Miami Mortgage Calculator
Estimate your monthly mortgage payment in Miami, FL. On the local median home value of $590,000 — with a 20% down payment at today's rates — expect a total monthly payment (principal, interest, taxes, and insurance) of about $3,731. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$2,983
- Property Tax$447
- Home Insurance$300
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $35,800 | $5,276 | $30,525 | $466,724 |
| 2 | $35,800 | $5,629 | $30,171 | $461,095 |
| 3 | $35,800 | $6,006 | $29,794 | $455,089 |
| 4 | $35,800 | $6,408 | $29,392 | $448,681 |
| 5 | $35,800 | $6,837 | $28,963 | $441,844 |
| 6 | $35,800 | $7,295 | $28,505 | $434,549 |
| 7 | $35,800 | $7,784 | $28,016 | $426,765 |
| 8 | $35,800 | $8,305 | $27,495 | $418,460 |
| 9 | $35,800 | $8,861 | $26,939 | $409,598 |
| 10 | $35,800 | $9,455 | $26,346 | $400,143 |
| 11 | $35,800 | $10,088 | $25,712 | $390,055 |
| 12 | $35,800 | $10,764 | $25,037 | $379,292 |
| 13 | $35,800 | $11,485 | $24,316 | $367,807 |
| 14 | $35,800 | $12,254 | $23,547 | $355,553 |
| 15 | $35,800 | $13,074 | $22,726 | $342,479 |
| 16 | $35,800 | $13,950 | $21,850 | $328,529 |
| 17 | $35,800 | $14,884 | $20,916 | $313,645 |
| 18 | $35,800 | $15,881 | $19,919 | $297,764 |
| 19 | $35,800 | $16,945 | $18,856 | $280,820 |
| 20 | $35,800 | $18,079 | $17,721 | $262,740 |
| 21 | $35,800 | $19,290 | $16,510 | $243,450 |
| 22 | $35,800 | $20,582 | $15,218 | $222,868 |
| 23 | $35,800 | $21,961 | $13,840 | $200,907 |
| 24 | $35,800 | $23,431 | $12,369 | $177,476 |
| 25 | $35,800 | $25,000 | $10,800 | $152,476 |
| 26 | $35,800 | $26,675 | $9,126 | $125,801 |
| 27 | $35,800 | $28,461 | $7,339 | $97,340 |
| 28 | $35,800 | $30,367 | $5,433 | $66,972 |
| 29 | $35,800 | $32,401 | $3,399 | $34,571 |
| 30 | $35,800 | $34,571 | $1,229 | $0 |
Swipe the table sideways to see all columns →
How to use this calculator
The Home Price field is pre-filled with the median home value in Miami (about $590,000). Override with your target home's actual price to get a payment estimate for that specific property.
The Property Tax Rate is pre-filled with Florida's average effective rate of 0.91%. Within Florida, rates vary by county — if you know your specific local rate, override it for a more precise estimate.
Adjust the Down Payment slider to see how your payment changes. Below 20% down triggers PMI; the calculator adds it automatically and shows a warning.
Scroll down for the full PITI breakdown, monthly payment pie chart, and complete month-by-month amortization schedule.
How it works
Buying a median-priced home in Miami. At $590,000 with a 20% down payment, you'd bring $118,000 to closing (plus closing costs) and take out a $472,000 mortgage. At a 6.50% interest rate on a 30-year fixed loan, your monthly principal + interest is roughly $2,983.
Annual costs on top of the loan. Florida's average property tax rate is 0.91%, so a median-priced Miami home generates approximately $5,369 in annual property tax (about $447/mo when paid through escrow). Homeowner's insurance in Florida averages around $3,600/year.
Total monthly payment (PITI) on the median Miami home works out to about $3,731 per month at current rates, assuming a 20% down payment and no HOA. If you're putting less than 20% down, add PMI to this — typically 0.5–1.5% of the loan balance per year.
Rates change; this is the math, not the offer. Mortgage rates fluctuate daily. Our default of 6.50% is a recent conventional 30-year benchmark — enter today's quoted rate from your lender for the most accurate payment estimate.
Frequently Asked Questions
Looking for a different city? Browse all cities. For Florida-specific property taxes, see the Florida Property Tax Calculator.