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Miami condo special assessment calculator
See how a special assessment and a change in HOA dues would affect the monthly cost of a condo, paid up front or in installments, and what to ask the association before you rely on the figures.
In Florida, milestone inspections and structural integrity reserve studies (SIRS) can lead to assessments: the Florida DBPR says associations must meet the reserve funding schedule in the SIRS, which may require assessments or a loan or line of credit. Florida DBPR: milestone inspections and SIRS. Published by Eltherion, LLC.
Your estimate
Enter your own figures. Nothing is filled in for you except the dues increase, which starts at 0%, and the payment option, which starts at a lump sum. Your entries are not submitted to us; they are kept in this page’s address so you can share the result.
Monthly housing payment
Enter 6 more figures to calculate. Blank fields show “Not entered”.
The link includes the figures you entered, so anyone you send it to will see them.
A planning calculation under your inputs, not a forecast, loan quote or recommendation. It assumes a fixed-rate, fully amortizing mortgage; dues change once by the percentage entered and then stay level; installments are equal monthly payments at the rate entered. Taxes, insurance, further assessments and later dues changes are excluded.
What to ask the association
Only the association or its manager can confirm an assessment, its schedule and what it pays for. Miami Condo HQ is an independent research website, not an association or management company.
- What is the assessment for? Florida law requires the specific purpose of a special assessment to be set out in a written notice to each unit owner, and the funds to be used for that purpose. Ask for the notice and the minutes of the meeting that approved it. [2]
- Has the special assessment been approved, and what is the amount for this specific unit?
- When is each payment due? Does the association offer installments, and do they carry interest or fees?
- Does it pay for repairs found in a milestone inspection (section 553.899, Florida Statutes) or for components in the structural integrity reserve study (SIRS)? Ask for the reports and whether recommended work is complete. [3]
- How does the assessment appear on the estoppel certificate? Request it early in the purchase.
- Are further assessments or dues increases expected? Ask for the current budget, the reserve study and the funding plan.
- Is the association borrowing for the work? A loan repaid from dues can arrive as a dues increase rather than an assessment.
- Who pays which installments if you buy? That is set by the purchase contract, so agree it in writing before closing.
Track the requests in the condo document checklist · Miami condo associations
How it’s calculated
The calculator compares the same mortgage before and after the association’s change, so the difference is the dues increase plus any assessment installment. Upfront costs and the full monthly picture are in the closing cost calculator and the ownership cost calculator, which adds property taxes and insurance.
Formulas
- Loan amount
L = price × (1 − down payment % ÷ 100)A 100% down payment is a cash purchase: no loan and no principal and interest.- 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.- HOA dues after the change
dues after = current dues × (1 + expected increase % ÷ 100)- Assessment installment (installment option only)
I = A × i ÷ (1 − (1 + i)^−N), i = installment rate ÷ 1200, N = installment monthsAt a 0% rate, I = A ÷ N. With a lump sum, I = 0 and A is due up front.- Monthly housing payment
before = P + current dues after = P + dues after + I- Total extra cost
H = max(12, N) total extra = (A, or I × N with installments) + (dues after − current dues) × HInstallment interest is I × N − A.
Defaults and assumptions
| Item | Value | Basis |
|---|---|---|
| Expected dues increase | Starts at 0% | Adjustable assumption: change it to match your situation. |
| Payment option | Starts at a lump sum, paid up front | Adjustable assumption: change it to match your situation. |
| Purchase price, down payment, rates, terms, dues and assessment | Blank until you enter them; nothing is filled in | Modeling assumption: a simplification of the calculation. |
| Mortgage | Fixed rate, fully amortizing, monthly payments | Modeling assumption: a simplification of the calculation. |
| Dues change | Applied once, then held level; no later increases | Modeling assumption: a simplification of the calculation. |
| Installments | Equal monthly payments at the rate you enter | Modeling assumption: a simplification of the calculation. |
| HOA dues are paid separately from the mortgage payment | Dues are added to principal and interest, not escrowed | Source: CFPB: Are condo/co-op fees or HOA dues included in my monthly mortgage payment?. |
| What the housing payment includes | Principal, interest, HOA dues and any installment; property taxes and insurance are excluded | Modeling assumption: a simplification of the calculation. |
Estimates, not financial, legal or tax advice. An assessment, its schedule and any installment terms are set by the association; confirm them in writing, and confirm the loan figures with your lender, before you rely on them.
Read our methodology and editorial policy and corrections.
Common questions
What is a condo special assessment?
It is a charge the association levies on owners in addition to regular dues, usually for a specific project or shortfall such as structural repairs or replenishing reserves. The association decides whether it is due at once or in installments, and each unit's share is generally set by the condominium documents.
How does this calculator estimate the monthly impact?
It adds principal and interest on your mortgage to your HOA dues, before and after the change. The after figure uses dues raised by your expected percentage and, if you choose installments, a level monthly payment that repays the assessment over the months and rate you enter. The total extra cost covers the first 12 months, or the installment period if that is longer.
What do milestone inspections and SIRS have to do with special assessments?
Florida law requires milestone inspections of certain condominium buildings (section 553.899, Florida Statutes) and structural integrity reserve studies (SIRS) for certain associations. The Florida DBPR says associations must meet the reserve funding schedule in the SIRS, which may require assessments or a loan or line of credit. Ask the association which requirements apply to the building and for the reports.
Who pays a special assessment when a condo is sold?
It depends on the purchase contract and on what the association has already levied. Ask the association how the assessment appears on the estoppel certificate, and agree in writing who pays which installments before closing.