CALCMONEY // MORTGAGE // FL // MIAMI
Calculate your monthly mortgage payment using Miami-specific property tax rates and local market data.
$600,000
6.9%
1.02%
122
| Principal & Interest | $3,161 |
| Property Tax | $510 |
| Homeowners Insurance (est.) | $200 |
| Total Monthly Payment (PITI) | $3,871 |
$120,000
$658,061
$165,912/yr
The median home price in Miami is $600,000, above the national median of $420,000. With a median household income of $59,000, the price-to-income ratio is 10.2x — meaning buyers typically spend 10.2 years of gross income on the purchase price.
Property taxes in Miami run 1.02% of assessed value. On the median home, that is $6,120 per year, or $510 per month added to your mortgage payment. This is close to the national average of 1.1%.
Florida has no state income tax, which means more of your gross salary becomes take-home pay. This effectively increases your purchasing power compared to income-tax states.
The cost of living index in Miami is 122 (national average = 100). Expect to pay more for groceries, transportation, and services in addition to housing.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $480,000 loan saves $21,600 in interest over 30 years.
Compare Top Miami Mortgage LendersTampa
$390,000 median
FLOrlando
$380,000 median
FLJacksonville
$310,000 median
FLFort Lauderdale
$530,000 median
Neighborhood-level data for 5 ZIP codes in Miami. Rates, home prices, and estimated payments vary by area.