Miami Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Miami adds city-specific down payment assistance on top of Miami-Dade County tax rates. The Miami-Dade DPA offers up to $35,000 as a 0% deferred loan for first-time buyers within city limits. The City of Miami also runs its own First-Time Homebuyer Program with additional soft-second loans. Combined tax rates in Miami typically run 1.1-1.3% after homestead exemptions.
Loan Details
$70,000 · LTV 80%
Buyer Profile
Extra Payment
Optional principal-only payment used to estimate payoff speed and interest savings.
Monthly Payment
$1,770 Principal & Interest · $476 Property Taxes · $125 Other
Methodology and limitations
Last reviewed:
Methodology
Uses standard principal-and-interest mortgage math, then models housing-cost inputs such as tax, insurance, PMI, and extra-payment scenarios where available.
Limitations
Planning estimate only. Actual approval, escrow, PMI, fees, taxes, insurance, and closing disclosures depend on lender, property, borrower profile, and local rules.
Official sources
- Consumer Financial Protection Bureau mortgage cost guidance
- Florida Department of Revenue Property Tax Data Portal
- Florida DOR documentary stamp tax
- Florida DOR nonrecurring intangible tax
- Florida DOR Save Our Homes assessment limitation
- Florida Housing Hometown Heroes funding status
- Miami-Dade County Down Payment Assistance Program
- City of Miami First-Time Homebuyer Assistance
Miami Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Florida · Miami-Dade County
Miami adds city-specific down payment assistance on top of Miami-Dade County tax rates. The Miami-Dade DPA offers up to $35,000 as a 0% deferred loan for first-time buyers within city limits. The City of Miami also runs its own First-Time Homebuyer Program with additional soft-second loans. Combined tax rates in Miami typically run 1.1-1.3% after homestead exemptions.
Use this mortgage calculator for Miami, Florida to estimate the monthly payment with principal, interest, configured annual taxes, eligible exemptions, and assistance programs when the buyer profile matches the conditions.
What This Estimate Uses
- Geographic level: city
- Configured property tax rate: 1.85%
- Configured benefits or exemptions: 4
- Reviewed sources: 8
What Changes in Miami, Florida
- Data level used: city. This page uses the most specific available data layer for Miami, Florida.
- Configured combined annual property tax rate: 1.85% before exemptions and buyer-specific conditions are applied.
- Configured down payment assistance programs: Miami-Dade Down Payment Assistance.
Local Tax Assumptions
These are the annual tax assumptions configured for this page. The calculator applies them to the appropriate value, then accounts for exemptions or conditions when the buyer selects them.
- Florida School Property Tax — 0.663%
- Florida Non-School Property Tax — 1.186%
Programs and Exemptions Included
These benefits do not mean automatic approval. The calculator models them when the buyer inputs match the configured eligibility conditions.
- Florida Homestead Exemption — $25,000 (requires: primary residence)
- Florida Additional Homestead Exemption — $25,000 (requires: primary residence)
- Miami-Dade Down Payment Assistance — $35,000 (requires: first-time buyer, primary residence, income is below the program cap, inMiamiCityLimits)
- Mortgage Credit Certificate (MCC) — 20% of mortgage interest (requires: first-time buyer, primary residence, buyer has a Mortgage Credit Certificate)
When This Estimate Can Change
- The actual property tax bill depends on the address, overlapping taxing jurisdictions, approved exemptions, and appraised value.
- Home insurance, flood insurance, HOA dues, and PMI can vary by property, lender, and buyer profile.
- Configured closing costs include Florida Deed Documentary Stamp Tax, Florida Mortgage Documentary Stamp Tax, Florida Nonrecurring Intangible Tax, but other settlement charges may appear on a real loan estimate.
Local Data and Sources
Last editorial verification: June 4, 2026. This page combines the official data layers configured for Miami, Florida.
The sources used on this page are Consumer Financial Protection Bureau mortgage cost guidance, Florida Department of Revenue Property Tax Data Portal, Florida DOR documentary stamp tax, Florida DOR nonrecurring intangible tax, Florida DOR Save Our Homes assessment limitation, Florida Housing Hometown Heroes funding status, Miami-Dade County Down Payment Assistance Program, City of Miami First-Time Homebuyer Assistance. Each source lists which rate, exemption, or program it validates and when it was last reviewed.
- Consumer Financial Protection Bureau mortgage cost guidance — verified May 3, 2026 — General U.S. mortgage closing-cost and mortgage-cost guidance.
- Florida Department of Revenue Property Tax Data Portal — verified May 3, 2026 — Official source for the 2025 final Data Book workbooks used for Florida statewide and county property-tax millage rates.
- Florida DOR documentary stamp tax — verified May 3, 2026 — Official source for deed and mortgage documentary stamp tax rates, including Miami-Dade single-family treatment.
- Florida DOR nonrecurring intangible tax — verified May 3, 2026 — Official source for the 2 mills nonrecurring intangible tax on mortgage obligations.
- Florida DOR Save Our Homes assessment limitation — verified May 3, 2026 — Official source for Florida homestead assessment-cap rules and the 2026 Save Our Homes limitation.
- Florida Housing Hometown Heroes funding status — verified May 3, 2026 — Official source used to exclude Hometown Heroes as an active May 2026 DPA benefit because the 2025-2026 allocation was fully committed.
- Miami-Dade County Down Payment Assistance Program — verified June 4, 2026 — Official source for Miami-Dade County DPA offering up to $35,000 as a 0% interest-free deferred loan for first-time buyers.
- City of Miami First-Time Homebuyer Assistance — verified June 4, 2026 — Official source for City of Miami's first-time homebuyer program details, income limits, and participating lenders.
Frequently Asked Questions
What Florida property tax rate is used here?
The statewide estimate uses Florida Department of Revenue 2025 final taxes levied divided by 2025 taxable value: about 0.6563% for school taxes and 1.0449% for non-school taxes before homestead exemptions. County pages override those rates with DOR county millage data.
How does Florida homestead affect this calculator?
For a qualifying primary residence, the first $25,000 exemption reduces both school and non-school taxable value. A second $25,000 exemption reduces only non-school taxable value. The Save Our Homes cap then limits annual assessed-value growth for continuing homesteads.
What Florida closing taxes are included?
The estimate includes deed documentary stamp tax on the sale price, mortgage documentary stamp tax on the loan amount, and nonrecurring intangible tax on the mortgage obligation. County files can override rates where Florida law differs, such as Miami-Dade deed documentary stamp tax.
Does Miami-Dade use a different deed documentary stamp tax?
Yes. For Miami-Dade, this calculator uses 60 cents per $100 of consideration for single-family residential transfers. It does not add the Miami-Dade surtax because DOR says that surtax is not due when the document transfers only a single-family dwelling.
How much down payment assistance can I get in Miami?
Miami-Dade County offers up to $35,000 as a 0% interest-free deferred loan. The City of Miami offers additional assistance through its First-Time Homebuyer Program. Combined, eligible buyers in Miami city limits can access significant help toward their down payment and closing costs.
Is Miami affordable for first-time homebuyers?
Miami's median home prices are high ($450K+), but the county DPA of $35K and the Florida $25K homestead exemption help offset costs. The Save Our Homes 2.7% cap protects long-term owners from runaway appraisal increases.
What are the property taxes in Miami?
Miami-Dade County's combined rate is approximately 1.85% before exemptions. After Florida's $25,000 homestead exemption (plus $25,000 non-school), the effective rate drops to 1.1-1.3% for qualifying primary residences.
Can I use Miami DPA with FHA or conventional loans?
Yes. Miami-Dade DPA can be combined with FHA, VA, and conventional financing. You'll need to work with a lender familiar with the program and meet the income limits ($109,200 for a 2-person household in 2025).
Miami vs. Fort Lauderdale: Which has better first-time buyer programs?
Fort Lauderdale offers up to $75,000 in DPA vs. Miami's $35,000 cap. But Miami's program has lower income limits and targets moderate-income buyers specifically. If you qualify for both, Fort Lauderdale's $75,000 covers more of a down payment, but Miami's program may be easier to access for lower-income households.