1. Start with today’s loan
Use your current balance, interest rate and years left to pay. Add monthly mortgage insurance if you pay it. Your loan statement can help.
Mortgage tools
Florida Refinance Break-Even Calculator
Would a new loan cost less? Compare your current loan with a new one. See the payment change, fees and time needed to earn back those costs.
Use your own loan figures. This is a planning estimate, not a quote or loan approval.
The mortgage you have now
What is LEFT on the loan, not the term it started at.
Leave at 0 if you have none. Dropping it is often most of the benefit.
The mortgage you are considering
Enter a rate a lender has actually quoted you, or check today's real Florida pricing first.
Your assumption, not a quote and not an APR.
A percentage of the new loan amount.
The total-cost comparison is measured over exactly this period.
You then finance them for the life of the loan and pay interest on them.
Monthly change
$283 a month lower
Over 7 years this structure comes out about $14,269 ahead in total, once the costs and the remaining balance are counted.
Current principal and interest$2,450
Proposed principal and interest$2,167
Monthly P&I change$283
Estimated refinance cost$5,500
Paid at closing, so it is not financed.
Simple break-even20 months · 1 year 8 months
Cost divided by the monthly reduction. It ignores the term reset - the total below does not.
Total cost advantage of refinancing$14,269
Payments made during the period, plus any cost paid at closing, plus the balance still owed at the end.
How that total is built
Discount points$0
Balance after 7 years - current loan$312,954
Balance after 7 years - new loan$316,918
A longer term pays principal down more slowly, so more is still owed at the end of the period.
Total cost over the period - current loan$518,742
Total cost over the period - new loan$504,474
The new 30-year term is longer than the 27 years left on your current loan. A longer term lowers the payment on its own, separately from the rate.
See today's real Florida rates
Planning estimate only, not a loan offer, rate quote, approval, or commitment to lend. Rates you enter are assumptions, not APRs.
Compare your loans in three steps
2. Add the new loan
Enter the new rate, term, fees and mortgage insurance. Enter points in their own field so you do not count them twice. Check the box only if you plan to add costs to the loan.
3. Set your time frame
Choose how long you expect to keep the new loan. Try a shorter time too. Selling the home or refinancing again could end the loan sooner than you plan.
Read more than the monthly payment
Break-even time
This is the refinance cost divided by the monthly payment drop, rounded up to a month. It is a simple way to see when the lower payments recover the fees. It is not the full cost test.
Total cost over your time frame
The tool adds payments made, costs paid at closing and the balance still owed at the end. Compare both loans over the same time. A lower monthly bill can still mean a higher cost.
Years added to the loan
Starting a new long loan can lower the payment by giving you more years to pay. Check the remaining balance and total cost before you decide. A shorter loan may cost more each month.
Check the costs for your Florida refinance
Ask for the title, recording, loan and other closing charges that apply to your property. Use your Loan Estimate instead of a flat guess. Separate loan fees from prepaid taxes, insurance and money placed in escrow. Ask how each item should be counted.
Florida refinance calculator questions
Does this include property taxes and home insurance?
No. It compares principal, interest and the mortgage insurance you enter. It does not model changes to taxes, home insurance or escrow. Keep those bills in your full budget.
What if there is no break-even result?
If the monthly payment does not fall, this simple cost-recovery test cannot show a break-even month. A shorter loan could still reduce total interest. Read the full cost comparison and your goal together.
Are costs free if I add them to the loan?
No. You borrow those costs and pay interest on them. A lender credit is different: it may reduce cash due at closing in exchange for a higher rate. Compare the full terms.
Is this the same as the points calculator?
No. This tool compares an existing loan with a new one. Rate Horizon compares two rate and points options for the same new loan.
Can I use this to roll credit cards into my mortgage?
Use the debt consolidation tool for that question. It includes the other debts in the comparison. Moving debt to a mortgage puts your home at risk if you cannot repay it.
Choose your next step.
- Check Florida refinance rate options
- Decide if refinancing fits your plans
- Compare keeping your loan and paying extra
An estimate is a starting point. Loan terms and approval need a full review.
Other calculators
Florida Rate FinderWhat are today's Florida rates for my loan, and what do they cost in points and payment?Mortgage Payment CalculatorWhat would my full monthly payment be - principal, interest, taxes, insurance, HOA and mortgage insurance?Home Affordability CalculatorWhat home price fits the monthly payment I want to stay near?Mortgage Points Calculator (Rate Horizon)Is it worth paying discount points to buy today's rate down, and how long until the lower payment recovers that cost?Debt Consolidation Refinance CalculatorWhat happens to my monthly outflow and my total cost if I roll other debts into the mortgage?Extra Mortgage Payment CalculatorHow much sooner would I be done, and how much interest would I avoid, paying extra each month?
Assumptions, method and disclosures
What this calculator assumed
- A fixed rate on both loans, at the rates you entered.
- Both loans fully amortising, with no balloon and no prepayment.
- The years remaining you entered are the years remaining on the current loan, matched to the balance you entered.
- Discount points charged as a percentage of the NEW loan amount, not of the current balance.
- No escrow, tax or insurance change is modelled - only principal, interest and any mortgage insurance you entered.
How the numbers are calculated
Principal and interest only. Property taxes, homeowners insurance, HOA or CDD dues, and any applicable mortgage insurance or funding fee are not included and will increase the actual monthly payment.
Total cost over the period is the payments actually made during it, plus any cost paid at closing rather than financed, plus the balance still owed at the end. Adding the remaining balance is what makes two different terms comparable: without it, a loan that is cheaper monthly only because it stretches the term looks unambiguously better, and it is not.
Simple break-even is the estimated refinance cost divided by the monthly reduction, rounded up to the next whole month. When the payment does not fall, no break-even is shown - because there is not one.
This is a planning estimate, not a loan offer, rate quote, approval, pre-approval, or commitment to lend.
Interest rates you enter here are assumptions, not APRs.
Results depend entirely on the inputs and assumptions above.
Your official Loan Estimate and Closing Disclosure control the actual terms of any loan.
Mortgage Expert, Inc. originates loans on Florida property only. Minimum loan amount $100,000.