MORTGAGE CALCULATOR
THE HOME-BUYING PROCESS IN MIAMI
Use our mortgage calculator to estimate your monthly mortgage payment, including taxes and insurance. The next step is to get pre-approved and start your home search by using our Map Search feature or view our Feature Listings.
Want to know how much home you can afford in the South Florida market? Check out our Home Affordability 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 MORTGAGE CALCULATOR
HOME PRICE
the purchase price (if you're purchasing) or your home current value (if you're refinancing)
DOWN PAYMENT
the amount of your down payment (if you're purchasing) or equity (if you're refinancing)
LOAN TERM
the length of the mortgage loan in years
ADVANCED
enter your own figures for property taxes, homeowners insurance, and homeowners association fees