The formula
Break-even months = total closing costs ÷ monthly payment savings. If you'll stay in the home longer than that, the refi likely pays off.
What to include
Lender fees, title, appraisal, and Florida state fees on the new mortgage. Don't count prepaid escrows — those money is still yours.
Key takeaways
- Compare break-even to your time-in-home plan.
- Exclude escrows from the math.
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