Minnesota Mortgage Refinance Calculator
Minnesota Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
>Refinancing your home loan can be a strategic financial move that may offer significant benefits, but it’s important to fully understand the mortgage refinancing costs involved before making a decision. A Minnesota mortgage refinance calculator can be a valuable tool to help you assess whether refinancing is the right choice for you by calculating the potential savings and costs of refinancing. This article will guide you through the factors you should consider and how to use the home refi calculator effectively to make an informed decision that supports your financial goals and overall financial well-being.
Key Points
• A refi mortgage calculator can help you gauge the impact that a mortgage refinance could have on your monthly payments and estimate any potential savings, making it easier for you to decide if refinancing your mortgage is right for you.
• When considering a mortgage refinance, you need to evaluate your financial situation, current mortgage rates, and the type of mortgage loan you need.
• Choosing a shorter loan term can reduce the total interest you pay over the life of the loan, but it may increase your monthly payments. A longer term can lower monthly payments but extend the repayment period.
• Purchasing mortgage points can lower your interest rate, but you should weigh the cost against the long-term savings.
• Closing costs typically range from 2% to 5% of the new loan amount.
Minnesota Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan. This amount will help determine how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. The new interest rate can significantly affect your monthly payments and total interest paid over the loan’s life. A lower rate can lead to substantial savings.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. The new home loan term is the length of the refinanced loan. A shorter term reduces total interest but increases monthly payments, while a longer term does the opposite.
• Points: Points are upfront fees paid to the lender to lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%. Weigh the cost of purchase against the long-term savings.
• Other costs and fees: Refinancing costs, which typically range from 2% to 5% of the new loan amount, include loan origination fees, appraisal fees, and attorney fees. Carefully consider these expenses to ensure the benefits of refinancing outweigh the costs.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Use a refinance calculator to estimate your new monthly payment and total interest costs.
• Total interest: Total interest is the cost of borrowing, excluding the principal, that you pay the lender over the loan’s lifetime. Comparing the total interest of your current and proposed loans helps you determine if refinancing will save you money over the long term.
How to Use the Minnesota Mortgage Refinance Calculator
When you enter the details of your current mortgage and possible refinance loan, the calculator will estimate your potential monthly savings and total interest costs.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the mortgage refinance calculator. This figure represents the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Next, input the interest rate on your latest mortgage statement. This helps you compare your current monthly payment and total interest costs with potential new rates and terms.
Step 3: Estimate Your New Interest Rate
Estimate your potential new interest rate by comparing the current offers from different lenders or checking the current mortgage rates online. A lower rate may indicate that refinancing can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Input the number of years you have left on your current mortgage to estimate the total interest you’ll pay if you don’t refinance.
Step 5: Choose a New Loan Term
Choose a new loan term, from 10 to 30 years, that aligns with your circumstances and supports your aims. Shorter loan terms can reduce the total interest you pay but increase your monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any potential mortgage points to determine if purchasing them will be worthwhile. You pay 1% of the loan amount for each point, but each point can lower your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs, such as obtaining a credit report and home appraisal, and additional application and attorney fees. Enter them into the home refinancing calculator to see how they will affect any potential savings.
Step 8: Review Your Break-Even Point
To calculate how many months it will take to recoup the closing costs of refinancing, divide the closing costs of refinancing by the amount you will save monthly. If you intend to stay in your property after your break-even point, refinancing could be a good idea.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator helps you assess if refinancing can lower your monthly payment or interest rate, potentially saving you money. It compares your current and proposed loans, showing how interest rates and loan terms affect your payments and total interest paid. A lower monthly payment frees up funds, and a lower interest rate can lead to long-term savings. Even a small interest rate change (e.g., 0.25%) can yield significant savings on larger mortgages.
The calculator will also show you if the refinance increases the interest you will pay. These calculations can help you determine if switching to a shorter-term loan would accelerate the payoff and reduce the total interest you pay.
Recommended: How to Refinance a Mortgage
What Is the Break-Even Point in Refinancing?
One of the most important things the refinance calculator can help you determine is the break-even point. This is the time it takes for the savings from your new monthly payment to cover the closing costs of refinancing. To calculate your break-even point, subtract your estimated new monthly payment from your current mortgage payment, then divide the closing costs by the monthly savings. For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to recoup those costs. In this scenario, if you planned to sell your home within two years, refinancing may not be the best strategy.
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 Minnesota
Refinancing a mortgage in Minnesota involves closing costs, typically 2% to 5% of the new loan. Fixed costs include application, credit report, appraisal, recording, and attorney fees. Percentage-based costs cover loan origination, title search/insurance, and mortgage points. Some fees, like title insurance, might not apply.
To minimize the closing fees you pay, shop around, negotiate with lenders, be aware of prepayment penalties, and maintain a strong credit score (740+) to obtain the best rates. Cash-out refinancing usually involves higher costs, while no-closing-cost refinancing may have higher interest rates.
Recommended: Refinancing a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
There are some steps you can take before refinancing that can help reduce your new monthly payments:
• Build up your credit score to secure a better interest rate.
• Extend the term of your loan to lower your monthly payments, but be aware that it will increase the total interest you pay.
• Appeal your property tax to potentially lower your tax bill.
• Shop for a lower homeowners insurance rate to reduce your overall monthly payment.
The Takeaway
Mortgage refinancing can be a powerful way to manage your finances, but it’s important to understand the costs and benefits. The Minnesota mortgage refinance calculator helps you estimate your potential savings and break-even point. Before refinancing, consider your credit score, the type of loan you want, and how long you plan to stay in your home. Refinancing can lower your monthly payments, switch you to a fixed-rate mortgage, or provide access to home equity. However, refinancing also comes with closing costs and will reset your loan term. Use the calculator to make an informed decision and ensure that refinancing aligns with 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.
FAQ
How much does it cost to refinance your mortgage in Minnesota?
Refinancing your mortgage in Minnesota usually costs from 2% to 5% of the new loan amount. These expenses can include loan origination, credit report, and home appraisal fees, in addition to title search and title insurance costs. A Minnesota refinance calculator can help you estimate these costs and determine if refinancing is financially beneficial for your situation.
How much does it cost to refinance a $350,000 mortgage?
Refinancing a $350,000 mortgage generally incurs closing costs ranging from 2% to 5% of the total loan amount. This means you could pay between $7,000 and $17,500 in closing costs. A refinance calculator can help you estimate these costs and any potential savings from a lower interest rate or different loan term.
Do you have to put 20% down to refinance?
You don’t necessarily have to put 20% down. However, having at least 20% equity in your home may be required by the lender.
At what point is it not worth it to refinance?
The break-even point is a significant factor in determining if refinancing is worthwhile. It signifies the time it takes for the savings from a lower interest rate to cover the upfront costs of refinancing. A minimal interest rate reduction might not cover the refinancing costs. And if you plan to move or sell your home before reaching the break-even point, refinancing may not benefit you financially.
What month is best to refinance?
The best month to refinance often depends on the prevailing mortgage rates and your financial situation. Rates tend to be higher during spring and summer. However, the most important factor is whether the timing aligns with your personal financial goals and long-term objectives.
Which bank is best for refinancing?
Choosing the best bank for refinancing involves comparing lenders’ interest rates, loan terms, closing costs, and customer service. Online lenders offer competitive rates and streamlined processes, while local banks provide personalized service and flexibility. Use a refinance calculator to estimate costs and savings, and read customer reviews to gauge the lender’s reputation and customer satisfaction.
What credit score do you need for refinancing?
To qualify for a mortgage refinance, you typically need a credit score of at least 620 for conventional loans. Higher scores, such as 740 or above, can secure better terms and interest rates. Check your credit report for errors and work on improving your score if needed.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, such as securing a lower interest rate, reducing monthly payments, and saving money over the life of the loan. It can also enable you to switch from an adjustable-rate mortgage to a fixed-rate mortgage for stability. A cash-out refinance can access home equity that you can use for other financial needs, and refinancing to a shorter term can reduce the total interest you pay.
Does refinancing hurt your credit?
Refinancing can require the lender to make a hard credit inquiry, which may temporarily lower your score by a few points. However, this effect is usually minimal and short-lived if you continue making timely payments. Consolidating multiple debts into a single refinance can improve your credit score by reducing the number of accounts you have and lowering your overall debt load.
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-Q425-087
Get prequalified in minutes for a SoFi Home Loan.
Michigan Mortgage Refinance Calculator
Michigan Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can be a wise financial move if you want to lower your monthly payment or save on interest over the life of the loan. However, you should understand all the costs involved before committing to anything. When deciding how to refinance a mortgage, use a Michigan mortgage refinance calculator to estimate the costs and potential savings.
Key Points
• Using a mortgage refinance calculator can help you determine the point at which you’ll break even, allowing you to see if the savings from refinancing will outweigh the costs.
• Checking current mortgage rates is important for determining whether to refinance, as these factors can significantly impact potential savings.
• Purchasing mortgage points can lower your interest rate and monthly payments, but you’ll need to do a careful cost-benefit analysis with a home refi calculator to see if it’s worth it.
• Extending the loan term can reduce your monthly payments but increase the total interest paid over the life of the home loan, so always evaluate such a trade-off with a mortgage refi calculator before making this decision.
• Improving your credit score can lead to a better interest rate and lower your monthly payments.
Michigan Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan, and it determines how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount the lender charges. Refinancing with a lower interest rate can reduce your monthly payments and total interest costs.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. When refinancing, you can choose a shorter term that reduces the total interest paid or a longer term that lowers your monthly payments.
• Points: Mortgage points allow you to reduce the interest rate by prepaying the interest at closing. Each point costs 1% of the loan amount and can lower the rate by .25%.
• Other costs and fees: Refinancing involves origination fees, appraisal fees, and attorney fees, typically ranging from 2% to 5% of the loan amount. When estimating the total cost of refinancing, make sure you include these fees.
• Monthly payment: In addition to the principal, your monthly mortgage payment includes the interest on the loan. To determine if refinancing is right for you, use a refi mortgage calculator to estimate these interest costs, and compare them with your current loan.
• Total interest: The total interest is what you pay the lender over the life of the loan, excluding the principal. To determine if refinancing will save you money in the long term, compare the total interest on your current mortgage to the projected total interest of the refinance option you’re considering.
How to Use the Michigan Mortgage Refinance Calculator
How to Use the Michigan Mortgage Refinance Calculator
Input your current mortgage details and the potential new terms into the Michigan mortgage refinance calculator to estimate how much you could save if you switch. If the interest rate reduction is less than 0.5%, or if it will take more than two years to break even, it may not be worth refinancing.
Step 1: Enter Your Remaining Loan Balance
Enter the principal amount left on your current home loan to estimate the monthly payments and total interest savings.
Step 2: Add Your Current Interest Rate
Input your current interest rate, which you can find on your monthly mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Research mortgage rates to estimate your new interest rate. Then use the home refi calculator to determine the impact of the new rate on your monthly payments and the total interest. Lower rates mean more savings.
Step 4: Select Your Remaining Loan Term
Input your remaining loan term, which is the number of years left on your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term that suits your current needs. Remember that a shorter loan term reduces the total interest you’ll pay, while a longer term lowers your monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter any mortgage points you plan to purchase. Each point typically costs 1% of the loan amount and can reduce your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination fees, appraisal fees, and attorney fees. These typically range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
Calculate the break-even point, which is how long it will take for your savings from refinancing to cover the upfront costs.
Benefits of Using a Mortgage Refinance Payment Calculator
A refinance calculator can help you decide if refinancing is a good idea by showing any potential savings through lower payments or interest rates. The calculator also reveals the potential losses if your upfront costs exceed any savings.
It’s possible to make big savings with even small interest rate reductions, particularly on larger mortgages. For example, by switching from a 30-year to a 15-year loan, you can pay off your mortgage quicker and pay substantially less interest. You can use a refi calculator to explore different refinancing scenarios to understand if they are a viable option in the context of your financial goals.
What Is the Break-Even Point in Refinancing?
The break-even point is when the savings from your new mortgage cover the closing costs of refinancing. To find this point, subtract your estimated new monthly payment from your current mortgage payment, and then divide the closing costs by the monthly savings.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it will take 25 months to recoup those costs. If you plan to sell your home earlier than that, then refinancing might not be financially beneficial.
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 Michigan
In Michigan, mortgage refinancing involves costs ranging from 2% to 5% of the new loan amount. This includes fixed expenses, such as loan application fees, credit report fees, home appraisal fees, recording fees, and attorney fees, as well as percentage-based costs, such as loan origination fees and title search and insurance. For refinancing, you may not need to pay certain fees, such as those for title insurance and inspection.
To lower your closing costs, shop around, negotiate with multiple lenders, and maintain a strong credit score. Check for hidden fees, such as prepayment penalties, and remember that the type of mortgage loan you have also matters, as it may cost more to refinance a jumbo loan. A Michigan refinance calculator can help you estimate these costs and make a well-informed decision.
Although no-closing-cost refinance is also available, this may come with increased interest rates.
Tips on Reducing Your Mortgage Refinance Payment
Before you start refinancing your loan, here are some tips to help you minimize your monthly mortgage payment:
• Building up your credit score can help you to secure better interest rates.
• Extending the term of your loan can lower your monthly payments.
• Appealing your property tax could reduce your monthly mortgage payment.
• Shopping around for a lower homeowners insurance rate may help you save on premiums.
The Takeaway
Mortgage refinancing can be a powerful tool, but before making a decision, ensure you understand the associated costs. By using a Michigan mortgage refinance calculator, you can estimate the potential savings and costs, allowing you to feel more confident in your decision. If your aim is to lower your monthly payments or save on total interest, the calculator can help.
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.
FAQ
How much does it cost to refinance your mortgage in Michigan?
In Michigan, mortgage refinancing costs range from 2% to 5% of the new loan amount and include loan application fees, credit report fees, home appraisal fees, and title search and insurance fees.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage can cost between $6,000 and $15,000, or 2% to 5% of the loan amount. That includes loan application fees, credit report fees, home appraisal fees, and title search and insurance costs. By using a refinance calculator, you can estimate the break-even point.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment to refinance your mortgage, but having 20% equity may be required to qualify.
At what point is it not worth it to refinance?
It may not be worth refinancing if it will take more than two years to reach the break-even point or if the interest rate reduction is less than 0.5%. A refinance calculator can help estimate the break-even point and assess the long-term financial impact.
What month is best to refinance?
January and February often have lower mortgage rates due to decreased demand. But the best time for a refi mostly depends on the borrower’s financial readiness.
Which bank is best for refinancing?
The best lender will usually depend on your unique financial situation. Compare interest rates, loan terms, and fees from multiple lenders to find the best bank for refinancing your mortgage. Remember to consider the lender’s reputation, customer service record, and specific refinancing options, and use a refinance calculator to compare several lenders.
What credit score do you need for refinancing?
To refinance, you typically need a credit score of at least 620, but higher scores can lead to a better interest rate. You can improve your score by paying your bills on time, reducing any debt, and maintaining a low credit utilization ratio.
What are the advantages of refinancing your home?
Refinancing may reduce your monthly payments and the total interest you pay. A cash-out refinance allows you to use home equity for other expenses.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score, because of the hard inquiry. However, this effect is usually minimal, and the benefits, such as lower payments, can offset this. To minimize the impact on your credit, don’t take more than 14-45 days to shop around for rates.
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-Q425-086
Get prequalified in minutes for a SoFi Home Loan.
Louisiana Mortgage Refinance Calculator
Louisiana Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your mortgage in Louisiana allows you to adjust your loan terms to better suit your current financial situation, or even access the equity you’ve built up in your home over time. A Louisiana mortgage refinance calculator can help you determine if refinancing your current home loan is indeed the right financial move for you and your family.
Keep reading for more on refinancing your mortgage in Louisiana, whether or not it’s worth it, and how to use the Louisiana mortgage refi calculator.
Key Points
• The Louisiana mortgage refinance calculator can estimate your potential savings and new monthly payments, ensuring that refinancing aligns with your financial goals.
• Check current mortgage rates to determine if they are significantly lower than your existing rate, as this will help you decide if you should refinance.
• Be aware of all potential mortgage refinancing costs, which can range from 2% to 5% of the total loan amount.
• Consider the break-even point, which is the time it takes for the savings from your new mortgage to cover the upfront costs of refinancing.
• Building your credit score to 740 or above can help you secure better interest rates, potentially reducing your monthly payments and total interest paid.
Louisiana Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current home loan.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. Interest rates are determined based on credit history, market trends, and the type of mortgage loan. A lower new interest rate can reduce 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 on your current mortgage. The new loan term is the duration of the proposed refinance.
• Points: Mortgage 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%.
• Other costs and fees: Refinancing involves various costs, including origination fees, appraisal fees, and attorney fees. These typically range from 2% to 5% of the loan amount.
• Monthly payment: Your monthly payment is the amount you pay each month toward your principal balance and interest. It may also include homeowners insurance, private mortgage insurance, and homeowners association (HOA) fees.
• Total interest: Total interest is the cost of borrowing, excluding the principal. Comparing total interest for your current and potential refinance can help determine long-term savings.
How to Use the Louisiana Mortgage Refinance Calculator
To use the Louisiana mortgage refinance calculator, input your current mortgage details and proposed refinance terms. The calculator will estimate your new monthly payment and total interest savings. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance, which is the principal amount you still owe. This figure helps the calculator estimate your potential savings and costs.
Step 2: Add Your Current Interest Rate
Input your current interest rate to understand your current monthly payments and total interest. This helps in assessing potential savings with a new rate.
Step 3: Estimate Your New Interest Rate
Research current mortgage rates and input your anticipated new interest rate. A lower rate can reduce monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Enter the number of months left on your current mortgage. This helps in comparing your current and new loan terms.
Step 5: Choose a New Loan Term
Select a new loan term, which can be shorter or longer than your current term. A shorter term can reduce total interest paid but increase monthly payments. A longer term can lower monthly payments but increase total interest costs.
Step 6: Enter Any Points You Intend to Purchase
Input any mortgage points you plan to purchase. Each point costs 1% of the loan amount and can lower the interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs, such as lender fees, appraisal fees, and attorney fees. These typically range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
Calculate your break-even point by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then dividing the closing costs by the monthly savings.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator helps determine if a mortgage refinance can lower your monthly payment or interest rate, freeing up funds for other goals. It also reveals potential losses. By inputting different rates and loan terms, you can understand how refinancing impacts your monthly payment and total interest paid.
Lower monthly payments offer short-term savings, while lower total interest saves long-term. Even a small rate change on a large home loan can yield significant savings, especially with minimized lender fees. Refinancing from a 30-year to a 15-year loan accelerates mortgage payoff and can substantially reduce total interest.
And finally, if you have an adjustable-rate home loan (ARM), the calculator can compare your current costs to fixed-rate options.
What Is the Break-Even Point in Refinancing?
The break-even point is the number of months it takes to recoup the closing costs on your refinance. To find this, subtract your estimated new monthly payment from your current payment and divide the closing costs by the monthly savings.
For example, if refinancing a mortgage 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 this point, refinancing might not be beneficial.
The exception to this rule is a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest.
Recommended: How Soon Can You Refinance a Mortgage?
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 Louisiana
Mortgage refinancing costs in Louisiana range from 2% to 5% of the new home 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 loan origination (0.5%-1%), title search/insurance (0.5%-1%), and points. Some fees, like title insurance and inspections, are not required for refinancing. Comparison shop, negotiate with lenders, and maintain a 740+ credit score to lower costs.
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. Comparison shop lenders and loans to make sure you’re getting the best deal.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Here are some ways you can lower your mortgage refinance payment:
• Build up your credit score to secure better interest rates.
• Extend the term of your home loan to lower monthly payments.
• Shop for a lower homeowners insurance rate to decrease your monthly expenses.
• Shop around for the best rates and terms to find the most competitive offers.
The Takeaway
Refinancing your home loan can be a powerful tool to manage your finances effectively. A Louisiana mortgage refinance calculator helps estimate costs and savings, and understand new monthly payments. Whether you aim to lower your interest rate, change your loan term, or access home equity, the refinance calculator is essential for informed decision-making.
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.
FAQ
How much does it cost to refinance your home loan in Louisiana?
Refinancing costs in Louisiana typically range from 2% to 5% of the new home loan amount. These include lender fees, credit report fees, appraisal fees, title search and insurance, and escrow fees.
How much does it cost to refinance a $300,000 home loan?
Refinancing a $300,000 home loan can cost between $6,000 and $15,000, or 2% to 5% of the loan amount. These costs include lender fees, appraisal fees, title search and insurance, and other closing costs.
Do you have to put 20% down to refinance?
No, you don’t need to put 20% down to refinance. However, having at least 20% equity can help avoid private mortgage insurance (PMI).
At what point is it not worth it to refinance?
Refinancing may not be worth it if the break-even point extends too far into the future. For example, if your closing costs are $5,000 and monthly savings are $100, it would take 50 months (just over four years) to break even. If you plan to sell your home before this point, refinancing might not be beneficial.
What month is best to refinance?
The best month to refinance depends on current mortgage rates and your financial situation. If you plan to stay in your home long-term and rates are trending downward, refinancing could be a prudent decision.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your financial needs and the terms they offer. Consider factors like current mortgage rates, loan terms, refinancing costs, and customer service. Compare offers from multiple lenders to find the one that provides the most competitive interest rates and favorable repayment terms.
What credit score do you need for refinancing?
A credit score of at least 620 is typically required for conventional loans. Higher scores can secure better interest rates and terms. Check your credit report for errors and build your score if necessary.
What are the advantages of refinancing your home loan?
Refinancing can lower monthly payments, reduce total interest paid, switch to a fixed-rate loan, or access home equity. However, consider the refinancing costs, which can be 2% to 5% of the loan amount. Use a mortgage refinance calculator to assess the benefits and determine if refinancing aligns with your financial goals.
Does refinancing hurt your credit?
Refinancing can temporarily affect your credit score due to a hard inquiry. This impact is usually short-lived and can be mitigated by rate shopping within a short timeframe. Timely payments on your new loan can help your score recover and improve.
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-Q425-082
Get prequalified in minutes for a SoFi Home Loan.
Iowa Mortgage Refinance Calculator
Iowa Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
An Iowa mortgage refinance calculator can help you assess whether refinancing aligns with your financial goals. By inputting details of both your current and proposed loans, the calculator provides estimates of potential monthly savings and the total interest savings over the life of the loan.
Whether you’re looking to lower your interest rate, switch to a different type of mortgage loan, or access some of the equity you’ve built up in your home, a refinance calculator can guide you through the decision-making process and help you determine the best course of action.
Key Points
• An Iowa mortgage refi calculator can help determine whether refinancing will lower your monthly payments, reduce total interest paid, or allow you to access home equity.
• The break-even point is when the savings from refinancing will outweigh the associated costs.
• Refinancing costs typically range from 2% to 5% of the new loan amount, including origination fees, appraisal fees, and title insurance.
• A higher credit score, ideally 740 or above, can significantly improve your chances of securing a lower interest rate and more favorable terms when refinancing.
• Extending the term of your loan can lower monthly payments but will increase the total interest paid over the life of the loan, a trade-off that should be carefully considered.
Iowa 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: Current interest rates can fluctuate based on credit history, market trends, and the type of mortgage loan. A lower new interest rate can reduce 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 on your current mortgage. The new loan term is the total length of time you’ll have to repay the refinanced loan.
• Points: Mortgage points are optional upfront fees paid to the lender to reduce your interest rate. Each point costs 1% of the loan amount and can lower the rate by 0.25%.
• Other costs and fees: Refinancing introduces various costs, including origination fees, appraisal fees, attorney fees, and title insurance. Mortgage refinancing costs typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment is the amount you pay each month toward your home loan balance and interest. A refi mortgage calculator can help you compare your current monthly payment with the estimated payment after refinancing to potentially secure better terms.
• Total interest: Total interest is the cost you pay to the lender for borrowing money. A refinance calculator can help you estimate the total interest you would pay for your current mortgage versus a refinanced loan, aiding in your decision-making process.
How to Use the Iowa Mortgage Refinance Calculator
To use the Iowa mortgage refinance calculator, input your remaining loan balance, current and new interest rates, and loan terms. The calculator will help you assess potential savings and costs. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance, which is the principal amount you still owe on your current Iowa home loan. This figure helps the calculator estimate your potential savings and costs.
Step 2: Add Your Current Interest Rate
Input your current interest rate to assess the financial impact of refinancing. For instance, if your current rate is 7.00%, and you’re considering a refinance to a 6.50% rate, the calculator will show potential savings.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by researching current mortgage rates and considering your credit score and home equity. This helps you understand potential savings from refinancing, especially if rates have dropped since you initially purchased your home.
Step 4: Select Your Remaining Loan Term
Select your remaining loan term, which is the number of months left on your current mortgage. This estimates the total interest you’d pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Choose a new loan term, which can be shorter or longer than your current term. A shorter term can reduce total interest paid but increase monthly payments. A longer term can lower monthly payments but increase total interest costs.
Step 6: Enter Any Points You Intend to Purchase
Enter any points you plan to purchase. Mortgage points are upfront fees paid to the lender to reduce your interest rate. For example, if you plan to buy one point, the calculator will show the impact on your interest rate and monthly payments.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination fees, appraisal fees, and title insurance. These costs can range from 2% to 5% of the new loan amount. Inputting these fees helps you understand the total financial impact of refinancing.
Step 8: Review Your Break-Even Point
The calculator computes your break-even point by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then dividing the closing costs by the monthly savings.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator can help you evaluate whether a mortgage refinance is a smart financial move. By entering different interest rates and loan terms, the calculator shows potential savings on monthly payments and total interest. A lower monthly payment can provide immediate financial relief, while a lower total interest can save you money over the long term.
Additionally, the refinance calculator can help you compare the costs and benefits of refinancing from a 30-year to a 15-year loan, or from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs on your refinance through monthly savings. 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 saves you $100 a month and your closing costs are $2,500, it would take 25 months to break even. If you plan to move or sell your home before reaching this break-even point, refinancing may not be financially beneficial.
The exception to this rule is a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest.
Recommended: How Soon Can You Refinance a Mortgage?
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 Iowa
Refinancing a mortgage involves several costs, typically ranging from 2% to 5% of the new 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%), title search/insurance (0.5%-1%), and points. Some fees, like inspection, are not always required. Comparison shopping and negotiating can help you find the best deal.
Recommended: What Is a No-Closing-Cost Refinance?
Tips on Reducing Your Mortgage Refinance Payment
The goal of refinancing your mortgage is usually to lower your monthly payments. Here are other ways you can reduce your monthly payment:
• Extend the term of your home loan, but be aware this will increase total interest paid over the life of the loan.
• Shop around for the best rates and terms to find the most competitive offers.
• Maintain a strong credit score and pay down existing debts to improve your loan terms and reduce overall costs.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Whether you’re looking to lower monthly payments, pay off your home loan faster, or access home equity, the Iowa mortgage refi calculator helps you understand the financial impact. Always weigh the potential benefits against associated costs and long-term implications to ensure refinancing aligns with 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.
FAQ
How much does it cost to refinance your mortgage in Iowa?
Refinancing in Iowa involves costs ranging from 2% to 5% of the new loan amount. Common fees include loan application, credit report, appraisal, title insurance, and escrow fees.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 home loan can cost between $6,000 and $15,000, or 2% to 5% of the loan amount. Common fees include origination, appraisal, title insurance, and escrow fees.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having at least 20% equity can help you avoid private mortgage insurance (PMI).
At what point is it not worth it to refinance?
Refinancing is not worth it if your break-even point extends beyond a reasonable time frame. The break-even point is the number of months required for the cumulative savings from a lower interest rate to outweigh all associated refinancing costs.
What month is best to refinance?
The best month to refinance depends on market conditions and your financial circumstances. Historically, rates are more favorable in September and October. Monitor rates and consult a financial advisor to determine the most suitable time.
Which bank is best for refinancing?
The best lender for refinancing depends on your needs and financial goals. Consider factors like current mortgage rates, loan terms, and customer service. Compare offers from multiple lenders to find the one that provides the most competitive interest rates and favorable repayment terms.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans. Higher scores, ideally 740 or above, can secure better interest rates and terms. Check your credit report for errors and take steps to build your score before applying.
What are the advantages of refinancing your home?
Refinancing your home can offer several advantages, such as securing a lower interest rate, reducing monthly payments, and switching from an adjustable-rate mortgage (ARM) to a fixed-rate loan for increased stability. A cash out refinance also allows you to access your home equity for various purposes.
Does refinancing hurt your credit?
Refinancing can cause a temporary dip in your credit score due to a hard inquiry, but the effect is usually small and brief. Timely payments and a lower interest rate can offset this initial dip. Long term, refinancing can improve credit utilization by helping manage debt.
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-Q425-079
Get prequalified in minutes for a SoFi Home Loan.
Illinois Mortgage Refinance Calculator
Illinois Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan is a potentially powerful way to manage your finances more effectively; however, it’s important to fully understand both the potential benefits and the associated costs before making any decisions. Whether you’re an Illinois resident exploring your options, or a homeowner located in another state, utilizing a mortgage refinance calculator can be helpful. Let’s take a look at how a refinance calculator works and how to use it to your best advantage.
Key Points
• Using an Illinois mortgage refinance calculator can help homeowners estimate potential costs and savings linked to a new loan.
• The break-even point is an important number that helps determine if the savings from refinancing will outweigh the initial expenses within a reasonable timeframe.
• Refinancing to a lower interest rate, even by a small margin, can significantly reduce monthly payments and total interest paid.
• Choosing a shorter loan term through refinancing can lead to higher monthly payments but lower total interest costs.
• Purchasing mortgage points can lower your interest rate and monthly payments, but the upfront cost and break-even point must be carefully considered.
Illinois Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount still outstanding on your current home loan. Accurate input ensures a reliable estimate of monthly payments with a new loan.
• Current/New interest rate: Interest rate is the percentage of the loan amount charged by the lender. Lowering your interest rate can reduce monthly payments and total interest paid over the loan’s life.
• Remaining/New loan term: The loan term is the duration over which you will repay your mortgage. In this case, you’ll need to input both the number of years remaining on your existing loan and the number of years you would like for your new loan term.
• Points: Mortgage points are upfront fees paid to the lender to reduce your interest rate. Each point costs 1% of the loan amount and reduces your rate by 0.25%.
• Other costs and fees: Refinancing involves various costs and fees, such as origination fees, appraisal fees, and attorney fees. These can range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on your mortgage. The refi calculator helps you compare your current payment to your estimated new payment.
• Total interest: Total interest is the overall cost of the loan, excluding the principal amount. It can accumulate significantly over the life of the mortgage.
How to Use the Illinois Mortgage Refinance Calculator
You’ll need to input a few details into the Illinois mortgage refinance calculator to determine your estimated costs on a new loan.
Step 1: Enter Your Remaining Loan Balance
Find your current principal balance on your latest mortgage statement.
Step 2: Add Your Current Interest Rate
Your current loan’s interest rate should also be on your latest statement, if you don’t recall it.
Step 3: Estimate Your New Interest Rate
Estimate what your new interest rate would be by comparing offers from different lenders or checking current mortgage rates. The type of mortgage loan you choose will impact the rate you’re offered. A lower rate can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Type in the number of years you have left on your existing mortgage.
Step 5: Choose a New Loan Term
Input the number of years you would like to have to repay your new loan.
Step 6: Enter Any Points You Intend to Purchase
Purchasing points will lower your interest rate by .25%, but cost 1% of the loan amount upfront.
Step 7: Estimate Your Other Costs and Fees
Use your best estimate or check with your lender for a full list of fees.
Step 8: Calculate Your Break-Even Point
To determine your break-even point, the calculator divides the total costs of points and fees by the amount you stand to save on your monthly payment. This is the number of months you would need to stay in
your home to break even on the refinance.
Recommended: Cash-Out Refinance Loans
Benefits of Using a Mortgage Refinance Payment Calculator
Housing costs can be significant, but a home refi calculator can help assess if refinancing could lower your monthly payment, saving you money. The Illinois mortgage refinance calculator compares your current and potential new mortgage, showing monthly payments and total interest. If you’re wondering how soon you can refinance a mortgage, a refinance calculator can help you determine if you’re ready.
By inputting different rates and terms for the new mortgage, you can evaluate the financial impact of a refi. A lower payment frees up cash, while reduced interest saves money over the loan’s life. Even small interest rate reductions can yield considerable savings. Refinancing from a 30-year to a 15-year loan helps you build equity faster and cuts interest.
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: the time it takes 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 a refinance from your current mortgage payment. Then it divides the total closing costs by whatever amount you are saving each month. (If you aren’t seeing any savings with a refi, that’s one sign it might not make sense to swap out your loan.)
For example, if your closing costs are $4,000 and you save $100 on your monthly payment, it would take 40 months to break even. If you plan to sell your home before reaching this point, refinancing might not be worth it.
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 Illinois
Mortgage refinancing isn’t free. Mortgage refinancing costs in Illinois can come to 2% to 5% of the new loan amount in closing costs, and understanding the costs is a key part of learning how to refinance a mortgage. Typical fixed closing costs include loan application fees (up to $500), credit report fees ($25-$75), home appraisal fees ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Common percentage-based closing costs include loan origination fees (0.5%-1% of the purchase price), title search and insurance (0.5%-1% of the purchase price), and mortgage points.
While “no-closing-cost refinance” promotions may be appealing, they could be misleading, since many lenders will increase your interest rate to cover the cost of closing fees. So they’re not necessarily a good deal.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
When you’re thinking about a refi, the chief motivator is likely the idea of reducing your monthly payment. Here are a few things you can do at various points in the mortgage process to help you pay less.
• Build up your credit score before applying for a home loan or refinance. It will help you secure better interest rates.
• Extend the term of your loan in the refi to lower monthly payments. You might pay more interest over the long haul, but if short-term cost reduction is your goal, this could be worth it.
• Appeal your property tax assessment. A lower assessment could reduce your monthly mortgage payment if you pay taxes as part of your loan payment.
• Shop for a lower homeowners insurance rate to decrease the cost of insurance, which is often rolled into the monthly payment.
The Takeaway
Refinancing your mortgage can help you save money, but it requires careful consideration and planning. An Illinois mortgage refinance calculator can help you estimate your new monthly payments, see if they’ll save you money, and assist you in determining whether a refinance is worthwhile based on the new loan’s break-even point. Remember to weigh the immediate benefits against the long-term costs, and consider the purpose of the refinance to ensure it’s the right move for you. Getting loan rate estimates from multiple lenders can help you find the refi that’s the right fit.
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.
FAQ
How much does it cost to refinance your mortgage in Illinois?
Refinancing your mortgage in Illinois involves closing costs, which generally fall between 2% and 5% of the total new loan amount. These costs can encompass a range of fees, including loan application fees, credit report fees, home appraisal fees, title search fees, and insurance.
Do you have to put 20% down to refinance?
When refinancing your mortgage, you don’t need to put 20% down. However, having at least 20% equity in your home can help you avoid paying for private mortgage insurance (PMI), which can add to your monthly expenses.
At what point is it not worth it to refinance?
Refinancing might not be worth it if your break-even point is longer than the time you plan to stay in your home. For example, if your closing costs amount to $6,000 and you anticipate saving $200 per month, the break-even point would be 30 months. If you plan to move before this time elapses, the savings might not justify the costs.
Which bank is best for refinancing?
The best lender for a refinance isn’t necessarily the one who provided your current loan. Look around in the marketplace. Compare interest rates, loan terms, and customer service reputation from multiple lenders to find the best deal. Use an Illinois mortgage refinance calculator to estimate potential savings and costs associated with offers from different lenders.
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-Q425-077
Get prequalified in minutes for a SoFi Home Loan.
Stay up to date on the latest business news and stock market happenings.