Miami, FL Mortgage Calculator
In Miami, Florida, the median home is around $560,000. With 20% down at 6.85% and Florida's ~0.91% effective property-tax rate, the all-in monthly payment is roughly $3,523.56 including principal, interest, property tax, and insurance.
Payment breakdown
- Principal & interest$2,935.56
- Property tax$513.33
- Home insurance$163.33
Balance over time
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $4,684 | $30,543 | $443,316 |
| 2 | $5,015 | $30,212 | $438,301 |
| 3 | $5,370 | $29,857 | $432,931 |
| 4 | $5,749 | $29,478 | $427,182 |
| 5 | $6,156 | $29,071 | $421,026 |
| 6 | $6,591 | $28,636 | $414,436 |
| 7 | $7,057 | $28,170 | $407,379 |
| 8 | $7,556 | $27,671 | $399,823 |
| 9 | $8,090 | $27,137 | $391,734 |
| 10 | $8,662 | $26,565 | $383,072 |
| 11 | $9,274 | $25,953 | $373,798 |
| 12 | $9,929 | $25,297 | $363,869 |
| 13 | $10,631 | $24,595 | $353,238 |
| 14 | $11,383 | $23,844 | $341,855 |
| 15 | $12,188 | $23,039 | $329,667 |
| 16 | $13,049 | $22,178 | $316,618 |
| 17 | $13,972 | $21,255 | $302,646 |
| 18 | $14,959 | $20,267 | $287,687 |
| 19 | $16,017 | $19,210 | $271,670 |
| 20 | $17,149 | $18,078 | $254,521 |
| 21 | $18,361 | $16,865 | $236,160 |
| 22 | $19,659 | $15,567 | $216,500 |
| 23 | $21,049 | $14,178 | $195,451 |
| 24 | $22,537 | $12,690 | $172,914 |
| 25 | $24,130 | $11,096 | $148,784 |
| 26 | $25,836 | $9,391 | $122,948 |
| 27 | $27,663 | $7,564 | $95,285 |
| 28 | $29,618 | $5,609 | $65,667 |
| 29 | $31,712 | $3,515 | $33,955 |
| 30 | $33,955 | $1,273 | $0 |
Frequently asked questions
What's a typical mortgage payment in Miami, FL?
On a median Miami home (about $560,000) with 20% down at 6.85%, the full monthly payment is roughly $3,523.56 — principal, interest, Florida property tax, and insurance.
How much do you need to earn to buy a home in Miami?
Using the 28% housing rule, a $3,523.56 payment fits an income near $151,010 a year, before accounting for your other debts.
What are property taxes like in Miami?
Florida's effective property-tax rate averages about 0.91% of home value — roughly $5,096 a year on a $560,000 home. Local rates vary by county and city assessment.
Sources: Freddie Mac Primary Mortgage Market Survey; Tax Foundation — Property Taxes by State; Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.