Estimate your monthly payments with Miami-specific factors: 2025 rates (6.21%), property taxes (0.97%), flood insurance (~$2,500/year), and HOA fees (~$300/month for condos). Tailored for Florida's unique market.
Start Pre-Approval NowSave Our Homes cap limits assessed value increases to 3% annually for homestead properties (Florida Constitution Article VII). Factor in homestead exemption ($50,000) for primary residences.
In Miami-Dade, 40% of homes are in flood zones (FEMA data). NFIP policies average $2,500/year; private options may save 20%. Required for federally-backed loans in special flood hazard areas.
Florida Statute 718 mandates reserve studies for condos. Average HOA: $300/month; budget extra for special assessments post-hurricanes. VA/FHA loans require approved buildings.
Average 30-year fixed: 6.21% (Freddie Mac). With Fed cuts, lock early. Jumbo rates ~0.25% higher; VA/FHA often lower by 0.5%.
Local taxes (0.97%), insurance, and HOA make estimates more accurate for South Florida—national calculators often underestimate by 20-30%.
It's an estimate based on inputs. Actual payments vary with credit, lender fees, and appraisals. Consult us for personalized quotes.
For conventional loans under 20% down, add 0.5-1% annually. VA loans have no PMI; FHA has MIP (0.55%).
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