If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
Refinancing your mortgage could allow you to save money over the life of your loan, adjust your loan terms to better suit your current financial situation, or access the equity you’ve built up in your home. However, it’s important to fully understand the potential benefits and possible costs before making a decision. A Georgia mortgage refinance calculator can estimate monthly payments, total interest, and the break-even point, helping you evaluate the financial impact of refinancing.
Key Points
• A mortgage refinance calculator can help you decide whether refinancing is beneficial.
• Refinancing your mortgage can lead to significant savings, but it’s important to consider mortgage refinancing costs, which can range from 2% to 5% of the loan amount.
• Extending your loan term can lower monthly payments but increase the total interest paid, while shortening the term has the opposite effect.
• Purchasing mortgage points can lower your interest rate, but you should use the calculator to make sure you will recoup the upfront cost and enjoy savings.
• The refinance calculator estimates your break-even point to help you determine if your savings will outweigh the costs within an acceptable timeframe.
• Improving your credit score may help you secure better loan terms and lower interest rates.
Georgia Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing mortgage. This value affects how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the principal loan amount you pay to the lender for borrowing the money. A new interest rate could reduce your monthly payments or total interest.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. Refinancing to a shorter term can decrease the total interest you’ll pay but increase your monthly payments, while a longer term will have the opposite effect.
• Points: Mortgage points are optional upfront fees paid to the lender to lower your interest rate. Each point costs about 1% of the loan amount and can reduce your interest rate by 0.25%.
• Other costs and fees: Refinancing involves various costs and fees, including origination fees, appraisal fees, and attorney fees. Factor these into your decision to ensure the long-term savings outweigh the initial expenses.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Comparing your current payment to the estimated new payment can help you decide whether a mortgage refinance will help you meet your financial goals.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan. Comparing total interest for your current and potential refinance loans helps determine long-term savings.
How to Use the Georgia Mortgage Refinance Calculator
To use the Georgia mortgage refinance calculator, input your remaining loan balance, current interest rate, estimated new interest rate, remaining loan term, new loan term, any points you intend to purchase, and your predicted costs and fees. It will estimate your new monthly payments, total interest, and break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input the interest rate you have now. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from different lenders or checking online for current mortgage rates, as they may have dropped since you took out your loan. A lower rate can reduce your monthly payments or total interest paid.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage so the home refi calculator can estimate the total interest you’ll pay if you keep your current loan.
Step 5: Choose a New Loan Term
Select a new loan term to determine how to refinance a mortgage to meet your financial goals. A longer term can lower your monthly payments, while a shorter term can save on interest.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, credit report, home appraisal, and attorney fees. Input these into the calculator to see the impact on your potential savings.
Step 8: Review Your Break-Even Point
The calculator estimates the number of months it will take for the total savings from the new loan to equal the cost of refinancing. This is the break-even point. If you plan to keep your home beyond this point, refinancing may be beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing could save you money. The calculator can show you how different interest rates and loan terms affect your monthly payments and total interest. A small reduction in your interest rate can create significant savings, particularly for large mortgages.
The refinance calculator can also help you consider why you want to refinance. You may want to lower your interest rate or shorten your loan term to reduce the total interest paid, extend your term to reduce monthly payments and free up funds, switch to a different type of mortgage loan, or access home equity with a cash-out refinance. The calculator can help you understand how to achieve your financial goals.
What Is the Break-Even Point in Refinancing?
One of the most important things the mortgage refinance calculator can help you determine is the break-even point. This is the number of months it will take to recoup the closing costs of your refinance. To estimate your break-even point, the calculator subtracts your estimated monthly payment from your current mortgage payment, then divides the closing costs by this value.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to break even. If you plan to sell the house before reaching the break-even point, refinancing may not be a good option. If you don’t see any savings or are getting a negative number, it might not make sense to refinance your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Georgia
Refinancing a mortgage in Georgia can cost 2% to 5% of the new loan amount. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000, which may be waived in some cases), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Percentage-based costs include origination fees (0.5%-1%), title search and insurance (0.5%-1%), points (1% of the mortgage amount per point), and mortgage insurance (the cost of which varies depending on the type of mortgage loan you choose). Refinancing may not require certain purchase-related fees, such as title insurance and inspection fees.
You can reduce your refinancing costs by comparing offers from different lenders, negotiating fees, and keeping your credit score as high as possible. Watch out for prepayment penalties and be aware that no-closing-cost refinance offers often have higher interest rates to cover the closing fees, so are not necessarily more cost-effective.
There are some things you can do before beginning a refinance that could minimize your monthly mortgage payment. Try to:
• Improve your credit score to secure a lower interest rate.
• Extend the term of your loan to lower monthly payments, but remember this may increase the total interest paid.
• Appeal your property tax to potentially lower your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible, buying your home and auto policies from the same insurer, or making your home more secure or storm-resistant.
The Takeaway
Refinancing your mortgage could allow you to manage your finances more effectively, but it’s important to consider the costs involved. A mortgage refinance calculator can help you estimate monthly payments, total interest, and the break-even point so you can make an informed decision.
Whether you want to lower your monthly payments, pay off your loan faster, or access home equity, the calculator provides a clear comparison of your current and potential loan terms. This helps you understand the overall financial impact of changing your home loan and determine whether refinancing could help you meet your financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
How much does it cost to refinance your mortgage in Georgia?
Refinancing a mortgage in Georgia typically involves costs ranging from 2% to 5% of the new loan amount. These include application fees, credit reports, appraisals, and attorney fees. Compare multiple lenders to find the interest rate and fee offer that suits you.
How much does it cost to refinance a $350,000 mortgage?
Refinancing a $350,000 mortgage can involve costs between $7,000 and $17,500 (2% to 5% of the loan amount). These costs include origination fees, recording fees, any points you purchase, and mortgage insurance. A refi calculator can help you see whether the costs are worth the savings.
Do you have to put 20% down to refinance?
Putting down 20% isn’t required for refinancing, but having at least 20% equity in your home means you don’t need private mortgage insurance. Calculate your equity percentage by subtracting the balance you owe on your mortgage principal from your home’s estimated value and dividing this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point is too far in the future. If you plan to sell your home before reaching the break-even point you will not see the benefits of your savings. Use a refi mortgage calculator to estimate your break-even point and let this inform your decision.
What month is best to refinance?
The best month to refinance depends on current mortgage rates and your financial situation. Interest rates tend to be lower in fall and winter when the housing market slows, but consider your reasons for refinancing and ensure you are financially stable before beginning the process. Monitor rates and estimate savings with the calculator to identify a beneficial time to refinance.
Which bank is best for refinancing?
Choosing the best bank depends on your financial situation and what you want to achieve by refinancing. Compare interest rates, loan terms, and closing costs offered by different lenders, but also consider their reputation and customer service.
What credit score do you need for refinancing?
For a conventional loan, you usually need a minimum credit score of 620. A higher score, such as 700 or above, can mean you secure better interest rates and terms. Check your credit report for errors and do what you can to improve your score before applying.
What are the advantages of refinancing your home?
Refinancing could enable you to secure a lower interest rate, reduce your monthly payments, or save on total interest. A cash-out refinance allows you to access home equity for various purposes. Use a refinance calculator to determine whether a refinance could help you meet your financial goals.
Does refinancing hurt your credit?
A hard credit inquiry from a new mortgage application may lower your score temporarily. However, making timely payments on your new loan can help your credit recover and improve in the long term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-074
