Miami mortgage calculator
What a Miami mortgage costs each month, how long it runs, what it costs in total, and how much sooner it ends if you pay a little more. Built on monthly compounding and the 30-year fixed loan, and it charges you private mortgage insurance for exactly as long as the law lets a lender charge it — which is the line most calculators leave out.
The purchase
20.0% down. The minimum on this price is $17,479. Below 20% the lender adds private mortgage insurance — about 0.30% of the loan a year, or $116.52 a month, until the balance reaches 78% of the price in month 27. That is $3,146 in total, and it buys you nothing.
A US lender qualifies you on debt-to-income rather than at a stress-test rate, so this payment is the payment. What varies is the rate you are quoted: credit score, points paid at closing and the lender itself move it by more than half a point.
The contract length, not the amortization. At the end of it you renew at whatever rates are then available.
Paying it down faster
Most lenders cap annual prepayments at 10–20% of the original principal, and charge a penalty above it. Check your own commitment before planning around a large lump sum.
Where the money goes, year by year
Early payments are almost all interest. The crossover — the year principal finally exceeds interest — is the real shape of an amortized loan, and it is much later than most people expect.
Show the first two years of the schedule
| Payment | Amount | Interest | Principal |
|---|---|---|---|
| 1 | $2,998.35 | $2,590.72 | $407.63 |
| 2 | $2,998.35 | $2,588.46 | $409.89 |
| 3 | $2,998.35 | $2,586.18 | $412.17 |
| 4 | $2,998.35 | $2,583.89 | $414.46 |
| 5 | $2,998.35 | $2,581.58 | $416.77 |
| 6 | $2,998.35 | $2,579.27 | $419.08 |
| 7 | $2,998.35 | $2,576.94 | $421.41 |
| 8 | $2,998.35 | $2,574.60 | $423.75 |
| 9 | $2,998.35 | $2,572.24 | $426.11 |
| 10 | $2,998.35 | $2,569.87 | $428.48 |
| 11 | $2,998.35 | $2,567.49 | $430.86 |
| 12 | $2,998.35 | $2,565.10 | $433.25 |
| 13 | $2,998.35 | $2,562.69 | $435.66 |
| 14 | $2,998.35 | $2,560.27 | $438.08 |
| 15 | $2,998.35 | $2,557.83 | $440.52 |
| 16 | $2,998.35 | $2,555.38 | $442.97 |
| 17 | $2,998.35 | $2,552.92 | $445.43 |
| 18 | $2,998.35 | $2,550.44 | $447.91 |
| 19 | $2,998.35 | $2,547.95 | $450.40 |
| 20 | $2,998.35 | $2,545.45 | $452.90 |
| 21 | $2,998.35 | $2,542.93 | $455.42 |
| 22 | $2,998.35 | $2,540.40 | $457.95 |
| 23 | $2,998.35 | $2,537.86 | $460.49 |
| 24 | $2,998.35 | $2,535.30 | $463.05 |
Derived from the figures above, not a lender's statement. A real schedule also depends on your closing date and the lender's rounding.
Florida taxes the loan, not just the house
This is the part that surprises buyers from anywhere else, and it is the reason this page exists separately from the Charlotte one. Florida charges a documentary stamp tax on the promissory note at 35 cents per $100 and a non-recurring intangible tax on the mortgage itself at 2 mills — together 0.55% of the amount you borrow, payable in cash at closing. On the $582,621 typical Miami home with 20% down that is a $466,097 loan and about $2,564 in tax on the borrowing alone. Put less down and it gets larger, which inverts the usual advice: here a smaller down payment costs you more at the table as well as more every month.
The other stamp — 60 cents per $100 on the deed, plus a 45-cent surtax that a single-family dwelling escapes and a condominium does not — is the seller's by convention in Miami-Dade, and it is the one tax in this county that differs from the rest of Florida. It matters to you when you come to sell.
PMI is the number to watch, not the rate
If you put down less than 20% the lender adds private mortgage insurance to the payment. It insures the lender, not you, and on the $582,621 typical Miami home it works out like this. At 5% down — a $553,490 loan — a representative rate is about 0.67% of the loan a year, or $309 a month. Federal law makes the lender terminate it automatically when the scheduled balance first reaches 78% of the purchase price, which on a 30-year loan at 6.67% happens in month 138. That is eleven and a half years and about $42,600 of payments that buy you no equity at all. At 3% down it is about $372 a month and roughly $54,300.
Two things shorten it. You can ask the lender to cancel at 80% rather than wait for 78%, which is a right under the Homeowners Protection Act if you are current on the loan — and paying extra principal gets you there faster, because the trigger is the balance on the schedule rather than what the house is worth. The calculator above moves the termination month when you add an extra payment, which is the honest way to show what prepayment is actually worth at a low down payment.
The rate you are quoted is a personal number
This is the biggest difference from the Canadian pages on this site. There, CMHC publishes one premium schedule for the whole country and a lender either applies it or does not. Here the mortgage insurer prices you individually, mostly on credit score, and the same 5%-down loan can be quoted anywhere from about 0.4% to 1.3%. The bands used above are mid-market for a borrower around a 740 score. Yours will be different, and it is worth getting a real quote before treating any of these totals as yours.
Monthly compounding, and why the Canadian number would be wrong
An American fixed-rate mortgage compounds monthly: the periodic rate is simply the annual rate divided by twelve. Canadian mortgages compound twice a year, which makes the same nominal rate slightly cheaper. On a $466,097 loan at 6.67% over 30 years the American payment is $2,998.35 and the Canadian convention would give $2,970.36 — $28 a month, or about $10,100 over the life of the loan. This site runs both, and no page borrows the other country's arithmetic.
A biweekly plan is thirteen payments, not clever compounding
Paying half the monthly payment every two weeks means twenty-six half-payments a year, which is thirteen monthly payments' worth of money instead of twelve. On the benchmark loan with 20% down that takes a 30-year mortgage to about 24 years and saves roughly $140,700 in interest. There is nothing magic in it — it is simply paying about 8% more every year — and you can get the identical result by adding a twelfth of the payment to each monthly one, without a servicer's enrollment fee.
What this cannot tell you
The payment above is principal and interest, plus PMI where it applies. Your actual monthly bill will include property tax and insurance, which the lender will usually escrow: on a $582,621 house that is about $889 a month in tax at the 1.83% effective rate and $505 in homeowners insurance, so closer to $4,393 all in at 20% down.
Three Miami-specific things it cannot tell you at all. Flood insurance is a separate policy from the homeowners figure above and is not in any number on this page; in much of Brickell, Edgewater and the Grove waterfront it is not optional and the elevation certificate is what prices it. An association fee, if you are buying a condominium — and most of what is for sale inside the city limits is — along with any special assessment the building's structural reserve study produces, which since Florida's 2022 law may no longer be waived. And the fact that a homesteaded assessment resets to what you paid the January after you buy, so the seller's tax bill is not a guide to yours. For the full comparison against renting, use the rent versus buy calculator.
Sources
- Zillow Home Value Index (ZHVI), all homes, mid-tier, smoothed and seasonally adjusted — city file, June 2026 · Zillow Research · retrieved Supports: A typical home value for the 35th to 65th percentile of each municipality's market, computed on one method across all twenty-four, The same series and month the Charlotte, Orlando and Palm Beach pages use, so all four American layers can be read against each other, Year-over-year change to June 2026
- Zillow Observed Rent Index (ZORI), all homes, smoothed — city file, June 2026 · Zillow Research · retrieved Supports: Asking rents across the whole rental stock for the twenty-two municipalities Zillow indexes
- Table 1 — Comparison of Taxes Levied, county and municipal governments, fiscal years 2024-25 and 2025-26: Miami-Dade · Florida Department of Revenue, Property Tax Oversight · retrieved Supports: The adopted 2025-26 millage rate for Miami-Dade County and every municipality in it, The county's own components: countywide 4.5740, Fire/Rescue 2.3965, Library 0.2812 and the Unincorporated Municipal Service Area at 1.9090, Municipal rates from Sunny Isles Beach's 1.7000 to Biscayne Park's 9.3000
- 2025 millage rates and taxing authorities, Miami-Dade County · Miami-Dade County Property Appraiser · retrieved Supports: A published combined rate for unincorporated Miami-Dade of 16.9317 mills, Its components: school district 6.4990, countywide 5.7361, regional water districts 0.3911, Fire Rescue 2.3965 and UMSA 1.9090 — which this layer's stack reproduces exactly
- About Fire Rescue · Miami-Dade Fire Rescue · retrieved Supports: The Fire Rescue district covering the unincorporated county and twenty-nine municipalities, Miami, Miami Beach, Coral Gables, Hialeah and Key Biscayne operating their own fire departments and lying outside the district
- Documentary stamp tax · Florida Department of Revenue · retrieved Supports: A Miami-Dade deed rate of 60 cents per $100 rather than the 70 cents charged in every other county, A Miami-Dade surtax of 45 cents per $100, not due on a document transferring only a single-family dwelling, 35 cents per $100 on a promissory note, statewide
- Annual estimates of the resident population for incorporated places, 2020 to 2024 · United States Census Bureau, Population Estimates Program · retrieved Supports: 2020 census counts and 2024 estimates for each municipality, Miami at 487,014 and Hialeah at 235,388; Golden Beach at 1,034
- Average cost of home insurance in Florida, 2026 · MoneyGeek · retrieved Supports: A Miami-Dade County average of about $6,045 a year — below Palm Beach County's $6,614, A Florida average of about $3,815 and a national average of about $2,543
- Primary Mortgage Market Survey · Freddie Mac · retrieved Supports: 30-year fixed-rate mortgage averaging 6.67%
- Documentary stamp tax · Florida Department of Revenue · retrieved Supports: 70 cents per $100 on a deed, in every county except Miami-Dade, which charges 60 cents plus a 45-cent surtax, 35 cents per $100 on a promissory note or other written obligation to pay money
- Governmental leasehold intangible personal property tax and the non-recurring intangible tax on mortgages · Florida Department of Revenue · retrieved Supports: A non-recurring intangible tax of 2 mills — 0.2% — on the obligation secured by a mortgage on Florida real property
- Property tax exemptions and additional benefits · Florida Department of Revenue · retrieved Supports: A $25,000 homestead exemption applying to all taxing authorities and a second $25,000 applying to all but the school district, The Save Our Homes assessment limitation of 3% or the change in CPI, whichever is lower, Portability of up to $500,000 of accrued Save Our Homes benefit to a new homestead, The 1 March filing deadline
- Chapter 2023-17, Laws of Florida — preemption of rent control · The Florida Senate · retrieved Supports: The repeal of the referendum exception that had allowed a local rent control ordinance in a declared housing emergency
These are estimates built from published figures, not a lender quote, a pre-approval or financial advice. Rates, premiums and provincial rules change; confirm anything you plan to act on with a mortgage professional and read the sourcing methodology.