Buying a home in Boca Raton or Delray Beach? Your monthly mortgage payment is much more than principal and interest. These South Palm Beach County cities carry elevated home values, meaningful Palm Beach County property taxes, high Florida insurance, and coastal flood exposure. This guide breaks down everything that goes into a Boca Raton or Delray Beach mortgage payment - and our free calculator does the math for you instantly.
What goes into a Boca Raton & Delray Beach mortgage payment?
Your monthly payment in Boca Raton & Delray Beach is made up of four parts, commonly called PITI: principal, interest, taxes, and insurance. In Boca Raton & Delray Beach, the taxes and insurance portions matter more than in most of the country, so leaving them out of your estimate can understate your true payment by hundreds of dollars a month.
- Principal & interest — the core loan repayment, based on your rate and term
- Property taxes — Palm Beach County collects these, typically escrowed monthly
- Homeowners insurance — Florida premiums run well above the national average
- Flood insurance — required in many Boca Raton & Delray Beach flood zones, on top of regular insurance
Boca Raton & Delray Beach insurance reality: Boca Raton and Delray Beach are coastal Palm Beach County cities, so hurricane and flood risk drive insurance costs well above the national average. Waterfront and beachside properties in particular can see high premiums, and this is often the biggest surprise for buyers new to the area.
Palm Beach County property taxes
Palm Beach County has one of the higher effective property tax rates and highest median tax bills in Florida, reflecting elevated home values in cities like Boca Raton and Delray Beach. Here is roughly what you might expect at a few price points, before exemptions:
| Home Price | Approx. Rate (~0.94%) | Est. Annual Tax |
|---|---|---|
| $300,000 | ~0.94% | $2,820 |
| $450,000 | ~0.94% | $4,230 |
| $600,000 | ~0.94% | $5,640 |
These are estimates using Palm Beach County's approximate effective rate — your actual bill depends on your exact location, municipality, and exemptions. Florida's Homestead Exemption (around $50,000 off assessed value for your primary residence) meaningfully lowers what you owe, and the Save Our Homes cap limits annual assessment increases to 3% once you're homesteaded.
See your real Boca Raton & Delray Beach payment
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Open the CalculatorDon't forget flood insurance in Boca Raton & Delray Beach
Both Boca Raton and Delray Beach sit on the Atlantic coast, so beachside and low-lying inland areas frequently fall in flood zones. If your home sits in a FEMA flood zone, your lender will require flood insurance in addition to your regular homeowners policy. Always check the flood zone and elevation certificate before you commit — it's a real recurring cost that surprises many Boca Raton & Delray Beach buyers.
FHA and conventional loans in Boca Raton & Delray Beach
Boca Raton & Delray Beach buyers use both conventional and FHA loans heavily. If your down payment is smaller or your credit is still improving, an FHA loan's 3.5% minimum down payment can make buying possible. Our calculator handles both:
- Use the Conventional Loan tab for standard mortgages
- Use the FHA Loan tab to include upfront and annual mortgage insurance (MIP)
- Not sure which fits? Read our conventional vs. FHA guide
Tips for Boca Raton & Delray Beach home buyers
- Shop insurance hard — Boca Raton & Delray Beach-area premiums vary a lot between carriers; get several quotes
- File your Homestead Exemption — apply with the Palm Beach County property appraiser after closing
- Check the flood zone — a home just outside a high-risk zone can save thousands a year
- Know your budget first — use our affordability guide before you shop
- Plan your down payment — 20% down on a conventional loan avoids PMI entirely
Bottom line: A Boca Raton & Delray Beach mortgage payment is more than principal and interest. Factor in Palm Beach County property taxes, Florida's high insurance, and possible flood coverage so your estimate reflects reality — our calculator lets you enter all of it.