Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
Miami vs Tampa: Mortgage Cost Comparison
Thinking about buying in Miami or Tampa? Here's a side-by-side comparison of mortgage costs in both cities.
$3,699
Miami PITI
$2,591
Tampa PITI
$1,108/mo
Difference
Your Monthly Payment (PITI)
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Principal + Interest + Tax + Insurance
Monthly Breakdown
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Property Tax
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Insurance
Loan Overview
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Total Interest
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Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
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Bi-Weekly Payment
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Total Interest
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Payoff Date
Miami vs Tampa: Full Mortgage Comparison
Buying a home in Tampa is $1,108/month cheaper based on average home prices and local costs.
| Miami, FL | Tampa, FL | |
|---|---|---|
| Avg. Home Price | $560,000 | $380,000 |
| Down Payment (20%) | $112,000 | $76,000 |
| Loan Amount | $448,000 | $304,000 |
| Property Tax Rate | 0.93% | 0.85% |
| Annual Property Tax | $5,208 | $3,230 |
| Annual Insurance | $5,200 | $4,800 |
| Monthly P&I | $2,832 | $1,921 |
| Monthly PITI | $3,699 | $2,591 |
| Total Interest (30yr) | $571,399 | $387,735 |
What Drives the Difference?
Home prices are the biggest factor — Miami’s average home costs $180,000 more than Tampa’s.
Property taxes also favor Tampa — Miami’s 0.93% rate is higher than Tampa’s 0.85%.
Insurance is $400/year more in Miami.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Miami | Tampa | |
|---|---|---|
| Monthly PITI | $3,699 | $2,591 |
| Income needed | $158,528 | $111,028 |
Try Your Own Numbers
The calculator above is pre-filled with Miami’s averages. Adjust the values to match your situation, or try the Tampa calculator for Tampa-specific numbers.