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Refinancing your mortgage in Oklahoma may present an opportunity to save money, adjust your loan terms to better suit your financial situation, or even access the equity you’ve built up in your home over time.
Whether you’re focused on lowering your monthly mortgage payments or accelerating the payoff of your mortgage to save on interest, an Oklahoma mortgage refi calculator can help you make a well-informed decision. Simply enter the details on your current home loan, and compare those numbers with what you would pay on a new, refinanced loan. The calculator will show your new estimated monthly payments and how much you could save in interest over time.
Keep reading for more on how to use the Oklahoma mortgage refinance calculator and whether refinancing is right for you.
Key Points
• The Oklahoma mortgage refinance calculator can help you estimate potential savings and costs associated with refinancing your home loan.
• The break-even point will help determine if the savings from refinancing will outweigh the initial costs associated with refinancing.
• Purchasing mortgage points can lower your interest rate and monthly payments, but the upfront cost must be considered against long-term savings.
• Refinancing costs typically range from 2% to 5% of the new loan amount.
• A higher credit score, ideally 740 or above, can lead to more favorable refinancing terms and lower interest rates.
Oklahoma Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing home loan.
• Current/New interest rate: Interest is the cost of borrowing money, expressed as a percentage of the loan amount. Your current interest rate is what you’re now paying on your loan, and it could be fixed or variable. The new rate can significantly impact your monthly payments and total interest paid over the loan’s life.
• Remaining/New loan term: The remaining loan term is the number of months left to pay off your current mortgage. The new loan term is the duration of the refinanced loan. Shortening the term can save on interest, while extending it can lower monthly payments.
• Points:Mortgage points are optional upfront fees paid to the lender to reduce the interest rate. Each point costs 1% of the loan amount and typically lowers the rate by 0.25%.
• Other costs and fees: These can include origination, appraisal, and attorney fees. They typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on the loan amount. Comparing your current payment to the estimated payment after refinancing can help you determine if refinancing is right for you.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan, excluding the principal. Comparing total interest paid on your current and potential refinanced loans helps determine long-term savings.
How to Use the Oklahoma Mortgage Refinance Calculator
To use the Oklahoma mortgage refinance calculator, input your remaining loan balance, current and new interest rates, and current and new loan terms. The calculator provides a comprehensive estimate of potential savings and associated costs. Here’s exactly how to use it.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the Oklahoma mortgage refi calculator. This is the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Enter your current interest rate into the mortgage refinance calculator. This rate will be compared against current mortgage rates to determine potential savings.
Step 3: Estimate Your New Interest Rate
Interest rates are influenced by factors like credit score, market conditions, and the type of mortgage loan. A lower rate can reduce monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Enter your remaining loan term, the time left to pay off your current mortgage. This information helps calculate potential savings from refinancing.
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 save on interest but increase monthly payments. Longer terms lower monthly payments but increase total interest.
Step 6: Enter Any Points You Intend to Purchase
Enter the number of points you plan to purchase. Points are upfront fees that lower your interest rate. Consider the long-term savings versus the upfront cost.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as lender fees, appraisal fees, and title insurance. These costs can range from 2% to 5% of the new loan amount.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point to determine when your savings from the new mortgage will cover the initial costs. Subtract your new monthly payment from your current payment and divide the closing costs by the monthly savings.
Benefits of Using a Mortgage Refinance Payment Calculator
Housing costs can be a large part of your budget. A refinance calculator helps assess if mortgage refinancing can lower your monthly payment or interest rate, potentially saving money. The calculator also indicates if refinancing leads to higher costs, helping you decide wisely.
Inputting various interest rates and loan terms helps you understand how refinancing impacts your payments and total interest. Lower payments offer immediate relief, while reduced interest saves long-term. Even small interest rate reductions, like a quarter percentage point, can create savings.
Refinancing from a 30-year to a 15-year loan accelerates mortgage payoff and reduces total interest. If you have an adjustable-rate mortgage (ARM) and worry about rate increases, a mortgage calculator compares your expenses to a fixed-rate mortgage.
One of the most important things the mortgage refinance calculator can help you determine is the break-even point. The break-even point is the time it takes for the savings from your new mortgage to outweigh the initial costs.
To find this point, subtract your estimated monthly payment after refinancing from your current mortgage payment. Then, divide the closing costs by the monthly savings. For example, if refinancing a mortgage saves you $100 a month, and your total closing costs are $2,500, it would take 25 months to cover those costs and start to see savings. If you plan to sell your home before reaching the break-even point, refinancing may not be worthwhile. If the interest saved in the refinance shows a negative number, that’s a sign it might not make sense to refinance your current loan.
There is one exception to this rule: a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest. Cash-out refinances typically don’t save money, since the new loan amount is larger than the current loan amount.
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 Oklahoma
Mortgage refinancing costs are typically 2% to 5% of the new loan. 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%), title search/insurance (0.5%-1%), points, and mortgage insurance. Some refinance fees, like title insurance, aren’t always required.
While “no-closing-cost refinance” promotions are eye-catching, they’re a bit misleading, since many lenders will increase your interest rate to cover the cost of closing fees. Make sure to read the fine print before signing. Comparison shop, negotiate with lenders, and maintain a 740+ credit score to lower your costs.
In order to reduce your mortgage refinance payment, you can:
• Build up your credit score to secure better rates.
• Extend the term of your loan to lower monthly payments.
• Eliminate private mortgage insurance by having 20% equity in the home.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Using an Oklahoma refinance calculator is a powerful tool for homeowners assessing the financial impact of refinancing. It helps estimate potential savings, including monthly payment reductions and total interest savings, by comparing current and new loan terms.
However, it’s important to consider mortgage refinancing costs, which can range from 2% to 5% of the new loan amount. Factors such as credit score, home equity, and future financial plans should also be taken into account.
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 Oklahoma?
Refinancing your mortgage in Oklahoma involves closing costs of 2% to 5% of the new loan amount. Common costs include origination, credit report, title search, and escrow fees. Some fees, like title insurance and inspection, may not be required for refinances.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage can cost $6,000 to $15,000, or 2% to 5% of the loan amount. Common costs include loan application fees, credit report fees, home appraisal fees, recording fees, and attorney fees.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having 20% equity can secure better terms and avoid private mortgage insurance (PMI).
At what point is it not worth it to refinance?
Refinancing may not be worth it if you’ll sell your home before the break-even point, which is when your savings cover the closing costs. For example, if closing costs are $4,800 and you save $200 per month, the break-even point is 24 months.
What month is best to refinance?
Historically, fall and winter months have lower interest rates due to decreased demand. Monitor market trends and use a refinance calculator to estimate savings and costs. Ensure the timing aligns with your financial goals.
Which bank is best for refinancing?
The best bank for refinancing depends on your needs. Compare rates and terms from multiple lenders, and consider factors like reputation, customer service, and special programs.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for refinancing. A higher score, ideally 740 or above, can secure better terms and lower interest rates. Check your credit report for errors and build your score before applying.
What are the advantages of refinancing your home?
Advantages of refinancing can include lower interest rates, reduced monthly payments, and switching from adjustable to fixed rates. A cash-out refinance allows you to access home equity for various needs.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and recoverable. Long-term benefits, like reduced debt and lower monthly payments, can build your credit score. Shop around and apply with multiple lenders within a short period to minimize the impact.
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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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