Miami, FL Mortgage Calculator
Estimate your monthly mortgage payment in Miami including property taxes, homeowners insurance, PMI, and 2026 loan limits.
Local Home Values & Affordability
With a median home value of $560,000, Miami is 81% above the national median of $310,000 — placing it firmly in premium territory where careful loan-type selection matters.
Among the Florida counties we track, Miami-Dade County is one of the most expensive — comparable to Broward County ($490,000).
A 20% down payment on a median Miami home requires $112,000 in cash — or $19,600 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Property Tax in This Market
Based on the 0.96% effective rate and a median home value of $560,000, a typical homeowner in Miami-Dade County pays approximately $5,376 in annual property taxes — or $448 per month added to their mortgage payment.
Miami-Dade County's property tax rate of 0.96% is close to the national average of 1.10%. On a median-priced home of $560,000, expect an annual tax bill of approximately $5,376.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Miami-Dade County averages around $5,500/year ($458/month) — roughly 244% above the national average of $1,600.
Premium quotes in Miami-Dade County typically range from $3,500 to $9,000 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Miami home ($560,000) with FHA's minimum 3.5% down would borrow $540,400 — well within the $641,250 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $448,000 stays $384,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
All FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, plus an annual MIP of 0.55%–0.75% of the loan balance paid monthly. On a $540,400 FHA loan, expect approximately $248/month in ongoing MIP — added to principal, interest, taxes, and insurance.
Sources: HUD ML 2025-23, FHFA 2026, HUD MIP Rates 2023
Extra Monthly Payment
Estimated Monthly Payment
$3,872
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
Loan Amount: $448,000
LTV: 0.01%
P&I Payment
$2,966
Total Interest
$619,590
over loan life
Payoff
30 yr
Closing Costs
$9,879–$18,441
est. range
Monthly Payment Breakdown
2026 Loan Limit Context
FHA Limit
$641,250
Conforming Limit
$832,750
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $2,966 | $371 | $2,595 | $447,629 | $2,595 |
| 2 | $2,966 | $373 | $2,593 | $447,256 | $5,187 |
| 3 | $2,966 | $375 | $2,590 | $446,881 | $7,778 |
| 4 | $2,966 | $377 | $2,588 | $446,504 | $10,366 |
| 5 | $2,966 | $380 | $2,586 | $446,124 | $12,952 |
| 6 | $2,966 | $382 | $2,584 | $445,742 | $15,536 |
| 7 | $2,966 | $384 | $2,582 | $445,358 | $18,117 |
| 8 | $2,966 | $386 | $2,579 | $444,972 | $20,696 |
| 9 | $2,966 | $388 | $2,577 | $444,584 | $23,274 |
| 10 | $2,966 | $391 | $2,575 | $444,193 | $25,849 |
| 11 | $2,966 | $393 | $2,573 | $443,800 | $28,421 |
| 12 | $2,966 | $395 | $2,570 | $443,405 | $30,991 |
2026 Loan Limits — Miami-Dade County, FL
| Limit Type | 2026 Limit | Note |
|---|---|---|
| FHA Loan Limit (1-unit) | $621,000 | Max loan for FHA-insured mortgage |
| Conforming Loan Limit (1-unit) | $806,500 | Fannie Mae / Freddie Mac eligible |
Source: HUD / FHFA. Data as of 2025-01-15.
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