Home / Fixed-rate mortgages
Conventional fixed-rate loans · Florida
Fixed-Rate Mortgages
A fixed-rate mortgage locks your interest rate and your principal and interest payment for the life of the loan. If you plan to stay in the home for years, it is the simplest way to know exactly what your mortgage will cost in year one and in year twenty.
Today’s Florida fixed rates
No points, no credit
0.250 points
0.064 points
0.224 points
0.112 points
Par rate per program for a single-family primary residence purchase in Miami-Dade County, 20% down, 780+ credit, 30-day lock, escrows included. Rates change through the day and are not a commitment to lend. Price your own Florida scenario, no credit pull.
The 30-year and 15-year fixed are the most popular loans
Most Florida buyers choose a 30-year fixed for the lowest required payment, and most homeowners who refinance late in their loan choose a 15-year to finish sooner. Between them sit the 25 and 20-year terms, and below them the 10-year, which suits a refinance when the balance is already small.
Whatever the term, the structure is the same: your rate never changes, and each payment covers that month’s interest plus a slice of principal. Early payments are mostly interest; later ones are mostly principal. A shorter term speeds that up, which is why it costs more each month and far less in total.
What a fixed rate does not lock is the rest of your housing payment. Florida property taxes and homeowners insurance are escrowed with the mortgage and can rise each year, so budget for the full payment, not just principal and interest.
What each term costs on a $400,000 loan
| Term | Today’s rate | Principal and interest | Total interest over the term | Equity after 5 years |
|---|---|---|---|---|
| 30-year fixed | 6.875% | $2,628/mo | $545,977 | $23,981 |
| 25-year fixed | 6.875% | $2,795/mo | $438,590 | $35,940 |
| 20-year fixed | 6.750% | $3,041/mo | $329,949 | $56,297 |
| 15-year fixed | 6.000% | $3,375/mo | $207,577 | $95,964 |
| 10-year fixed | 6.000% | $4,441/mo | $132,898 | $170,296 |
Par rates from our pricing engine for a Miami-Dade primary residence with 780+ credit and a 30-day lock. Equity is principal paid down, before any change in the home’s value.
How to choose a term
30-year
The lowest payment and the most room in your budget for taxes, insurance, savings and repairs. Prepay whenever you like.
25 or 20-year
Finish sooner without the jump to a 15-year payment. A good fit for a refinance when you are already several years into a 30-year loan and do not want to restart the clock.
15-year
A lower rate and roughly half the interest of a 30-year. Best when the higher payment fits comfortably, often for move-up buyers with larger down payments.
10-year
The fastest payoff. Most useful when refinancing a smaller balance, or for buyers who want the home paid off before retirement.
Points or credit
Any term can be bought down with discount points or priced above par for a lender credit toward closing costs. The table below shows the trade.
Not sure you will stay?
If you expect to sell or refinance within seven to ten years, compare an adjustable-rate mortgage before you lock.
Paying points for a lower fixed rate
A point costs 1% of the loan and lowers the rate. Because a fixed rate lasts as long as you keep the loan, points pay off best on a fixed mortgage you expect to hold a long time. Here is today’s trade on a $500,000 purchase with 20% down.
| Rate on a $400,000 loan | APR | Points cost or lender credit | Payment vs. par | Points pay back in |
|---|---|---|---|---|
| 6.625% | 6.831% | You pay $5,500 | $66/mo less | 83 months |
| 6.750% | 6.886% | You pay $2,500 | $33/mo less | 76 months |
| 6.875% | 6.951% | Par: no points, no credit | Same | Not applicable |
| 7.000% | 7.028% | You receive $2,000 | $33/mo more | Not applicable |
| 7.125% | 7.128% | You receive $3,000 | $67/mo more | Not applicable |
From today’s rate sheet for a Miami-Dade primary residence with 780+ credit. If you would sell or refinance before the payback month, the points cost more than they save.
Conventional fixed-rate requirements
- Down payment: 3% for qualified first-time buyers, 5% for everyone else on a primary home, 10% on a second home and 15% on a single-unit investment property.
- Credit score: 620 minimum at most lenders, with the best pricing at 740 and above.
- Debt to income: typically up to 45%, and up to 50% with strong credit and reserves through automated underwriting.
- Mortgage insurance: required under 20% down, priced by credit score, and removable. You can ask to cancel it at 80% of the original value and it ends automatically at 78%.
- Loan size: up to $832,750 for a single-family home in 2026 in every Florida county except Monroe, where the limit is $990,150. Above that, see jumbo loans.
- Refinancing: rate-and-term up to 95% of value on a primary home in most cases; cash-out up to 80%.
Waiting periods after a credit event
| Event | Conventional waiting period | With documented extenuating circumstances |
|---|---|---|
| Chapter 7 bankruptcy | 4 years from discharge or dismissal | 2 years |
| Chapter 13 bankruptcy | 2 years from discharge, 4 years from dismissal | 2 years from dismissal |
| Foreclosure | 7 years | 3 years, with limits on the loan |
| Short sale or deed-in-lieu | 4 years | 2 years |
Extenuating circumstances are one-time events beyond your control, such as a job loss or serious illness, with documentation. Shorter paths exist through FHA and, after two years, through non-QM programs.
See if you qualify for a fixed-rate loan
Tell us the price or balance and the term you are weighing. We will price every term side by side with the points and closing costs for each, so you can pick on real numbers.
- 30, 25, 20, 15 and 10-year terms priced together
- Points and lender credit options for each
- No credit pull to start
Prefer to talk it through? Call 954-494-7288.
Tell us about the loan
No credit pull. A loan officer follows up, usually the same day.
Fixed-rate mortgage questions
Is a 15-year or 30-year mortgage better?
A 15-year carries a lower rate and roughly half the total interest, but a much higher payment. A 30-year keeps the required payment low and lets you prepay when you choose. If the 15-year payment fits comfortably with room to spare, it saves the most; otherwise a 30-year with extra payments is the flexible middle path.
What is the minimum down payment on a conventional fixed-rate loan?
3% for qualified first-time buyers and 5% for other buyers of a primary home. Second homes need at least 10% and single-unit investment properties at least 15%.
Does a fixed-rate payment ever change?
Principal and interest never change. Your total payment can, because property taxes and homeowners insurance are usually collected in escrow and are reset each year.
Can I pay off a fixed-rate mortgage early?
Yes. Conventional fixed-rate loans have no prepayment penalty, so you can pay extra each month, make lump-sum payments or pay it off at any time.
What is the conforming loan limit in Florida?
For 2026, $832,750 for a single-family home in every county except Monroe, where it is $990,150. Larger loans are jumbo loans.
Should I pay points on a fixed-rate loan?
Points make sense when you expect to keep the loan past the break-even month, the point where the monthly savings have repaid the upfront cost. If you might sell or refinance sooner, a par rate or a lender credit usually comes out ahead.
From Florida homeowners
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“Caroline Da Silva from Miami Mortgage Brokers just got us approved for our first mortgage, and we would definitely work with her again after this experience! From the moment our broker connected us with Caroline, she was always several steps ahead throughout the process. We were impressed that Miami Mortgage Brokers had us clear to close a week early,...”
“Chris was outstanding throughout the entire transaction! Always accessible and was able to provide the best financing option when others could not! I would highly recommend him and hope to do more transactions with him.”
“I recently had the pleasure of working with Chris as my loan officer, and I cannot speak highly enough of his exceptional service. He guided me through every step with clarity and patience. What truly sets Chris apart is his remarkable efficiency: not only was he incredibly responsive to my inquiries, but he also expedited the loan process, resulting in the...”
Lock in a payment you can count on
Price every fixed term for your county in under a minute, or call and we will compare them with you, points and costs included.