How Much Money Do You Need to Buy a Miami Condo?

The sticker price is only part of the story. Here's the cash a Miami condo purchase actually takes — upfront and monthly.

Upfront: your down payment

• Warrantable condo, conventional loan: as low as ~10% down (occasionally less), because the building qualifies for Fannie Mae/Freddie Mac backing.
• Non-warrantable condo (common in Miami — condo-hotels, short-term-rental buildings, high investor concentration, pending litigation): typically 20–35%+ down via a portfolio/non-QM loan. See warrantable vs non-warrantable.
• Foreign buyer: usually ~25–35% down. See the foreign buyer's guide.
• Cash: a large share of Miami condo sales close all-cash, which removes financing risk but not the diligence.

Upfront: closing costs

Budget ~2–5% of the price. In Miami-Dade the buyer customarily pays for the owner's title insurance and — if financing — the doc stamps on the note ($0.35/$100) plus intangible tax (2 mills) on the mortgage. Full breakdown in closing costs explained.

Worked example — $700,000 condo, 25% down, financed:

• Down payment: $175,000
• Closing costs (~3%): ~$21,000
• Cash to close: ~$196,000 (plus reserves/escrows your lender collects)

Upfront: reserves the lender wants to see

Lenders typically want to see a few months of housing payments in reserve after closing. Have that liquid — it also cushions you against a surprise special assessment.

Monthly: the carrying cost that surprises people

Miami's monthly cost is driven by HOA dues, which in newer full-service towers commonly run ~$0.75–$1.50 per sq ft per month (and more in ultra-luxury). On a 1,000 sqft unit that's roughly $750–$1,500/month on top of your mortgage. Add:

• Property taxes — Miami-Dade effective rates run roughly 1.5–2.0% of value. See the property tax guide.
• Insurance — your unit (HO-6) policy; the building's master policy is inside your HOA dues.

Monthly example — same $700k unit (~1,000 sqft):

• Mortgage (25% down, ~30-yr): varies with rate
• HOA dues: ~$1,000
• Property tax: ~$1,000/month equivalent
• HO-6 insurance: ~$60–$150

HOA + tax alone can rival a mortgage payment — always underwrite the total, not just the loan.

The bottom line

For a mid-range Miami condo, plan on 20–35% down plus ~2–5% closing in cash, reserves on top, and a monthly budget where HOA dues and taxes are as big as your mortgage. Compare buildings on carrying cost, not just price — our building pages show HOA ranges and months-of-supply.

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This guide is general education, not legal, tax, or financial advice. Rules and figures change and vary by building and situation — confirm the specifics with a licensed Florida real-estate agent, attorney, lender, and CPA before you act. Listing data is deemed reliable but not guaranteed.