Free refinance calculator tailored for Florida (FL). Calculate instantly with state-specific rates and rules.
Whether refinancing makes sense depends on how much equity you've built, the rate differential, and how long you plan to stay. In Florida, where the median home value is $395,000, many homeowners have accumulated significant equity since 2020. Florida experienced extraordinary appreciation 2020-2023 (50%+ in many markets) driven by migration from high-cost states. Insurance costs are now a significant housing affordability factor.
For a rate-and-term refinance to qualify as a conventional loan in Florida, the balance must stay under $726,200. Most Florida counties are at the standard conforming limit. Monroe County (Florida Keys) qualifies for high-cost limits at $874,000. Refinancing above this requires a jumbo product.
Expect to pay $4,100 in closing costs on a refinance in Florida. Florida charges documentary stamp taxes on deeds ($0.70/$100 of sale price) and on mortgages ($0.35/$100 of loan amount). There is no state income tax on capital gains from home sales. Your break-even point is when your monthly interest savings equal these upfront costs.
Refinancing doesn't affect your property tax assessment in Florida — the effective rate stays at 0.86% regardless. Florida has no state income tax, making property taxes a critical state revenue source. Miami-Dade, Broward, and Palm Beach counties carry some of the highest dollar bills in the state due to high home values.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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