See what a South Florida home would really cost each month, not just the loan. This calculator includes property taxes, homeowners and flood insurance, HOA dues and mortgage insurance, the costs that most often surprise buyers here. Change any number and your payment updates instantly.
Estimated monthly payment
Estimates only, not a loan offer. PMI is estimated at 0.5% of the loan per year when you put down less than 20%. Your actual rate, taxes and insurance depend on the lender, the property and your credit.
Lenders call a full monthly payment PITI: principal, interest, taxes and insurance. In South Florida, two more costs often belong in the budget, HOA or condo dues and, for some homes, flood insurance. A payment that looks comfortable on the loan alone can grow by a third or more once these are added, which is why this calculator includes them all.
The seller's tax bill is not your tax bill. Florida caps yearly increases for homesteaded owners, but the assessed value resets to market value after a sale, so a new owner's taxes are often much higher. Estimating from the purchase price, as this calculator does, gives you a safer number.
If the home will be your primary residence, you can apply for the homestead exemption, which takes up to $50,000 off the taxable value and caps future assessment increases. Apply with your county property appraiser by March 1 of the year after you buy.
Insurance costs here vary widely with the home's age, roof and location. A wind mitigation inspection and a newer roof can lower the premium a lot. Standard homeowners policies do not cover flood, and lenders require flood insurance for homes in certain flood zones, so ask for real quotes before you make an offer.
Florida's newer condo safety laws require milestone inspections and fully funded reserves for many buildings, which has raised dues and led to special assessments in some associations. Before you buy a condo, review the budget, the reserves and any planned assessments.
Beyond the down payment, plan for closing costs of roughly 2% to 5% of the price, plus your inspection, appraisal and first year of insurance.
A larger down payment lowers both the loan amount and the monthly payment, and putting down 20% or more usually removes mortgage insurance. Many buyers still purchase with much less down using FHA, VA or conventional loans, and Florida offers down payment assistance programs for eligible buyers. Try a few down payment amounts above to see the difference, then ask Sonia which programs may fit you.
A common guideline keeps your full housing payment at or below about 28% of your gross monthly income, and all your monthly debts at or below about 36% to 43%, depending on the loan. The calculator above shows the income that guideline suggests for your payment. A lender's pre-approval gives you the real number.
For a recent purchase in much of Broward County, total property taxes often run around 1.6% to 2% of the price before any homestead exemption. Rates differ by city and community, including special district fees, so check the listing's tax details or ask Sonia for the exact figure on a specific home.
If the home is in a high-risk flood zone and you have a mortgage, your lender will require it. Many owners outside those zones buy it anyway because standard policies exclude flood. Florida sellers must now disclose known flood damage and insurance claims, so review that disclosure for any home you consider.
On a conventional loan, you can usually ask to remove PMI once you reach 20% equity, and it ends automatically at 22% based on the original value. FHA mortgage insurance follows different rules.
Yes. A pre-approval shows sellers you are ready, confirms your real budget, and makes your offer stronger in a competitive market. Sonia can introduce you to trusted local lenders.
Sonia Novoa, Broker Associate with United Realty Group, helps buyers across Broward, Miami-Dade and Palm Beach find a home that fits the budget as well as the wish list, in English or Español. Call or text 954-737-4106 to talk through your numbers.
Call or text 954-737-4106
