What Does It Really Cost to Buy a $345,000–$360,000 Home in Florida?

Many buyers focus only on the sales price. But the loan program, interest rate, assistance, seller contribution, and estimated cash needed at closing can make a big difference.

Here are two simple examples.

OPTION 1: Florida Hometown Heroes Example

Purchase Price: $345,000
Estimated Down Payment – 3.5%: $12,075
Estimated Closing Costs – 3.5%: $12,075
Estimated Total Before Assistance: $24,150

Estimated Hometown Heroes Assistance: -$16,250

Estimated Cash to Close: $7,900

Estimated First Mortgage: $332,925
Interest Rate: 7.375%
Estimated Principal & Interest: $2,299/month

For a qualified buyer, down payment assistance can significantly reduce the amount of personal cash needed to purchase a home.

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OPTION 2: Regular FHA + Seller Contribution

Purchase Price: $360,000
Estimated Down Payment – 3.5%: $12,600
Estimated Closing Costs – 3.5%: $12,600
Estimated Total Before Seller Credit: $25,200

Estimated Seller Contribution: -$15,000

Estimated Cash to Close: $10,200

Estimated First Mortgage: $347,400
Interest Rate: 6.625%
Estimated Principal & Interest: $2,224/month

In this example, the seller contribution can help cover eligible buyer closing costs, subject to FHA guidelines and the actual costs of the transaction.

Estimated Side-by-Side Comparison

	Hometown Heroes	Regular FHA
Sales Price	$345,000	$360,000
Est. Down Payment	$12,075	$12,600
Est. Closing Costs	$12,075	$12,600
Est. Total Before Credits	$24,150	$25,200
Est. Assistance / Seller Credit	-$16,250	-$15,000
Est. Cash to Close	$7,900	$10,200
Est. Loan Amount	$332,925	$347,400
Interest Rate	7.375%	6.625%
Est. Principal & Interest	$2,299/mo.	$2,224/mo.

Don’t Shop by Sales Price Alone

Here’s what makes this comparison interesting.

The $345,000 Hometown Heroes example requires approximately $2,300 less estimated cash to close.

But the $360,000 FHA example allows the buyer to purchase a home that costs $15,000 more while having approximately $75 less per month in principal and interest because of the lower interest rate.

That’s why buying a home isn’t only about asking:

“What’s the sales price?”

A better question is:

“What combination of price, rate, assistance and seller credits works best for my situation?”

Have a home in mind?

Send me the sales price and let’s compare your estimated payment and cash to close before you make an offer.

All figures are estimates and examples for educational purposes only. Actual cash to close and monthly payment can vary based on loan terms, property taxes, homeowners insurance, mortgage insurance, prepaid items, escrow requirements, lender fees, program eligibility, available assistance, seller credits and other transaction-specific costs. Principal and interest figures do not represent the total monthly housing payment.