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Mortgage Calculator — Miami, FL
Median home price in Miami: $580,000. Monthly payment: $3,087/month (20% down, 7%, 30yr). Property tax rate: 0.97%.
= $116,000
Monthly Payment
$3,087
Loan Amount
$464,000
Total Interest
$647,321
Total Cost
$1,227,321
Payment Breakdown
Down Payment$116,000 (9.5%)
Principal$464,000 (37.8%)
Total Interest$647,321 (52.7%)
Miami Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $3,791 | $2,635 | $484,435 |
| 6% | $3,915 | $2,782 | $537,489 |
| 6.5% | $4,042 | $2,933 | $591,806 |
| 6.75% | $4,106 | $3,009 | $619,418 |
| 7% | $4,171 | $3,087 | $647,321 |
| 7.25% | $4,236 | $3,165 | $675,507 |
| 7.5% | $4,301 | $3,244 | $703,968 |
| 8% | $4,434 | $3,405 | $761,680 |
Miami Property Tax & Total Housing Cost
Property Tax Rate
0.97%
$5,626/year
Monthly P&I
$3,087
20% down, 7%, 30yr
Est. Total Monthly
$3,556
P&I + property tax
Affordability in Miami
10% down ($58,000)$168,931/yr needed
15% down ($87,000)$160,662/yr needed
20% down ($116,000)$152,393/yr needed
25% down ($145,000)$144,124/yr needed
Based on 28% housing cost rule. Includes property tax.