Florida Refinance Calculator

Consider refinancing in Florida when current rates are at least 0.5-1% lower than your rate, your credit score has improved significantly, you want to switch from an ARM to a fixed-rate mortgage, or you want to tap into home equity. With Florida's median home price of $410,000, even a 0.5% rate reduction on a typical $328,000 loan can save you $109 per month. Calculate your break-even point to ensure savings outweigh closing costs.

Refinancing costs in Florida typically run about 3% of your loan amount — roughly $9,840 on a $328,000 loan (based on 80% of the $410,000 median home price). This includes appraisal fees, title insurance, origination fees, and Florida-specific costs. Tax note: 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. Some lenders offer no-closing-cost refinances with slightly higher rates.

Cash-out refinancing in Florida lets you replace your mortgage with a larger loan and receive the difference in cash. You can typically borrow up to 80% of your home's value. With Florida's median home price at $410,000, that could mean up to $328,000 in total loan value. This money can be used for home improvements, debt consolidation, or other expenses.

Florida's property tax rate of 0.89% means you're paying approximately $3,649 per year ($304/month) in property taxes on a $410,000 home. This moderate tax rate is a significant part of your monthly housing cost — refinancing to a lower rate can help keep your total payment manageable.