Refinance Break-Even Calculator — Miami, FL
This page starts with localized assumptions for Miami so you can run quick scenarios. Replace the defaults with your real numbers (rent comps, tax/insurance estimates, repairs, and reserves) to get an accurate result.
Inputs
Results
Refinance makes sense!
- Current payment: $2,139
- New payment: $1,896
- Difference: $242/month
- Closing costs: $5,000
- Monthly savings: $242
- Break-even: 21 months (1.7 years)
- After 1 year: -$2,091
- After 3 years: $3,726
- After 5 years: $9,544
- Current loan (if held): $418,571 (28 years)
- New loan (if held): $382,633 (30 years)
- Difference: $35,937 saved
- New loan amount: $300,000
- Cash needed at closing: $5,000
Tip: If break-even is under 2-3 years and you plan to stay, refinancing usually makes sense. Watch for longer terms resetting your payoff timeline.
How to Use This Refinance Break-Even Calculator (Mini Guide)
Compare your current mortgage to a new rate and find out how many months until refinance costs pay for themselves — essential for timing refinance decisions. These defaults are pre-filled for Miami, FL. Always replace them with your real numbers when you have them.
What this calculator shows
Compares your current monthly payment vs a new refinanced payment.
Calculates break-even point: how many months until closing cost savings are recouped.
Shows 5-year net savings to help you decide if it's worth the hassle.
When refinancing makes sense
Rate drops by 0.5%+ and you plan to stay 2-3+ years.
You can switch from ARM to fixed and lock in stability.
You want to shorten term (30yr → 15yr) without drastically increasing payment.
Understanding break-even
Break-even under 24 months = usually worth it.
Break-even 24-36 months = depends on how long you'll stay.
Break-even over 36 months = probably not worth the effort unless rate savings are huge.
Watch out for
Resetting to a new 30-year term extends your payoff timeline significantly.
Lifetime interest may go UP if you extend the term, even with a lower rate.
Don't forget closing costs — they can be $3K-$6K+ depending on loan size.
How to use this calculator in Miami
Start with the pre-filled assumptions for Miami, then replace them with your deal’s numbers. If you’re an investor, keep vacancy and reserves conservative. If you’re a homeowner, pay special attention to property taxes and insurance — these often drive the rent vs buy decision.
Nearby cities in FL
Explore nearby cities to compare assumptions and outcomes.