratio caps (for example, the City of Lakeland’s published 33% / 45% guidelines).
- If you may qualify for [Hometown Heroes](https://floridatruecost.com/hometown-heroes-2026-guide/) or [Lakeland assistance](https://floridatruecost.com/lakeland-home-purchase-assistance-guide/), recalculate cash to close and confirm whether the monthly stack actually changes.
- If the property is an investment, the monthly stack is also the starting point for a DSCR (debt-service-coverage) review. See the [DSCR investor page](https://floridatruecost.com/dscr-loans-for-investors/).

To start a mortgage application with Dion Link, NMLS 898761, Link Lending NMLS 2723931, use [applywithdion.my1003app.com/register](https://applywithdion.my1003app.com/register). Florida residential products are Florida only; [DSCR investor loans](https://floridatruecost.com/dscr-loans-for-investors/) may be available in almost every state. That application is not a commitment to lend. If you only want a shorter question answered first, use the optional [pre-qualification form](https://floridatruecost.com/get-prequalified/). For **Florida flood** coverage, use the separate [flood quote request](https://floridatruecost.com/request-flood-quote/). For **home, wind, auto, or renters**, use the [The Zebra placeholder](https://floridatruecost.com/compare-home-insurance/). You may use one of these paths, any combination, or none of them.

## Sources (reviewed November 12, 2026)

- [Florida Statutes § 196.031 (2026)](https://www.flsenate.gov/Laws/Statutes/2026/196.031) — homestead exemption (2026 amounts)
- [Florida Department of Revenue — additional homestead exemption adjustment](https://floridarevenue.com/property/Documents/cpi%5Fhomestead%5Fexemption.pdf) (revised January 2026; 2026 additional exemption $26,411)
- [Florida Department of Revenue — PTO Bulletin 26-21, Constitutional Amendment 3 (November 5, 2026)](https://floridarevenue.com/property/Documents/PTO%5FBUL%5F26-21.pdf)
- [Florida Department of Revenue — Save Our Homes and portability (PT-112)](https://floridarevenue.com/property/Documents/pt112.pdf)
- [Polk County Property Appraiser](https://www.polkflpa.gov/) and [exemptions](https://www.polkflpa.gov/Exemptions.aspx)
- [Polk County Tax Collector — millage rates and fees](https://www.polktaxes.com/services/millage-rates-and-fees/)
- [My Safe Florida Home 2026 Guide](https://floridatruecost.com/my-safe-florida-home-2026-guide/)
- [Polk County Flood Zone & Elevation Certificate Guide](https://floridatruecost.com/polk-county-flood-zone-elevation-certificate-guide/) (CRS community table updated November 12, 2026 from FEMA’s Community Status Book)
- [Florida DFS Homeowners’ Insurance Toolkit](https://www.myfloridacfo.com/docs-sf/consumer-services-libraries/consumerservices-documents/understanding-coverage/consumer-guides/english---homeowners-insurance-toolkit.pdf?sfvrsn=1a17d80c%5F26)
- [Florida DFS — Florida’s hurricane deductible](https://www.myfloridacfo.com/division/consumers/consumerprotections/floridashurricanedeductible)
- [Florida Statutes § 627.701 (2026)](https://www.flsenate.gov/Laws/Statutes/2026/627.701)
- [Florida Office of Insurance Regulation — Flood Insurance](https://www.floir.gov/property-casualty/flood-insurance)
- [Florida Housing — Hometown Heroes](https://www.floridahousing.org/live-local-act/hometown-heroes-program)

## Frequently asked questions

What should I include in a Florida true monthly housing cost?

Add principal and interest, property taxes, homeowners insurance (and a separate wind policy if the homeowners policy excludes wind), flood insurance when it applies, regular HOA or condo assessments, any reserve increases or special assessments you can already document, and a realistic allowance for utilities and maintenance. The listing payment is usually only the first of those lines.

How does Florida homestead exemption affect the tax line?

For 2026 bills, Florida law provides an exemption of up to $25,000 of assessed value on all ad valorem taxes, including school taxes, plus an additional exemption—$26,411 for 2026—on assessed value greater than $50,000 for levies other than school district levies. Amendment 3, approved November 3, 2026, takes effect January 1, 2027, and first applies to the 2027 tax roll. It raises the non-school homestead exemption to up to $150,000 in 2027 and $250,000 in 2028, then adjusts for inflation; school taxes still get only the $25,000 exemption. People who are not Florida residents as of December 31, 2026, receive the current exemption amounts when they qualify, with the larger exemption beginning in their fifth year of exemption, to the extent permitted by the U.S. Constitution. Homestead also brings Save Our Homes protection. You generally must own and occupy the home as your permanent residence on January 1 and timely file with the county property appraiser.

How does Amendment 3 change Florida property taxes?

According to the Florida Department of Revenue’s November 5, 2026 bulletin, Amendment 3 does not change 2026 tax bills. Beginning with the 2027 roll, the non-school homestead exemption rises to up to $150,000 in 2027 and $250,000 in 2028, then adjusts for inflation. School taxes still get only the $25,000 exemption. People who are not Florida residents as of December 31, 2026, start with the existing exemption amounts and become eligible for the larger exemption in their fifth year of exemption. The annual assessment-increase cap on non-homestead property, such as rentals, drops from 10% to 5% on January 1, 2027, and still does not cover school taxes. The Department is still issuing implementation rules, so confirm your situation with the county property appraiser.

Why can't this worksheet publish an average Florida insurance premium?

Premiums vary by company, coverage, deductibles, construction, claims history, flood zone, and association master policy. Official consumer guides explain the coverages and deductibles, but they do not replace a written quote on the specific property. Use quotes, not statewide averages, on your worksheet.

Does down payment assistance lower my monthly payment?

It usually reduces cash needed at closing, not the first-mortgage payment by the same amount. Hometown Heroes assistance is a 0% deferred second mortgage with no monthly principal-and-interest payment on that second while you remain in the home, but it is not forgivable and comes due if you sell, refinance, or move out. Taxes, insurance, and association fees still apply.

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## Disclosures

**Equal Housing Opportunity**

**Florida True Cost** is published as a free public resource by **Dion Link**, a licensed mortgage loan originator, **NMLS 898761**, with **Link Lending**, **NMLS 2723931**, in Lakeland, Florida, and a Florida **2-20** insurance licensee, agent number **P163989**, with **Link Consultant LLC.** Equal Housing Opportunity. You can verify mortgage licenses at [NMLS Consumer Access](https://www.nmlsconsumeraccess.org).

**Separate services:** Mortgage lending (Link Lending), Florida flood insurance quotes (Link Consultant LLC), and any future home, wind, auto, or renters comparison through The Zebra are offered separately. You may use one, any combination, or none of them. Neither service is conditioned on the other, and this site does not give or accept anything of value for referring settlement-service business.

**Where products are offered:** [DSCR investor loans](https://floridatruecost.com/dscr-loans-for-investors/) may be originated in almost every U.S. state, subject to licensing and investor guidelines. To start a DSCR or other mortgage application, use [applywithdion.my1003app.com/register](https://applywithdion.my1003app.com/register). **All other loan products are Florida only.** Flood quote requests on this site are for Florida flood insurance only. Home, wind, auto, and renters comparison is planned through a The Zebra partner link that is not live yet.

This site is for general information only. It is **not legal, tax, insurance, or financial advice**, and it is **not a commitment to lend** or a binder of insurance coverage. Program rules, income limits, funding, insurance costs, flood maps, millage rates, and association budgets change. Confirm every figure with the official program administrator, a licensed professional, your own Loan Estimate, and, for insurance, a written quote.

Mailing address: PO Box 134, Nichols, FL 33863.

Questions: [Dion@link-lending.com](mailto:Dion@link-lending.com)

### Optional thank-you

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