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Refinancing your home loan can be a strategic move that offers significant financial advantages. Whether you’re looking to lower your monthly payments or pay off your mortgage faster, understanding the details of both your current and proposed loans will assist you in making a well-informed decision that aligns with your financial goals. A mortgage refinance calculator can be a great tool that helps you assess the financial impact of refinancing by providing insights into potential savings and costs.
Key Points
• Refinancing your home loan can offer considerable advantages, such as lowering monthly payments or accessing home equity.
• A New Hampshire mortgage refinance calculator can help you estimate potential savings and costs and determine how to refinance a mortgage.
• The break-even point, which you can obtain using a refi calculator, can tell you when the savings from refinancing will outweigh the initial costs, which typically range from 2% to 5% of the loan amount.
• Purchasing mortgage points can lower your interest rate, but you should weigh the upfront cost against the long-term savings to determine if it’s a worthwhile investment.
• Extending the term of your loan can reduce monthly payments, providing short-term financial relief, but it will increase the total interest you pay over the duration of the loan.
• A higher credit score can improve your refinancing options and reduce both interest rates and closing costs.
New Hampshire Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing mortgage, excluding interest charges. Accurately entering this figure will ensure you obtain a reliable estimate of potential savings and costs.
• Current/New interest rate: Interest is the cost of borrowing money, represented as a percentage of the loan amount. Current mortgage rates can fluctuate based on market conditions and your credit score.
• Remaining/New loan term: The remaining loan term is the number of months left to pay off your existing mortgage. Shorter terms increase monthly payments but reduce total interest, while longer terms decrease monthly payments but increase total interest.
• Points: Mortgage points, also called discount points, are optional upfront fees that lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%. Purchasing points can lead to long-term savings.
• Other costs and fees: Other mortgage refinance costs and fees include origination fees, appraisal fees, attorney fees, and other closing costs, which typically range from 2% to 5% of the loan amount. You might consider a no-closing-cost refinance, although this option often results in higher monthly payments and more interest over the loan term.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. A refi mortgage calculator can compare your current payment with the estimated payment after refinancing.
• Total interest: Total interest is the overall cost paid to the lender, excluding the principal. Comparing the total interest between your existing and potential refinance loans can help you determine your long-term savings.
How to Use the New Hampshire Mortgage Refinance Calculator
To use the New Hampshire mortgage refinance calculator, enter the information for your current and potential loans. The calculator will estimate your projected savings, showing the difference between your old and new estimated monthly payments and your potential interest savings. This will let you calculate your new break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter the principal amount you still owe on your current mortgage, excluding accrued interest. This value impacts how soon you can refinance a mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate to assess the financial impact of refinancing. Compare this with potential new rates to determine savings. Your interest rate depends on various factors and can vary based on the type of mortgage loan you have.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate based on current market rates and your credit score. Check your latest mortgage statement or contact your lender to obtain this rate.
Step 4: Select Your Remaining Loan Term
Enter the number of months left on your current mortgage. The home refi calculator uses this to compare your existing payment schedule with the proposed new one.
Step 5: Choose a New Loan Term
Select a new loan term to see how it affects your monthly payments and total interest. Shorter terms increase payments but reduce interest, while longer terms decrease payments but increase interest.
Step 6: Enter Any Points You Intend to Purchase
Input the number of points you plan to purchase. Each point costs 1% of the loan amount and can reduce your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate and input other costs and fees, such as application fees, credit report fees, appraisal fees, and attorney fees. This helps you understand the true cost of refinancing.
Step 8: Review Your Break-Even Point
The calculator computes your break-even point by dividing the total closing costs by the monthly savings. This shows when the savings will cover the initial expenses. If you plan to remain in your home beyond this point, refinancing may be a suitable option for you.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate, potentially saving you money in the long term. It provides a detailed comparison of your current and proposed loans, showing how different interest rates and loan terms can impact your monthly payments and total interest. For example, a small reduction in your interest rate can result in considerable savings over the life of a large mortgage, such as when you want to refinance a jumbo loan. By exploring various scenarios, you can make a more informed decision about your mortgage options.
What Is the Break-Even Point in Refinancing?
The break-even point is the number of months needed to recoup the closing costs associated with refinancing. To calculate it, subtract your estimated new monthly payment from your current mortgage payment, then divide the closing costs by the monthly savings. For example, if your monthly savings are $100 and your closing costs are $2,500, it will take you 25 months to break even. If you plan to stay in your home longer than this, refinancing could be a smart financial move.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
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Typical Closing Costs for a Refinance in New Hampshire
Refinancing in New Hampshire involves costs typically ranging from 2% to 5% of the loan amount. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1% of the purchase price), in addition to title search and insurance (0.5%-1% of the purchase price). Some fees, such as title insurance, aren’t always required.
Comparison shop and negotiate to lower costs, and watch out for hidden fees, such as prepayment penalties. Maintaining a strong credit score can help you secure better rates.
Tips on Reducing Your Mortgage Refinance Payment
There are several ways you can try to reduce your mortgage refinance payment as you start the refinancing process. You can:
• Build up your credit score to qualify better interest rates: Scores of 740 or above tend to secure the best rates.
• Extend the term of your loan to lower monthly payments, but remember that this may increase the total interest to be paid.
• Appeal your property tax if you believe it is too high.
• Shop around for a lower homeowners insurance rate.
The Takeaway
Refinancing your home loan can benefit you financially, but it requires careful consideration. A mortgage refinance calculator is a useful tool for estimating potential savings and helping you understand the financial impact of different scenarios. Whether your goal is to lower your monthly payments, pay off your mortgage faster, or access your home equity, the calculator can help you make an informed decision. Remember to always weigh upfront costs against the long-term benefits, and consider your financial goals and market conditions before proceeding with a 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 New Hampshire?
Refinancing a mortgage in New Hampshire typically involves closing costs ranging from 2% to 5% of the new loan amount. Compare offers from various lenders, and try to negotiate these fees to reduce your refinancing costs.
How much does it cost to refinance a $500,000 mortgage?
Refinancing a $500,000 mortgage can involve costs ranging from 2% to 5% of the total loan amount, or between $10,000 and $25,000. These costs include application fees, credit report fees, appraisal fees, recording fees, and attorney fees. Percentage-based costs include origination fees and title insurance fees.
Do you have to put 20% down to refinance?
When refinancing, you don’t need to put 20% down. Lenders typically require a loan-to-value ratio of at least 20%, meaning you must have at least 20% equity in your home. If you have less equity, you may still qualify for certain refinance options with more flexible requirements.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point falls beyond your anticipated homeownership period. The break-even point is the time needed for the cumulative savings from a reduced interest rate to offset refinancing costs. If you plan to move before this point, refinancing may not be your best option.
What month is best to refinance?
The best time to refinance depends on prevailing mortgage rates and your financial objectives. Rates tend to vary throughout the year, so research the current trends. If your goal is to access home equity or modify the loan term, timing may not be as important.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your goals and financial needs. Gather quotes from multiple lenders, and consider factors such as their reputation, interest rates, fees, customer service, and user-friendly online tools. Some lenders offer special programs for government-backed loans, which may benefit you.
What credit score do you need for refinancing?
To refinance, you typically need a minimum credit score of 620 for conventional loans. Higher scores, particularly above 740, can help you secure better terms and lower interest rates. Check your credit report for errors and improve your score before applying.
What are the advantages of refinancing your home?
Refinancing can shorten the loan term for faster payoff or extend it so you have lower monthly payments. It might also secure a lower interest rate, reducing your monthly payments and total interest paid. A cash-out refinance allows you to borrow more than your current loan for home improvements or debt consolidation.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score. The initial drop typically tends to be 5-10 points, but it can recover within a few months if you make timely payments. Multiple hard inquiries within a short period can have a greater impact, so it’s best to shop around within a 14-day window.
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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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