CALCMONEY // MORTGAGE REFINANCE // FL
Florida average rate: 6.90%. On the median loan of $328,000, a 1% rate drop saves $215/month and breaks even in 39 months.
Calculate Your Refinance6.90%
$410,000
$2,160
$8,200
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.40% (save 0.5%) | $2,052 | $109/mo | 6yr 4mo | $30,878 |
| 5.90% (save 1.0%) | $1,945 | $215/mo | 3yr 3mo | $69,099 |
| 5.40% (save 1.5%) | $1,842 | $318/mo | 2yr 2mo | $106,419 |
The median home price in Florida is $410,000. At 80% LTV, the typical loan is $328,000 at the current 6.90% average rate, producing a monthly P+I payment of $2,160. Total interest over 30 years at this rate: $449,675.
Property taxes in Florida average 0.89% of assessed value, or $3,649 per year on the median home. This adds $304/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Florida has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
Connecticut
$405,000 median home
MDMaryland
$420,000 median home
AZArizona
$395,000 median home
RIRhode Island
$425,000 median home