Florida mortgage payment calculator

Usually four parts, often called PITI: principal, interest, property taxes and homeowners insurance. Many Florida buyers also pay flood insurance, condo or HOA fees, and private mortgage insurance (PMI) if they put down less than 20%.

Property tax is the taxable value times the local millage rate. Combined rates in Miami-Dade cities generally run about 17 to 20 mills (1.7% to 2.0%). After a purchase, the assessment resets to market value, and homesteaded owners subtract up to $51,411 of exemptions in 2026. Our property tax guide explains the details.

Hurricane exposure, building age, roof condition and distance to the coast all drive premiums. Wind mitigation features like impact windows and a newer roof can lower them. Get an insurance quote before you commit to a property.

Lenders require it if the home is in a FEMA high-risk flood zone. Many Miami Beach and waterfront properties are. Even outside those zones it's often worth considering.

Private mortgage insurance protects the lender on conventional loans with less than 20% down. It often costs about 0.3% to 1.5% of the loan per year. You can avoid it with 20% down, and it can usually be removed once you reach 20% equity.

Rates change daily. Freddie Mac's weekly survey put the 30-year fixed average at about 7.0% to 7.3% in late September 2026. Your rate depends on credit, down payment, loan type and the property, so get quotes from lenders.

A 15-year loan has a higher payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and leaves more cash flexibility. You can also pay extra principal on a 30-year loan.

A lot. Lenders count HOA and condo fees in your debt-to-income ratio, and many South Florida condo fees have risen with new safety inspection and reserve requirements. Review the association's budget and reserves before buying.

Buyers in South Florida often budget roughly 2% to 4% of the price for title, taxes, lender and closing fees, plus prepaid escrows. See our title insurance and closing cost calculator.

No. It's an estimate for planning. Your actual payment, rate and costs come from your lender's Loan Estimate.