Miami vs Orlando: Mortgage Cost Comparison
Thinking about buying in Miami or Orlando? Here's a side-by-side comparison of mortgage costs in both cities.
$3,699
Miami PITI
$2,479
Orlando PITI
$1,220/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Miami vs Orlando: Full Mortgage Comparison
Buying a home in Orlando is $1,220/month cheaper based on average home prices and local costs.
| Miami, FL | Orlando, FL | |
|---|---|---|
| Avg. Home Price | $560,000 | $370,000 |
| Down Payment (20%) | $112,000 | $74,000 |
| Loan Amount | $448,000 | $296,000 |
| Property Tax Rate | 0.93% | 0.89% |
| Annual Property Tax | $5,208 | $3,293 |
| Annual Insurance | $5,200 | $4,000 |
| Monthly P&I | $2,832 | $1,871 |
| Monthly PITI | $3,699 | $2,479 |
| Total Interest (30yr) | $571,399 | $377,532 |
What Drives the Difference?
Home prices are the biggest factor — Miami’s average home costs $190,000 more than Orlando’s.
Property taxes also favor Orlando — Miami’s 0.93% rate is higher than Orlando’s 0.89%.
Insurance is $1,200/year more in Miami.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Miami | Orlando | |
|---|---|---|
| Monthly PITI | $3,699 | $2,479 |
| Income needed | $158,528 | $106,229 |
Try Your Own Numbers
The calculator above is pre-filled with Miami’s averages. Adjust the values to match your situation, or try the Orlando calculator for Orlando-specific numbers.