HOME AFFORDABILITY CALCULATOR
Quite affordable.
UNDERSTANDING HOW MUCH HOUSE CAN I AFFORD IN MIAMI
Use our home affordability calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget. The next step is to get pre-approved and start your home search by using our Map Search feature or view our Feature Listings.
View a month-by-month comparison of your principal balance, your equity, and your total interest payments for your mortgage. Check out our Mortgage Calculator.

MILITARY & VETERANS: MAXIMIZE YOUR HOME-BUYING POTENTIAL
To further honor our service members, The Mejia Team is proud to introduce the "Military & Veterans Salute Program (MVSP)." Under the MVSP initiative, we offer an exclusive closing cost credit, up to $5,000 for our military and veteran clients. This is our way of saying thank you for your service and making your dream of home ownership in the South Florida real estate market a reality. Your sacrifice for our nation deserves to be rewarded, and we are here to assist you every step of the way.

ACCURATELY ESTIMATE HOMEOWNERSHIP COSTS IN SOUTH FLORIDA
In the South Florida real estate market, your mortgage payment will include more than just principal and interest. Our mortgage calculator takes into consideration:
- Principal
- Interest
- Property taxes
- Homeowners insurance
- Homeowners Association (HOA) Fee (if required)
As a homeowner, you're responsible for property taxes and homeowners insurance. These costs are often bundled with your mortgage payments. According to the Ownwell trends, the average property tax rate in Miami-Dade County is 1.53%. To get a more accurate estimate, visit Miami-Dade County Tax Estimator or for Broward, visit Broward County Tax Estimator.
The average cost of home insurance in Miami-Dade is $3,572 according to Policygenius.com. Find and compare the best and cheapest home insurance companies by comparing prices, customer service ratings, and policy options on their website.

UNDERSTANDING HOW LENDERS DETERMINE HOW MUCH YOU CAN BORROW
Mortgage lenders must evaluate your ability to repay the amount you wish to borrow. A lot of factors are considered in that evaluation, with the main one being your Debt-to-Income ratio (DTI). You can calculate your debt-to-income ratio by looking at how much of your pretax income goes towards debt payments, such as mortgages, car payments, student loans, and minimum credit card payments. For lenders, a debt-to-income ratio under 36% is best. We're committed to providing personalized solutions and expert advice to ensure your journey to home ownership in South Florida is as smooth and stress-free as possible. Connect with us today!

MINIMIZING YOUR MORTGAGE PAYMENTS
You have several options to reduce your monthly mortgage payments, such as extending the length of your mortgage, increasing your down payment, or getting a lower interest rate.
UNDERSTANDING PRIVATE MORTGAGE INSURANCE
The cost of Private Mortgage Insurance (PMI) varies from lender to lender. Please note that PMI costs will be added to your mortgage payment if your down payment is less than 20%.
MONTHLY MORTGAGE PAYMENTS CAN INCREASE
HOW TO USE THE HOME AFFORDABILITY CALCULATOR
LOAN TERM
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.
LOAN TYPE
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.
INTEREST RATE
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
HOME INSURANCE
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.
DEBT-TO-INCOME (DTI)
Your DTI is expressed as a percentage and is your total "minimum" monthly debt divided by your gross monthly income. The conventional limit for DTI is 36% of your monthly income, but this could be as high as 41% for FHA loans. A DTI of 20% or below is considered excellent.