Florida Extra Payment Calculator

For a typical $328,000 mortgage (80% of Florida's $410,000 median home price) at 6.5%, adding $200/month can save you approximately $106,173 in interest and pay off your mortgage 6 years and 6 months early. Your normal total interest would be $418,346, but with extra payments it drops to $312,173. Use the calculator above to see your exact savings.

Both strategies save money, but a lump sum applied early in your loan has the most impact per dollar because it reduces the principal that accrues interest for years. Monthly extra payments offer more consistent savings and are easier to budget for. On a $328,000 Florida mortgage at 6.5%, a one-time $5,000 payment in year one saves about $10,500 in interest, while $200/month saves $106,173 over the life of the loan. Many Florida homeowners combine both strategies for maximum benefit.

Florida does not have specific state laws restricting prepayment penalties beyond federal QM rules; however, most conventional and government-backed loans in Florida do not include them.

This depends on your mortgage interest rate versus expected investment returns. At 6.5%, extra payments offer a guaranteed "return" equal to your interest rate — that's $106,173 in guaranteed savings on a $328,000 Florida mortgage. Tax consideration: With no state income tax in Florida, the federal mortgage interest deduction is your primary tax benefit — refinancing to a lower rate directly increases your net savings without state tax considerations. If your rate is below 4%, investing in diversified funds may earn more over time. Consider your risk tolerance, tax situation, and financial goals.