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Miami condo cost calculator

Compare two residences using your own mortgage, HOA, tax, insurance and assessment figures. Unresolved costs stay visible.

Published by Eltherion, LLC. Free CSV export and printing. Methodology.

Your cost scenarios

Enter the amounts you know. Leave unresolved costs blank; enter 0 only when a charge does not apply. Your entries are not submitted to us; they are kept in this page’s address so you can share or return to the comparison.

Compare the monthly costs

Scenario A

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Incomplete subtotal

Scenario B

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Incomplete subtotal

Fill in both scenarios to compare monthly totals. Missing costs can change which residence has the lower monthly cost.

Scenario A

Known monthly subtotal

—

7 monthly cost categories need an amount. This is not a full monthly estimate.

Scenario name

Purchase and financing

Purchase method

Purchase price ($)

Down payment ($)

Annual interest rate (%)

Use a lender quote or your own scenario rate; no current rate is assumed.

Loan term (years)

Loan amount: —. To calculate principal and interest, enter purchase price, down payment, interest rate, loan term.

Recurring ownership costs

Property taxes / year ($)

Estimate taxes for your ownership. A seller’s bill may differ.

Owner insurance / year ($)

Your unit policy and any separate coverage; avoid counting master insurance already in HOA dues twice.

HOA dues / month ($)

Assessment installments / month ($)

Enter installments due in the month being compared. Keep lump-sum assessments separate.

Mortgage insurance / month ($)

Use the lender’s amount, or enter 0 if the loan has none.

Other ownership costs / month ($)

Include costs outside the rows above, such as utilities, maintenance, parking or ground rent.

Monthly breakdown

Principal & interest: Not entered
Property taxes: Not entered
Owner insurance: Not entered
HOA dues: Not entered
Assessment installments: Not entered
Mortgage insurance: Not entered
Other ownership costs: Not entered

Scenario B

Known monthly subtotal

—

7 monthly cost categories need an amount. This is not a full monthly estimate.

Scenario name

Purchase and financing

Purchase method

Purchase price ($)

Down payment ($)

Annual interest rate (%)

Use a lender quote or your own scenario rate; no current rate is assumed.

Loan term (years)

Loan amount: —. To calculate principal and interest, enter purchase price, down payment, interest rate, loan term.

Recurring ownership costs

Property taxes / year ($)

Estimate taxes for your ownership. A seller’s bill may differ.

Owner insurance / year ($)

Your unit policy and any separate coverage; avoid counting master insurance already in HOA dues twice.

HOA dues / month ($)

Assessment installments / month ($)

Enter installments due in the month being compared. Keep lump-sum assessments separate.

Mortgage insurance / month ($)

Use the lender’s amount, or enter 0 if the loan has none.

Other ownership costs / month ($)

Include costs outside the rows above, such as utilities, maintenance, parking or ground rent.

Monthly breakdown

Principal & interest: Not entered
Property taxes: Not entered
Owner insurance: Not entered
HOA dues: Not entered
Assessment installments: Not entered
Mortgage insurance: Not entered
Other ownership costs: Not entered

The link includes the figures you entered, so anyone you send it to will see them.

A planning calculation, not a loan quote or an assessment of affordability. The loan calculation assumes a fixed rate, monthly payments and full amortization. Annual costs are divided by 12. Upfront closing costs, lump-sum assessments, future changes and costs you have not entered are excluded.

How to build a useful Miami cost comparison

Look beyond principal and interest

Taxes, owner insurance, mortgage insurance and association dues can add to the monthly budget. HOA dues are usually paid separately from the mortgage servicer. Use the amount for each category once, whether paid through escrow or directly. CFPB: mortgage payment components; CFPB: HOA dues.

Review taxes for the purchase you are considering

Miami-Dade’s Property Appraiser cautions that a prior owner’s tax bill may not predict future taxes, including after a sale changes the property’s assessment or exemptions. Use the county’s estimator as a starting point for a property-specific discussion. Miami-Dade tax estimator and limitations.

Check insurance and assessment documents

Request the association budget, assessment schedule and insurance documents alongside a quote for the coverage you would buy. Ask about the unit policy and any separate flood or wind coverage. The calculator cannot determine coverage, exclusions, future assessments or a building’s financial condition. Organize the requests in the condo document checklist, or see how a special assessment or dues increase changes the monthly cost.

Compare building profiles Explore the research library

How it’s calculated

For a fixed-rate, fully amortizing loan, the payment is calculated using the entered annual rate divided by 12 and the entered term in months. At a zero interest rate, the balance is divided equally across those months. Cash purchases have no modeled principal, interest or mortgage insurance payment. Annual taxes and insurance are divided by 12; other entries are already monthly.

Formulas

Loan amount: L = purchase price − down payment
Monthly principal and interest: P = L × r ÷ (1 − (1 + r)^−n), r = annual rate ÷ 1200, n = term in years × 12At a 0% rate, P = L ÷ n. A cash purchase has no principal, interest or mortgage insurance.
Monthly scenario total: P + property taxes per year ÷ 12 + owner insurance per year ÷ 12 + HOA dues + assessment installments + mortgage insurance + other costsShown only when every category has an amount; otherwise the known subtotal is labeled as incomplete.
Difference: Scenario B total − Scenario A total

Defaults and assumptions

Every default and assumption, with its source
Item	Value	Basis
Purchase method	Starts at a fixed-rate mortgage; switch to cash purchase if it applies	Adjustable assumption: change it to match your situation.
Scenario names	Start as Scenario A and Scenario B	Adjustable assumption: change it to match your situation.
Every amount, rate and term	Blank until you enter it; a blank never counts as zero	Modeling assumption: a simplification of the calculation.
Mortgage	Fixed rate, fully amortizing, monthly payments	Modeling assumption: a simplification of the calculation.
Payment components	Principal and interest, taxes, insurance and mortgage insurance, counted once whether escrowed or paid directly	Source: CFPB: mortgage payment components.
HOA dues	Usually paid separately from the mortgage servicer	Source: CFPB: HOA dues.
Left out	Closing costs, lump-sum assessments, rate changes and future increases	Modeling assumption: a simplification of the calculation.

Estimates, not financial, legal or tax advice. This compares a monthly scenario, not a loan quote, an affordability assessment or a forecast of lifetime ownership cost.

Read our methodology and editorial policy and corrections.