Miami Home Buyers
Miami Mortgage Calculator
Miami’s housing market doesn’t behave like the rest of the country. A large share of listings are condos, a meaningful share of buyers pay all-cash, and lenders scrutinize Miami condo buildings more closely than almost anywhere else in the U.S. If you’re financing a Miami purchase, here’s what actually changes your numbers — and our calculator handles the math for whichever path applies to you.
Why Miami condo financing is different
Since the 2021 Surfside collapse, Florida law (SB 4-D) now requires condo buildings over three stories and older than 30 years to complete structural inspections and maintain a fully funded reserve study — the Structural Integrity Reserve Study (SIRS). Buildings that haven’t completed this can be flagged “non-warrantable” by Fannie Mae and Freddie Mac, which limits your financing options and can mean a larger down payment or a higher rate.
Before you write an offer on a Miami condo, ask the association for their SIRS status and most recent reserve study. It affects both what loans you qualify for and whether you’re about to inherit a large special assessment.
Miami-Dade County property taxes
Here is roughly what you might expect at a few price points, before exemptions:
| Home Price | Approx. Rate (~0.91%) | Est. Annual Tax |
|---|---|---|
| $300,000 | ~0.91% | $2,730 |
| $450,000 | ~0.91% | $4,095 |
| $600,000 | ~0.91% | $5,460 |
Florida’s Homestead Exemption (around $50,000 off assessed value for your primary residence) lowers this, and the Save Our Homes cap limits annual assessment increases to 3% once you’re homesteaded. Investment condos and second homes don’t qualify for either.
Competing with cash buyers
International and all-cash buyers make up a real share of Miami’s market, which can mean faster closings and less contingency risk for sellers to weigh against a financed offer. Knowing your true, pre-verified number — not just a rough guess — lets you move with the same confidence when the right unit comes up.
Tips for Miami buyers
- Ask for the SIRS and reserve study on any condo 3+ stories and 30+ years old before you offer
- Get insurance quotes before you offer, not after — Miami premiums vary widely by building age and construction
- Check whether HOA/master insurance is fully funded to avoid a surprise special assessment down the road
- File your Homestead Exemption with the Miami-Dade Property Appraiser right after closing if it’s your primary residence
Run your specific numbers — condo or single-family, cash or financed — with the full calculator.
Related calculators & guides
Florida Mortgage Calculator → FHA Loan Calculator → How Much Can I Afford? →
Other Florida cities
Fort Lauderdale Boca Raton & Delray Beach Orlando Tampa Jacksonville