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Refinancing your home loan in Mississippi can be a strategic financial move, but it’s important to understand the potential benefits and costs involved. A mortgage refinance calculator can be a great resource during this process. Using a Mississippi mortgage refinance calculator can help you explore options to lower your monthly payments or pay off your mortgage faster, making it easier to assess whether refinancing is the right choice for you.
Key Points
• A Mississippi mortgage refinance calculator can help homeowners assess if refinancing is the right choice for their financial situation.
• The calculator estimates potential savings by comparing current mortgage rates to new ones and factoring in potential mortgage refinancing costs.
• By entering your remaining loan balance into the refinance calculator, you can obtain a reliable estimate of potential savings and costs.
• Refinancing can lower your monthly payments, shorten your loan term, or help you access the equity in your home.
• A mortgage refinance calculator can help you determine if the savings from refinancing outweigh the initial costs by finding the break-even point.
Missssippi Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the amount of principal still owed on your current mortgage, excluding accrued interest..
• Current/New interest rate: The current interest rate is the rate on your existing mortgage, while the new interest rate is the rate you expect to get after refinancing. The new interest rate can impact your potential savings.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. The new loan term is the duration of the refinanced loan. Longer terms can decrease your monthly payments but increase the total interest to be paid.
• Points: Mortgage points are upfront fees you pay to the lender to reduce your interest rate. Each point costs 1% of the loan amount and can lower your rate by 0.25%.
• Other costs and fees: Other costs and fees include origination fees, appraisal fees, attorney’s fees, and other miscellaneous charges. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes a portion of the principal and interest on your loan. The calculator helps you compare your current payment with the projected payment if you refinance.
• Total interest: Total interest is the cost of borrowing money over the term of the loan, excluding the principal. Use the calculator to evaluate the difference between the total interest paid on your current mortgage and the projected interest on a new loan.
How to Use the Mississippi Mortgage Refinance Calculator
Use the Mississippi mortgage refinance calculator to assess the financial implications of refinancing. The calculator will help you estimate your new monthly payments, total interest, and break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance into the calculator. This is the principal amount you still owe on your existing mortgage.
Step 2: Add Your Current Interest Rate
Next, enter your current interest rate, which should be on your latest statement. You can also ask your lender for this information.
Step 3: Estimate Your New Interest Rate
Research current mortgage rates in your area, and enter a realistic new interest rate to see how much your monthly payments or total interest could decrease.
Select a new loan term, typically between 10 and 30 years, to see how you can balance lower monthly payments with reduced total interest costs.
Step 6: Enter Any Points You Intend to Purchase
While purchasing points is optional, they can lower your interest rate, which in turn affects your monthly payments. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%
Step 7: Estimate Your Other Costs and Fees
Input other costs and fees into the refi calculator to obtain a full picture of the total expenses involved in refinancing.
Step 8: Review Your Break-Even Point
Finally, the calculator will estimate your break-even point, which is the point at which the savings from your new mortgage offset the refinancing costs.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refi calculator compares your current and potential new mortgage, including your monthly payments, total interest, and payoff date. It also indicates if refinancing might result in a financial loss. You can evaluate various scenarios and how each impacts your finances. Even small interest rate changes can result in considerable savings over a loan’s term, while a mortgage refinance to a shorter term, such as a 15-year loan, can accelerate mortgage payoff and reduce total interest.
What Is the Break-Even Point in Refinancing?
The Mississippi refi mortgage calculator can also help you determine your break-even point, or the number of months it will take for the savings from your new mortgage to cover the closing costs. To find your break-even point, the calculator subtracts your estimated monthly payment after refinancing from your current mortgage payment to calculate your monthly savings. It then divides the total closing costs by the amount you’re saving each month.
For example, if refinancing saves you $100 a month and your total closing costs are $2,500, it would take 25 months to recoup those costs and start realizing savings. Refinancing may not be the best strategy if you plan to sell your home before that time.
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 Mississippi
Refinancing in Mississippi incurs costs that range from 2% to 5% of the new loan amount. Fixed closing costs include application fees (up to $500), credit reports ($25 to $75), appraisals ($600 to $2,000), recording fees ($25 to $250), and attorney’s fees ($500 to over $1,000). Percentage-based costs cover loan origination (0.5% to 1%), title search/insurance (0.5% to 1%), and points. You can comparison shop lenders, negotiate fees, and improve your credit score to lower costs.
Here are some things you can do to lower your payments:
• Improve your credit score to qualify for better terms.
• Extend the term of your loan, but be aware that this can increase the total interest you’ll pay.
• Appeal your property tax to reduce your annual tax bill.
• Shop around for the best homeowners insurance rate.
The Takeaway
Refinancing your mortgage can be a good way to gain more control over your finances, but it’s best to approach it with careful consideration and planning. Our mortgage refinance calculator can help you decide on the type of mortgage loan you apply for and show you the costs associated with refinancing. You’ll be able to estimate new monthly payments, the total interest paid over the life of the loan, and the break-even point.
Our Mississippi refi calculator can help you with the process, whether you’re looking to reduce your monthly payments, pay off your mortgage faster, or access home equity via a cash-out refinance.
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 Mississippi?
Refinancing in Mississippi typically involves closing costs ranging from 2% to 5% of the loan’s principal amount. These costs typically include fees charged by the lender, as well as other charges associated with the refinancing.
How much does it cost to refinance a $250,000 mortgage?
Refinancing a $250,000 mortgage can incur closing costs ranging from $5,000 to $12,500. You would need to pay lender fees, appraisal fees, title insurance, and other related expenses. Some lenders offer a no-closing-cost refinancing program, but the interest charges associated with these are higher.
Do you have to put 20% down to refinance?
Refinancing doesn’t require a 20% down payment, but most lenders prefer that you have at least 20% equity in your home. You can determine this by subtracting the balance you owe on your mortgage principal from your home’s estimated value. Then divide this figure by your home’s value to yield your percentage of equity.
At what point is it not worth it to refinance?
Refinancing might not be worth it if the break-even point is longer than you expect to own your property or if the interest rate reduction is minimal.
What month is best to refinance?
The best month to refinance depends on market conditions and your financial readiness. Historically, rates are lower in fall and winter, but it’s advisable to monitor rates and take action when conditions are most favorable.
Which bank is best for refinancing?
The best bank for refinancing will depend on your goals and how the lender can help you reach them. Compare interest rates, loan terms, and closing costs from different lenders to find the best deal.
What credit score do you need for refinancing?
Lenders typically require a minimum credit score of 620 for refinancing. Higher scores can help you secure better terms and lower interest rates. It’s a good idea to check your credit score, correct any errors, and do your best to pay down debt before applying.
What are the advantages of refinancing your home?
Refinancing can lower interest rates or reduce your monthly payments. It can also help you access the equity in your home. Use a mortgage refinance calculator to determine whether refinancing would benefit you financially.
Does refinancing hurt your credit?
Refinancing can temporarily affect your credit score due to hard inquiries made into your credit as a result of your application for a new mortgage. However, the downgrade is usually minimal and short-lived. Making your new mortgage payments on time can help improve your credit score in the long term.
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*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.
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