How Much House Can I Afford? Miami Affordability Calculator
See how much house you can afford on a 28/36 monthly budget, built from the loan, tax, HOA, insurance and PMI numbers you enter.
What This Calculator Does
Estimate the price whose modeled starting monthly housing cost stays within the 28/36 guideline for your gross income. That cost covers P&I and a tax allowance tied to the price, plus the insurance and HOA you enter and the PMI assumption you pick. It covers fully amortizing fixed-rate conventional loans, and all-cash purchases too. It isn't a lender approval or a full household budget.
Who Is This For
Built for Florida buyers and their agents comparing ways to buy. You supply your own income, debts, money set aside for the purchase, and cost assumptions for the specific property, then use the result to plan before a lender reviews your file and before you collect current quotes on the home.
How It Works
Start with your gross pay for the year and the debts you pay each month outside housing. For cash, enter what's left for the price after you set aside closing costs and reserves. The loan uses a nominal rate plus a term in whole years. Tax is a yearly percentage of the price, while insurance and HOA are monthly amounts. Running a hypothetical scenario? You can enter zero for any of these costs, and the tool takes it as entered. Pick how PMI is handled: a yearly rate, a monthly quote, or an assumption that you're confirmed exempt. Then review which 28/36 budget was selected, the price it supports, the starting loan and how the monthly cost breaks down. Changed the loan or the property? Get updated quotes.
Frequently Asked Questions
Does the 28/36 rule show how much a lender will approve?
No. The 28% and 36% ratios are planning benchmarks, not limits every underwriter applies. Gross annual income is divided by 12; the budget takes the smaller of 28% of that for housing or 36% minus monthly non-housing debt, never below zero. Lenders and loan products apply their own income, credit, asset and property rules. The price shown is neither an approval nor spending advice.
How does the PMI setting change the result?
It decides what premium, if any, gets added. You can enter an annual percentage of the original loan, a monthly premium you were quoted, or an assumption that you're confirmed exempt from PMI. A premium applies only when LTV, meaning the loan-to-price ratio, tops 80%; with LTV of 80% or less, modeled PMI is zero. That zero doesn't cancel a policy you already carry, and it doesn't certify that you qualify to skip PMI. No standard premium is added unless you choose one. If you use a quote, confirm it's for the modeled loan amount.
Does it work for an all-cash purchase?
Yes. Enter enough purchase funds and they can pay for the whole modeled price, which drops loan P&I and PMI from the picture entirely. Your monthly budget still has to absorb property tax, insurance and HOA dues, and a total that matches the budget to the penny counts as fitting. When your cash exceeds the price, the leftover is simply ignored. A zero you type in is read as a deliberate test case; it doesn't suggest Florida taxes or insurance are zero across the board.
Is the property-tax percentage a real Florida tax calculation?
No. It's an effective yearly allowance you enter as a percentage of the modeled price, then shown per month. It doesn't use millage or assessed value, and it doesn't forecast Save Our Homes. What the seller pays in tax now doesn't set your bill after you buy. Ask for tax guidance specific to that property; this tool doesn't determine exemptions or assessed value.
What does the monthly estimate leave out?
Utilities, maintenance and special assessments are not included. Closing costs and reserves are left out as well, which is why your purchase funds should already have that money set aside before you type them in. What's in? P&I on the loan, the tax allowance, monthly insurance, HOA/condo dues paid regularly and any modeled PMI. Use quotes for the property, not Florida averages. The calculator accepts a 1–50-year term, though that range doesn't prove any lender offers it.
Why does the result show a zero price or hit a ceiling?
A zero price means the monthly figures you entered can't support any price above zero; it doesn't mean you can't buy. Your entered insurance and HOA still appear. Budgets are rounded down to the cent, and each monthly cost is rounded before they're added up. That keeps the price found on the cautious side, to the cent. The highest price supported is $2,000,000,000, a limit of the tool, not a certified maximum of what you could afford. Recheck your assumptions and get quotes from a lender and for the property.