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Buying a home in Miami can be exciting, but it also comes with big financial decisions. Understanding what your monthly mortgage payments might look like is an important step in the process. A mortgage calculator makes it easy to estimate costs based on your loan amount, interest rate, and down payment. Whether you’re purchasing a waterfront condo or a family home in the suburbs, this tool helps you see how different factors affect your budget so you can plan with confidence and make a smart home-buying decision.
Key Points
• Input home price, down payment, loan term, interest rate, and property tax for accurate mortgage calculations.
• Use the calculator to estimate monthly payments, total interest, and overall loan costs.
• Compare different loan scenarios to find the best option.
• Larger down payments can reduce borrowing costs and monthly payments.
• Miami homebuyers can explore down payment assistance programs to reduce upfront costs.
Miami Mortgage Calculator
Calculator Definitions
Before you start plugging in the numbers, here’s a breakdown of key terms you’ll see in the calculator:
• Home price: The home price represents the purchase price you have agreed upon with the home seller. If you’re still in the house hunting process, you can use the listing price. This number is the basis for all other calculations, including the amount of your home loan.
• Down payment: The down payment represents the amount the homebuyer initially pays up front when purchasing a home. Opting for a larger down payment can reduce your monthly mortgage payments and the overall cost of the mortgage. If you’re applying for a jumbo loan, you’ll need to put down at least 10%.
• Loan term: The loan term represents the length of time a borrower has to repay the mortgage loan. A longer term means lower monthly payments but higher overall interest costs, while a shorter term results in higher monthly payments but paying less in total interest.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates can vary based on your credit score, market conditions, and the type of mortgage loan you choose. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: The annual property tax goes into determining your total monthly housing costs. This cost is typically divided into 12 equal monthly installments and included in your regular mortgage payment.
• Total monthly payment: The total monthly payment includes the principal and interest you will pay each month, as well as property taxes. Knowing this number can help you determine the affordability of a particular property in Miami.
• Total interest paid: The total interest paid represents the complete amount of interest you will pay to the lender over the life of the loan. This figure can vary widely depending on the loan term, the interest rate applied, and the size of your down payment.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan. This encompasses both the principal amount borrowed and the accrued interest over the loan’s term.
How to Use the Miami Mortgage Calculator
Using a mortgage calculator for Miami, Florida, is simple. Here are the steps involved:
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price for the Miami home you plan to buy. If you don’t know this number, you can use the listing price.
Step 2: Select a Down Payment Amount
Input the amount of money you plan to put down on the home. This is typically between 3% and 20% of the home’s purchase price. To avoid paying private mortgage insurance (PMI), you’ll need to put down 20%. A down payment calculator can help you decide on the right number.
Step 3: Choose a Loan Term
Select your mortgage term from the drop-down menu. The most common mortgage terms are 15 and 30 years. Remember that shorter loan terms result in higher monthly payments but less total interest paid over the life of the loan.
Step 4: Enter an Interest Rate
Enter the annual interest rate you expect to qualify for, including two or three decimal points. A lower interest rate can significantly reduce your monthly payments and total loan cost.
Step 5: Input Your Annual Property Tax
Enter the annual property tax rate percentage for the property’s area. You can find this by using an online property tax calculator or searching for the home’s ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator is a valuable tool for anyone considering buying a home. One of its primary benefits is to help you understand affordability. By entering details like loan amount, interest rate, and loan term, you can quickly estimate your monthly payments and see how they fit into your budget. This prevents surprises later and gives you a clear picture of what you can realistically afford.
A mortgage calculator for Miami also allows you to test different scenarios, such as adjusting the loan term, down payment, or interest rate. This makes it easy to see how small changes can impact monthly payments and the total cost of the loan. For instance, you can compare a 15-year loan versus a 30-year loan, or see how paying a bit more up front reduces long-term interest.
Deciding How Much House You Can Afford in Miami
The median sale price of a home in Miami was $670,000 in late 2025, according to Redfin. Using the mortgage calculator, and assuming a 20% downpayment ($134,000) and an interest rate of 6.50% on a 30-year loan, your monthly payment would be $3,862 including property tax (estimated at .85%).
A common rule of thumb is keep your housing costs below 28% of your gross monthly income. To be able to afford a $3,862 monthly payment and still stay below that threshold, you would need annual earnings of around $165,500. If you prefer to work backward from your income to decide how much home you can afford in Miami, consider using a home affordability calculator.
Another way to determine affordability is to go through the mortgage preapproval process with a lender, which involves providing detailed financial information. The lender can let you know whether or not you qualify for a loan and, if so, in what amount and under what terms.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
If you’re buying your first home, it’s important to understand that the main components of a mortgage payment are the principal and interest. The principal is the amount you borrowed, and the interest is the cost of borrowing that money. Your monthly payment may also include property tax, which can vary by location. In Miami, property tax rates are typically around 0.85% of the home’s value. If your down payment is less than 20%, you may need to pay PMI, which will be tacked on to your mortgage payment.
If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), you’ll want to use a FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. If you’re looking at a loan backed by the U.S. Department of Veterans Affairs, go with a VA mortgage calculator.
The Cost of Living in Miami
The general cost of living is an important factor when buying a house because it impacts your ability to afford monthly expenses beyond just the mortgage payment, such as groceries, transportation, health care, and utilities. Factoring in the cost of living helps you comfortably afford the home without sacrificing your financial well-being or future goals.
The cost of living in Miami is above the national average. The city has a cost of living index of 120.8 (the average cost of living in the U.S. is 100 on this scale). The chart below shows how costs break down across different categories. According to MIT’s Living Wage Institute, two working adults (working full-time) with two children would need to each earn at least $26.82 an hour to support themselves in Miami.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Miami’s First-Time Homebuyer Assistance Programs
If you’re shopping for your first home in Miami, there are down payment assistance programs available to help you cover the initial costs associated with purchasing a property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.
TheseFlorida first-time home-buying assistance programs often provide financial aid for the down payment, closing costs, or both, making home ownership more accessible and affordable. While state housing finance agencies provide many programs, municipalities and counties also run their own initiatives, so it’s also worth investigating your local options.
Even after you purchase a home and you’re all settled in, there may be ways to reduce your mortgage payment. Here are some strategies to consider:
• Eliminate PMI: Once you have built 20% equity in your home, you can ask your lender to remove this monthly insurance premium.
• Recast your mortgage: With recasting, you make a lump sum payment toward your principal balance. The lender then recalculates your monthly payment based on the new, lower balance, keeping your existing loan rate and terms the same. This can be a smart move if you receive a large sum of money, such as a bonus or inheritance.
• Appeal your property taxes: If you believe your home has been over-assessed, you can appeal to your local tax assessor. This may require providing comparable sales data to support your case.
• Seek a loan modification: If you’re facing financial hardship, your lender may be willing to modify your loan to make your monthly payments more manageable. This might involve reducing the interest rate or extending the loan term.
• Refinance your mortgage: A home refinance could be worth pursuing if interest rates have dropped since you bought your home and/or your credit score has improved. Consider closing costs to make sure the savings outweigh these upfront fees.
• Shop for a lower homeowners insurance rate. If your mortgage payment includes your homeowner’s insurance premium, you may be able to reduce your monthly payment by finding a policy with a lower premium.
The Takeaway
Using a Miami mortgage calculator is a crucial step in the home-buying process. It can help you understand how much you can truly afford by estimating monthly payments for different home prices, down payment amounts, and loan terms. Crunching just a few numbers can help you avoid future surprises and find a Miami home that fits your needs without overstretching your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The median monthly mortgage payment in Miami in the second quarter of 2025 was $3,394, according to the National Association of Realtors®. But as a mortgage calculator shows, a monthly mortgage payment can vary widely based on several factors, including the price of the home, the interest rate you can get, and the term length of the loan.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. Lenders use it to assess how likely you are to repay your debts. As a result, a higher score can secure a lower interest rate, reducing your monthly payments and the total cost of the loan. Conversely, a lower credit score may result in a higher interest rate, making the mortgage more expensive.
What are principal and interest on a mortgage loan?
Principal and interest are key components of a mortgage payment. The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, with the balance gradually shifting toward the principal over time. Understanding these components can help you make informed decisions about your mortgage, such as whether to make extra payments to reduce the principal faster.
How much should I put down on a mortgage?
You generally want to put down as much as you can comfortably afford. A larger down payment of 20% helps you avoid private mortgage insurance (PMI), can lead to a better interest rate, and lowers your monthly payments. However, a smaller down payment can make homeownership more accessible. The best amount for you depends on your financial situation, budget, and the type of loan you are considering.
How much is a $600,000 mortgage payment for 30 years?
A $600,000 30-year mortgage payment will depend on the interest rate, but at a rate of 6.50%, the monthly principal and interest payment would be $3,792. Keep in mind that this amount does not include property taxes or homeowner’s insurance, which would add to your monthly costs. If the down payment is below 20% of the purchase price, you’ll also need to factor in private mortgage insurance (PMI).
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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