Should You Refinance?
See your break-even month, monthly savings, and total interest saved. Built for Jacksonville homeowners watching rates.
Current Loan
Principal & interest only, not full PITI
Refinance Details
Typically 2-4% of loan amount
Break-Even Timeline
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New Monthly P&I
$0
Monthly Savings
$0
Total Savings (if you stay)
$0
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Frequently Asked Questions
What is the break-even point on a refinance?
The break-even point is how many months it takes for your monthly savings to recoup the closing costs of refinancing. If you save $250/month and closing costs are $5,000, your break-even is 20 months. Stay longer than that, and you save money. Sell/move earlier, and refinancing costs you money.
What are typical refinance closing costs?
Refinance closing costs in Florida typically run 2-4% of the loan amount: origination fees (0.5-1%), FL doc stamps on the new mortgage ($0.35/$100), intangible tax (0.2% of loan), title insurance, appraisal ($500-700), and recording fees. On a $300K refi, expect $6,000-$12,000 total.
What rate drop makes a refinance worthwhile?
Traditional rule: rates should drop at least 0.75-1.0% to justify a refi. But the real answer depends on your closing costs, loan balance, and how long you'll stay. High-balance loans can benefit from even 0.5% drops. Low-balance loans may need 1.5%+ to make sense.
Should I refinance if my rate is above 7%?
If current rates drop meaningfully below your rate and you plan to stay 3+ years, yes. Many Jacksonville buyers who purchased in 2022-2024 at 7%+ rates are watching for opportunities to refi when rates settle. Run the numbers quarterly.
Are VA loans easier to refinance?
Yes. The VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamlined refi with no appraisal required, minimal income verification, and a funding fee of just 0.50%. If you have a VA loan and rates drop, the IRRRL is typically the fastest, cheapest refi path.