What a South Florida purchase actually costs you.
The purchase price is the easy number. This calculator estimates the cash you need at closing, what the property costs you every year to hold, and the FIRPTA withholding a foreign seller should plan for on a future sale — so the budget survives the second year, not just the closing table.
Updated · Data cutoff
Inputs
Defaults are typical South Florida placeholders, not a quote. Replace them with the association's dues, the county's rate for the parcel and a bound insurance quote.
Cash needed at closing
$772,500
Includes the down payment plus $22,500 of closing and first-year prepaid costs. All-cash purchase.
| Title, settlement and recording | $8,250 |
| Inspections | $750 |
| Attorney / cross-border review | $1,500 |
| First-year insurance | $4,500 |
| Property tax proration | $7,500 |
| Closing costs total | $22,500 |
Annual carrying cost
$33,300
About $2,775 per month before any rental income.
| Property tax | $15,000 |
| HOA / association dues | $10,800 |
| Insurance | $4,500 |
| Maintenance reserve | $3,000 |
FIRPTA withholding to plan for
$112,500
If a foreign person later sells this property, US law generally requires the buyer to withhold 15% of the gross sale price and remit it to the IRS. It is a withholding against your eventual tax liability, not a tax itself — reduced rates and withholding certificates exist. Shown here on today's price so you can plan liquidity. Confirm treatment with a US tax adviser.
Run these numbers on a real property
Send us the brief and we come back with a shortlist where the dues, tax rate and insurance are the actual figures for each building — in English, Russian, Spanish or Ukrainian.
How this was built
Data cutoff:
- Title, settlement and recording are estimated at 1.1% of price, which reflects Florida owner's-title premiums plus settlement and recording fees on typical South Florida residential closings.
- Buyer-side deed doc stamps are excluded because Florida custom in Miami-Dade, Broward and Palm Beach is for the seller to pay them; when a contract shifts them, we add them per transaction.
- Financed purchases add lender costs at 1.2% of the loan plus $1,500, mortgage doc stamps at 0.35% and Florida intangible tax at 0.2% of the loan.
- Property tax is applied as your entered rate against the purchase price, which approximates the reassessed value for a new non-homesteaded owner.
- Maintenance reserve is 1.0% of price per year for houses and 0.4% for condos, since condo exterior and structural work is funded through dues and assessments instead.
- Mortgage payments use a standard 30-year amortisation at your entered rate.
- FIRPTA is shown at the statutory 15% of gross sale price and modelled on today's price only.
- Every figure is an estimate for planning. Nothing here is a quote, and nothing here is legal, tax or insurance advice.
Sources
- IRS — FIRPTA withholding of tax on dispositions of US real property interests — 15% statutory withholding rate and exceptions
- Florida Department of Revenue — documentary stamp tax — Deed and note stamp rates
- Florida Department of Revenue — intangible tax on mortgages — 0.2% of the secured amount
- Florida OIR — title insurance premium rates — Promulgated owner's policy premium schedule
- Miami-Dade County Property Appraiser — Parcel millage and assessed values
- Broward County Property Appraiser — Parcel millage and assessed values
Oleg Sergiienko — Broker of Record, Florida license BK3420278
Reviewed for accuracy by SunSt Real Estate. This page is information, not legal, tax or insurance advice.
Related reading
- International buyer's guide to Miami
Financing, structuring and closing remotely.
- South Florida Condo Risk Index
Why dues and assessments belong in the purchase decision.
- Mortgage calculator
Payment detail on the financed portion.
- Investing with SunSt
How we underwrite before we recommend.