Refinance Calculator – Florida
Florida homeowners refinance for very specific reasons — rising insurance costs, changing interest rates, and long-term affordability planning in hurricane-prone regions.
This Florida refinance calculator helps you evaluate whether refinancing actually lowers your total cost or only reshapes monthly payments.
Florida Mortgage Refinance Calculator
Why Refinancing in Florida Is Different
Florida does not have a state income tax, but homeowners face rising insurance premiums due to weather-related risks.
Insurance costs often increase faster than interest savings, which makes refinancing decisions more complex than in inland states.
Many Florida homeowners refinance to stabilize payments rather than to extract cash or shorten loan terms.
Florida Refinance Examples
Example 1 – Interest Rate Reduction:
A $360,000 balance refinanced from 6.9% to 6.1% with $7,500 in closing costs
may save ~$170 per month, breaking even in ~44 months.
Example 2 – Insurance Cost Reality:
Even after refinancing, homeowners insurance can exceed principal and interest
in some coastal counties.
Example 3 – Long-Term Stability:
Homeowners planning to stay 7+ years benefit most from refinancing in Florida.
Is Refinancing Worth It in Florida?
| Situation | Refinancing Impact |
|---|---|
| Rate drop ≥ 0.75% | Often beneficial |
| High insurance costs | Limits net savings |
| Short time horizon | Usually not worth it |
| Long-term residence | Higher benefit |
Frequently Asked Questions – Florida Refinance
Is refinancing common in Florida?
Yes. Homeowners refinance frequently to manage rates and insurance-driven costs.
Do insurance costs affect refinance approval?
Yes. Lenders factor insurance premiums into affordability calculations.
Does refinancing lower homeowners insurance?
No. Insurance costs are separate from mortgage refinancing.
Are Florida refinance closing costs high?
They vary by lender and county but are generally moderate.
Is cash-out refinancing popular in Florida?
Yes, especially in high-equity coastal markets.
Does refinancing reset property taxes?
No. Property tax assessments remain unchanged.
Does refinancing hurt credit score?
Only temporarily in most cases.
Should seasonal residents refinance?
Only if they plan to keep the property long-term.
Related Mortgage & Refinance Tools
- Refinance Calculator (USA)
- Refinance Calculator by State
- Florida Mortgage Calculator
- Extra Payment Calculator
Disclaimer
This refinance calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.