Miami · Refinance Calculator
Should you refinance?
Compare your current loan to a new one. See monthly savings, how long until closing costs pay for themselves, and total interest saved over the life of the loan.
Refinance FAQ
Should you actually refinance?
When does a refi make sense?
A common rule of thumb: refinance when the new rate is 0.5%–1% lower than your current rate AND you plan to stay in the home past the breakeven month. The breakeven calculated above tells you exactly how long savings need to cover closing costs. Move before that and you lose money on the refi.
What are Florida refinance closing costs?
Florida refinance closing costs typically run 2%–5% of the new loan. Florida also has documentary stamp tax and intangibles tax that push costs slightly above the national average. Ask for a Loan Estimate — it itemizes every fee before you commit.
Should I roll closing costs into the loan?
Rolling avoids cash out of pocket but you pay interest on those costs for 15–30 years. If you have the cash and will stay long-term, pay out of pocket. If cash is tight or you might move in the next few years, rolling is fine — just run both scenarios in the calculator above.
Does refinancing restart my clock?
Yes — unless you go to a shorter term. If you're 5 years into a 30-year and refi to another 30-year, total payoff is now 35 years. If saving interest matters more than monthly payment, consider refinancing to a 15- or 20-year. The calculator's "interest saved" line shows the difference.
Can I refinance a Miami FHA loan?
Yes — options include FHA Streamline (lower doc, lower closing cost, no appraisal in many cases), FHA-to-conventional (drops MIP if you have 20% equity), and cash-out refinances. Each has different rules. I'll tell you which one fits.