Quick answer
The median home in Miami costs $635K. With 20% down ($127K) at 7% for 30 years, the monthly payment is $3,380/month. Total interest paid over 30 years: $708,705.
Calculator · FL · 2026
Mortgage Calculator for Miami, FL (2026)
Pre-filled with Miami's median home price of $635K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Miami Mortgage Payment Scenarios
Median home price: $635K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $31,750 | $603,250 | $4,013 | $5,422 | $841,587 |
| 10% | $63,500 | $571,500 | $3,802 | $5,137 | $797,293 |
| 20% | $127,000 | $508,000 | $3,380 | $4,566 | $708,705 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Miami
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $635K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$635K home · 20% down ($508K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Miami?
The median home price in Miami is $635K. With 20% down and a 30-year loan at 7%, the monthly payment is $3,380. Adding estimated property taxes and insurance brings total monthly costs to approximately $4,015.
Is it cheaper to rent or buy in Miami?
A 2-bedroom rental in Miami averages $3,100/month. Buying the median $635K home with 20% down costs approximately $4,015/month (mortgage + taxes + insurance) — $915 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Miami?
Using the 28% housing rule, you need at least $145K–172K in annual gross income to comfortably afford the median $635K home in Miami with 20% down. You also need $127K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Miami?
FL has a state income tax rate of None. Property taxes vary by county but on a $635K home, expect $529–$1,058/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.