Conventional
From 3% down for first-time buyers
The most common loan. Best for buyers with good credit.
- No mortgage insurance with 20% down
- PMI under 20% down can be removed later
- Works for primary homes, second homes and investments
Run the numbers
Five calculators built for South Florida, where taxes and insurance are a big part of the payment. Every field is editable.
5 calculators. Tap one to open it.
Monthly payment
Principal, interest, taxes, insurance and mortgage insurance.
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Term
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Tax defaults to about 2% of price, a common Miami-Dade and Broward estimate. Use the property appraiser's figure when you have it.
Estimated monthly payment
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Loan amount
Total interest
Down payment
Pay a little extra each month$0
How the loan pays down
Balance left and interest paid to date, by year. Drag across the chart to read any year.
If rates move
Principal and interest at nearby rates, same loan amount.
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What can I afford?
Lenders look at your debt-to-income ratio (DTI): your total monthly debts, including the new house payment, divided by your gross monthly income.
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Debt-to-income limit
Assumes a 30-year loan, property tax near 2% of price, and PMI under 20% down. Approval also depends on credit, savings and the loan program.
You may qualify for a home up to
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Total payment
Loan amount
Down payment
Is a refinance worth it?
Compare your current loan to a new one and see how long it takes for the savings to pay back the closing costs.
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New term
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Taxes and insurance usually stay the same, so this compares principal and interest only.
Monthly change
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Current payment (P&I)
New payment (P&I)
Break-even
Interest left, current loan
Interest, new loan
Rent vs. buy
Total cost of renting versus the true cost of owning: payments, upkeep and closing costs, minus the equity you build.
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Assumes rent rises 3% a year, the home gains 3% a year, property tax near 2%, upkeep 1% a year, 3% buyer closing costs and 6% selling costs. It doesn't count investment returns on your down payment.
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Total rent paid
Paid to own (down, closing, payments, upkeep)
Equity when you sell (after 6% costs)
Net cost of owning
Tap the chart to pick how many years you'll stay.
Florida closing costs
Buyer-side estimate using Florida's state taxes on the mortgage and the state's set title insurance rates.
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Who pays the owner's title policy?
In Miami-Dade and Broward the buyer customarily pays for the owner's title policy, but it's negotiable in the contract. Lender and title fees are typical estimates; your Loan Estimate shows the real ones.
Estimated cash to close
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Loan programs, in plain English
The right loan depends on your credit, savings and plans. Here's how the main options compare.
FHA
3.5% down
Government-backed, with more flexible credit rules. Popular with first-time buyers.
- Accepts lower credit scores than conventional
- Down payment can be a gift from family
- Has upfront and monthly mortgage insurance
VA
0% down
For veterans, active-duty service members and eligible surviving spouses.
- No monthly mortgage insurance
- One-time funding fee, waived for many disabled veterans
- Often the lowest rates available
Jumbo
Usually 10–20% down
For loan amounts above the conforming limit, which updates each year. Common for waterfront and luxury homes.
- Stronger credit and savings needed
- Fixed and adjustable options
- Higher limits than standard loans
USDA
0% down
For homes in eligible rural and suburban areas, with household income limits.
- Some parts of outer Miami-Dade may qualify
- Low annual guarantee fee
- Eligibility is checked by address
First-time buyer help
Down payment assistance
Florida Housing and Miami-Dade and Broward counties offer assistance programs that can cover part of the down payment or closing costs.
- Income and price limits apply
- Funding opens and closes during the year
- Ask me what's available right now
About me
Sadih Bacallao
Honest Guidance. Real Closings.
I'm a mortgage loan originator with Bright Horizon Lending Inc. and a real estate agent, so I see a purchase from both sides: the home search and the financing. My clients get one person who understands the whole deal.
I work with buyers, homeowners and landlords across Miami-Dade and Broward. Whether it's your first home, a refinance or an investment property, I'll walk you through the numbers and options so you can decide with confidence.
NMLS #2504764Bright Horizon Lending Inc.Miami-Dade & Broward
Get pre-qualified
Tell me a little about your plans and I'll reach out within one business day.
Send this short form. No Social Security number needed, and it won't affect your credit.
I'll call or text to go over your goals and which loan programs fit.
When you're ready, we'll complete a full application and get you a pre-approval letter to shop with.
Thank you!I got your info and will reach out within one business day. Questions now? Call or text 786-473-9004.