CALCMONEY // MORTGAGE REFINANCE // FL
Florida average rate: 6.76%. On the median loan of $302,534, a 1% rate drop saves $197/month and breaks even in 39 months.
Calculate Your Refinance6.76%
$378,167
$1,964
$7,563
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.26% (save 0.5%) | $1,865 | $100/mo | 6yr 4mo | $28,264 |
| 5.76% (save 1.0%) | $1,767 | $197/mo | 3yr 3mo | $63,290 |
| 5.26% (save 1.5%) | $1,672 | $292/mo | 2yr 2mo | $97,472 |
The median home price in Florida is $378,167. At 80% LTV, the typical loan is $302,534 at the current 6.76% average rate, producing a monthly P+I payment of $1,964. Total interest over 30 years at this rate: $404,593.
Property taxes in Florida average 0.78% of assessed value, or $2,950 per year on the median home. This adds $246/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.
Wyoming
$371,685 median home
MNMinnesota
$356,066 median home
AKAlaska
$402,190 median home
VTVermont
$405,980 median home