Free New Hampshire Mortgage Refinance Calculator
New Hampshire Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
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.
Recommended: What Is a Cash-Out Refinance?
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.
Select a state to view current rates:
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.
FAQ
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.
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-Q425-093
Get prequalified in minutes for a SoFi Home Loan.
Free Montana Mortgage Refinance Calculator
Montana Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your mortgage can help you manage your long-term finances. However, before making any decisions regarding your home loan, you must understand the savings and costs involved. A Montana mortgage refinance calculator can help you assess the financial impact of refinancing by providing estimates for your monthly payments, the total interest you might pay over the life of your loan, and your break-even point. This guide explains how to use a Montana refinance calculator effectively, enabling you to make a well-informed decision about whether mortgage refinancing is right for you.
Key Points
• A Montana mortgage refinance calculator can help homeowners make informed decisions about whether refinancing is right for them.
• Refinancing costs, which typically range from 2% to 5% of the loan amount, include various fees for appraisal, origination, and title insurance, and should be factored into your decision.
• Extending the loan term can lower your monthly payments but increase the total interest paid, while shortening the term can do the opposite, so it’s important to consider your long-term financial goals carefully.
• Purchasing mortgage points can reduce your interest rate and potentially lead to significant long-term savings, especially if you plan to stay in your home for an extended period.
• The break-even point can help to determine whether the savings from refinancing will outweigh the upfront costs within your planned residency period.
• Improving your credit score can increase your chances of securing a lower interest rate and more favorable terms, potentially saving you thousands of dollars over the life of the loan.
Montana Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current mortgage. The amount will affect how soon you can refinance a mortgage.
• Current/New interest rate: The interest rate is the percentage of the loan amount charged annually by the lender. A new interest rate can significantly affect both your monthly payments and the total interest you will pay over the duration of the loan.
• Remaining/New loan term: The remaining loan term is the time left on your current mortgage, while the new term is the duration of the refinanced loan. A refi calculator can show the impact that refinancing could have on your monthly payments and total interest.
• Points: Mortgage points are optional upfront fees paid to the lender to lower your interest rate. Each point costs 1% of the loan amount and can reduce your rate by 0.25%.
• Other costs and fees: Other refinancing-related costs include origination fees, appraisal fees, attorney fees, and title insurance. Mortgage refinancing costs can range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on your mortgage. A refi mortgage calculator can help you compare your current and estimated new monthly payments.
• Total interest: Total interest is the amount you pay to the lender over the duration of the loan, excluding the principal. Using a home refi calculator to compare the total interest you’ll pay with your current mortgage and the estimated total interest with a refinanced loan can help determine long-term savings.
How to Use the Montana Mortgage Refinance Calculator
To use the Montana mortgage refinance calculator, enter your current mortgage details and proposed refinance terms. The calculator will estimate your potential savings, new monthly payments, and break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate to estimate your current monthly payment and interest costs. You can find your current interest rate on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from different lenders or checking online for current mortgage rates. A lower rate can reduce your monthly payments and total interest paid, especially if rates have dropped since you took out your initial loan.
Step 4: Select Your Remaining Loan Term
Input the number of years remaining on your current mortgage. The refi calculator will then estimate the total interest you’ll pay if you don’t refinance.
Step 5: Choose a New Loan Term
Select a new loan term that aligns with your financial goals. A longer term can lower monthly payments but accrue more interest, while a shorter term can reduce the total interest paid over the life of the loan but increase monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you intend to purchase. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%. Using the refi mortgage calculator can help you assess whether purchasing points is beneficial to your financial situation.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as home appraisal, credit report, origination, and attorney fees. These costs can range from 2% to 5% of the loan amount. Enter these figures into the refi calculator to see how these costs impact your potential savings.
Step 8: Review Your Break-Even Point
Your break-even point is the number of months it will take for the total savings to equal the cost of refinancing your mortgage. If you plan to stay in your home beyond this point, refinancing may be beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help determine whether refinancing can lower your monthly payments or interest rate and free up funds for other goals. The tool compares your current and potential new terms, showing how different interest rates and terms could affect your monthly payments and total interest paid. While lower payments offer immediate relief, reduced total interest could save you money in the long term. Even small rate reductions, such as a quarter percent, can yield significant savings.
A refi calculator can help you determine how to refinance a mortgage and assess the financial benefits. It can also help you consider the purpose of your refinance, whether it’s to lower your interest rate, switch to a different type of mortgage loan, or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
The break-even point is one of the most important things to consider when deciding whether to refinance your mortgage. It is the time it takes to recoup the closing costs on your refinance from monthly savings. You can find your break-even point by subtracting your new estimated monthly payment from your current one, then dividing the closing costs by the monthly savings.
For example, if refinancing saves you $200 a month and your closing costs are $11,000, it would take 55 months to break even. If you plan to sell your home before this point, refinancing may not be beneficial. Using a refi mortgage calculator can help you determine your break-even point, enabling you to make an informed decision about refinancing.
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 Montana
Mortgage refinancing costs in Montana typically range 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 loan origination fees (0.5%-1%) and title insurance (0.5%-1%). However, refinancing may not require certain fees, such as title insurance and inspection fees.
You could reduce your refinancing costs by comparing lenders, negotiating fees, and maintaining a high credit score. Some lenders offer a no-closing-cost refinance, but many will increase the interest rate to cover closing fees, so they’re not always cost-effective.
Refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
Lowering your monthly mortgage payment before beginning the refinancing process might help reduce your refinance payment. To achieve this, you could:
• Improve your credit score to secure lower interest rates.
• Consider extending the term of your loan to lower monthly payments, but remember that this could increase the total interest you will pay.
• Appeal your property tax to potentially decrease your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your mortgage can help you manage your finances effectively, but it requires careful consideration. A Montana mortgage refinance calculator can help you estimate potential savings and understand the financial impact of refinancing.
Whether you aim to lower monthly payments, reduce total interest, or access home equity, the calculator can provide valuable insights to help you determine if refinancing aligns with your long-term 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 Montana?
Refinancing your mortgage in Montana involves closing costs ranging from 2% to 5% of the new loan amount. This can include application, appraisal, credit report, and title insurance fees. Comparing offers from different lenders and negotiating these fees could help you reduce refinancing costs.
How much does it cost to refinance a $550,000 mortgage?
Refinancing a $550,000 mortgage can cost between $11,000 and $27,500, or 2% to 5% of the loan amount. Costs you must typically pay include appraisal, origination, title insurance, and attorney fees. A mortgage refinance calculator can estimate your total costs and potential savings.
Do you have to put 20% down to refinance?
Refinancing doesn’t require a 20% down payment, but having at least 20% equity can help you secure better terms and avoid private mortgage insurance. To calculate your equity percentage, subtract the balance you owe on your mortgage principal from your home’s estimated value, and then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing may not be worthwhile if you plan to move before the break-even point. For example, if closing costs are $10,000 and you save $200 per month, the break-even point is 55 months. If you don’t plan to own your home for at least five years, refinancing may not be beneficial. A mortgage refinance calculator can help you assess the long-term financial impact of refinancing.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial situation. Rates are typically lower during the fall and winter months, but you should monitor current rates and ensure you’re financially stable before beginning the refinancing process.
Which bank is best for refinancing?
The best bank for refinancing depends on your specific financial situation and refinancing needs. You should consider factors such as interest rates, fees, loan options, customer service, and reputation. You should also compare multiple lenders to find one that meets your requirements.
What credit score do you need for refinancing?
Lenders generally require a minimum credit score of 620 for conventional loans. A score of 700 or above can help you secure better interest rates and terms. Check your credit report and take steps to improve your score before applying.
What are the advantages of refinancing your home?
Refinancing your home can lower your interest rate, reduce your monthly payments, or shorten the loan term. Other options can include switching from an adjustable-rate mortgage to a fixed-rate mortgage and accessing home equity through a cash-out refinance, which can provide funds for expenses like renovations or debt consolidation.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal. A lower monthly payment improves your debt-to-income ratio, and paying off high-interest debt can boost your credit utilization rate. Making your new payments on time can help your credit score recover and potentially improve over time.
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-Q425-090
Get prequalified in minutes for a SoFi Home Loan.
Free Maryland Mortgage Refinance Calculator
Maryland Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your home loan can be a strategic financial move that allows you to save money, change the type of mortgage loan you have, or access the equity you’ve built in your home. A mortgage refinance calculator helps you evaluate the financial impact of refinancing your current mortgage. Inputting details of your current loan and any proposed refinance terms could give you a clearer picture of your refinancing costs and potential savings, helping you make an informed decision about how to proceed.
Key Points
• A Maryland mortgage refinance calculator can help homeowners evaluate the potential financial impact of refinancing their home loan.
• The refinance calculator can estimate monthly payments, total interest, and the break-even point, which help determine whether refinancing will be beneficial.
• Mortgage refinancing costs typically range from 2% to 5% of the loan amount, and a refinance calculator can help you factor these expenses into your decision.
• Purchasing points can lower your interest rate and monthly payments, but you should use a refinance calculator to evaluate the time it will take for the savings to cover the upfront cost.
• Reducing your loan term can reduce the total interest paid but increase monthly payments, while extending the term can do the opposite, so use a calculator to evaluate which could help you meet your financial goals.
Maryland Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current mortgage. This amount is key to knowing how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the total loan amount charged by the lender. A lower interest rate can reduce monthly payments and total interest paid over the life of the loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. Your new loan term can be shorter or longer, depending on how you choose to meet your financial goals. A shorter term could reduce total interest but increase your monthly payments.
• Points: Points are optional upfront fees that reduce your interest rate. Each point usually costs 1% of the loan amount and can lower your interest rate by 0.25%. It’s important to evaluate cost against potential savings when deciding whether to purchase points.
• Other costs and fees: Refinancing is associated with various costs, including origination fees, appraisal fees, and attorney fees. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest. A refinance calculator can help you compare your current monthly payment with the estimated payment after refinancing. Making lower monthly payments could free up cash flow, but that does not necessarily mean you’re saving in the long term.
• Total interest: Total interest is the cost paid to the lender over the life of the loan, excluding the principal. Compare total interest paid for your current mortgage with the projected total interest after refinancing to assess your potential long-term savings.
How to Use the Maryland Mortgage Refinance Calculator
To use the Maryland mortgage refinance calculator, input your remaining loan balance, current interest rate, estimated new interest rate, remaining loan term, new loan term, points you intend to purchase, and other costs and fees. The calculator will estimate the potential savings, costs, and break-even point of your mortgage refinance.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance, the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your interest rate so the calculator can estimate your monthly payment and total interest for your current loan. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by looking at offers from different lenders or checking online for current mortgage rates in your area. A lower rate could offer savings by reducing your monthly payments and total interest paid, particularly if rates have dropped since you took out your initial loan.
Step 4: Select Your Remaining Loan Term
Enter the number of years left on your mortgage. The home refi calculator will estimate the total interest you’ll pay if you remain on your current loan terms.
Step 5: Choose a New Loan Term
Choose a new loan term to help you evaluate how refinancing could help you meet your financial goals. A longer term can lower monthly payments, while a shorter term can save on interest.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%. Use the refi mortgage calculator to identify whether the interest savings outweigh the up-front cost.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as application, credit report, home appraisal, and attorney fees. Enter these into the calculator to see the impact on your potential savings.
Step 8: Review Your Break-Even Point
Review your break-even point, the number of months it will take for the total savings from the new loan to equal the total cost of refinancing. Depending on your financial goals and how long you plan to stay in your home, you can use this information to determine whether refinancing is financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator can help you evaluate whether refinancing could lower your monthly payment or interest rate and offer you long-term savings. It gives a thorough comparison of your current and potential loan terms, including monthly payments, interest rates, and total interest paid, allowing you to identify whether refinancing could be beneficial.
By entering different interest rates and loan terms, the calculator can help you identify how to refinance a mortgage to meet your financial goals. Reducing your monthly payment can free up funds for other purposes, while paying less total interest could mean significant savings over the duration of the loan.
What Is the Break-Even Point in Refinancing?
One of the most important things a mortgage refinance calculator estimates is the break-even point. This is when the savings from your new mortgage cover the closing costs of refinancing. To calculate your break-even point manually, you first calculate your monthly savings by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then divide the total closing costs by this value.
For example, if refinancing saves you $100 a month and your closing costs total $2,500, it would take 25 months to recoup those costs and begin seeing savings. If you plan to stay in your home longer than this, refinancing could be beneficial. If you don’t see any noticeable savings or you’re getting a negative number, it might make sense to keep your current 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 Maryland
Mortgage refinancing costs in Maryland are typically 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 and insurance (0.5%-1%), and points (1% of the mortgage amount per point). When refinancing, you may not be subject to certain purchase-related costs, such as title insurance and inspection fees.
To reduce your refinancing costs, compare offers from different lenders, negotiate fees, and keep your credit score as high as possible. Watch out for prepayment penalties and be cautious of no-closing-cost refinance offers as the interest rate is often increased to cover the closing fees, meaning they are not necessarily better value. Refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
To reduce your mortgage refinance payment, minimize your monthly mortgage payment before beginning the refinancing process. It may be beneficial to:
• Improve your credit score to secure a lower interest rate.
• Extend the term of your loan but be aware this increases the total interest paid.
• Appeal your property tax to potentially lower your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making your home more secure or storm-resistant.
The Takeaway
Refinancing your mortgage can be a way to save on monthly payments and the total interest you pay over the duration of your loan, but you should evaluate the costs and savings carefully. A mortgage refinance calculator can estimate monthly payments and total interest for a refinanced loan which you can compare to your current terms. Consider these figures and your break-even point to make an informed decision about proceeding with refinancing.
Whether you want to secure a lower interest rate, switch to a different type of loan, or access the equity you’ve built up in your home, the refi calculator can help you understand the potential financial impact and determine how refinancing aligns with your long-term 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 Maryland?
Mortgage refinancing in Maryland typically costs 2% to 5% of the new loan amount. This includes application, appraisal, title search, and credit report fees. Compare offers from lenders and negotiate fees to reduce your refinancing expenses.
How much does it cost to refinance a $450,000 mortgage?
Refinancing a $450,000 mortgage generally costs between $9,000 and $22,500, including origination, recording, attorney, and mortgage insurance fees. Use the break-even point estimated by a refinance calculator to decide whether your potential savings outweigh these costs.
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 or mortgage insurance premium payments. Calculate your equity percentage by subtracting the balance you owe on your mortgage principal from the estimated value of your home and then dividing this by your home’s value.
At what point is it not worth it to refinance?
If your break-even point extends beyond the amount of time you intend to stay in your home, refinancing may not be worthwhile. A refinance calculator can estimate this point and help you decide whether refinancing will be beneficial.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial goals. Interest rates are often lower in fall and winter due to decreased home buying activity. Monitor rates and consider factors such as your credit score and home equity before starting the refinancing process.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial situation and goals. Compare interest rates, terms, and fees from multiple lenders and consider their reputation, customer service, and online tools to find a bank that suits you.
What credit score do you need for refinancing?
Most lenders require you to have a minimum credit score of 620 for a conventional loan, but a higher score of 700 or above, can help you secure better rates. Check your credit report and take steps to improve your score before applying for refinancing.
What are the advantages of refinancing your home?
Refinancing can potentially secure you a lower interest rate, reducing your monthly payments and total interest. You could also refinance to switch mortgage type, or complete a cash-out refinance to access home equity for debt consolidation or home improvements.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry. However, the benefits of a lower interest rate or shorter loan term often allow your score to recover from the initial dip and improve in the long term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Free Maine Mortgage Refinance Calculator
Maine Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your mortgage can be a useful tool to improve your finances, but it’s important to understand the process and the potential benefits and drawbacks. Whether you’re looking to secure a lower interest rate, change the type of mortgage loan you have, or tap into your home’s equity, this mortgage refinance calculator can provide valuable insights to guide your decision-making process and help you make informed choices.
Key Points
• Using a mortgage refinance calculator can help you assess whether refinancing your current home loan is a smart move, considering potential costs and savings.
• Mortgage refinancing costs in Maine typically range from 2% to 5% of the loan amount and should be considered when making a decision.
• Even a reduction of 0.25% in your interest rate can result in savings over the life of the loan, especially for larger mortgages.
• Purchasing mortgage points can lower your interest rate, but it’s important to consider the upfront cost and the time it will take to recoup this expense.
• Extending your home loan term can reduce your monthly payments but increase the total interest paid over the life of the loan.
• The Maine refi mortgage calculator can help you estimate the break-even point, which is important for determining if refinancing aligns with your financial goals.
Maine Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current mortgage, excluding interest charges. This number affects how soon you can refinance your mortgage.
• Current/New interest rate: The current interest rate is the percentage charged by the lender on your existing mortgage. The new interest rate is the rate you would receive with the refinanced loan.
• 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 duration of the refinanced loan. Shorter terms reduce the total interest but increase your monthly payments.
• Points: Mortgage points are optional upfront fees paid to secure a lower interest rate. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%.
• Other costs and fees: Other costs and fees associated with refinancing include origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Use a refi calculator to compare your current and estimated new monthly payments.
• Total interest: Total interest is the amount you pay the lender over the life of the loan, excluding the principal. A home refi calculator can help you identify potential savings by comparing the total interest paid on your current mortgage and the total interest paid after refinancing.
How to Use the Maine Mortgage Refinance Calculator
To use the Maine mortgage refinance calculator, enter your current mortgage details and potential new loan terms. This will help you estimate monthly savings, total interest paid, and the break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance, which is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate, which is the percentage charged on your existing mortgage. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate the new interest rate you anticipate for the refinanced loan. Find rates by comparing offers from different lenders or searching online for current mortgage rates. A lower rate can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage. This allows the calculator to compare your existing loan with the proposed refinance.
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 reduces total interest but increases monthly payments, while a longer term does the opposite.
Step 6: Enter Any Points You Intend to Purchase
Input the number of points you plan to buy. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point to determine how long it will take for your savings from refinancing to cover the closing costs. If you plan to stay in your home beyond this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing could lower your monthly payment or interest rate. The calculator provides a thorough comparison of your current and proposed loans, showing how different interest rates and loan terms could affect your monthly payment and total interest. Even a reduction of 0.25% in your interest rate can lead to considerable savings, especially for larger home loans. By experimenting with different interest rates and loan terms, the calculator can help you determine how to refinance your mortgage.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it will take for the savings from your new home loan to cover the closing costs. To find this, subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by this number.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it will take 25 months to recoup the costs. If you plan to sell your house within two years, refinancing may not be the right 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 Maine
Mortgage refinancing costs in Maine are typically 2% to 5% of the new loan. Fixed costs include application fees, credit reports, appraisals, recording fees, and attorney fees.
Percentage-based costs include loan origination and title services. Some refinance fees, like title insurance, may be negotiable. Shop around, negotiate with lenders, and maintain a strong credit score to lower costs. Watch for prepayment penalties. Skipping an appraisal is possible in some cases.
Some lenders offer a no-closing-cost refinance, but these often come with increased interest rates and are not always more cost-effective. Refinancing a jumbo loan may also come with higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
There are ways to minimize your monthly mortgage payment. Try to do this before beginning the refinancing process:
• Maintain a good credit score to qualify for more favorable loan conditions.
• Shop around for the best rates and terms.
• Negotiate with lenders to minimize fees.
• Extend the term of your home loan to lower your monthly payments, but be aware that this could increase the total interest you’ll pay.
• Mortgage payments often include homeowners premiums, so look around for a lower homeowners insurance rate by increasing your deductible or bundling your policies.
The Takeaway
Using a mortgage refinance calculator helps you assess the financial benefits and drawbacks of refinancing. By inputting your current mortgage details and potential new loan terms, you can estimate your monthly savings, total interest paid, and the break-even point. Consider your credit score, home equity, and financial goals before applying. Weigh the long-term impact, and explore alternatives such as recasting your existing loan or making extra payments toward the principal before committing to 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.
FAQ
How much does it cost to refinance your mortgage in Maine?
Mortgage refinancing in Maine typically involves closing costs ranging from 2% to 5% of the new loan amount. These costs include application, credit report, appraisal, title search, and insurance fees. Use a Maine mortgage refinance calculator to estimate your potential savings and determine if the costs are worth it.
How much does it cost to refinance a $400,000 mortgage?
Refinancing a $400,000 home loan can cost $8,000 to $20,000, or 2% to 5% of the loan amount. Use a refinance calculator to estimate your potential savings and break-even point.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment when refinancing, but lenders typically require at least 20% equity in your home to avoid private mortgage insurance. To calculate your equity percentage, subtract the balance you owe on your principal from your home’s estimated value, then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing may not be worth it if the break-even point is too far in the future. For example, if the upfront costs are $5,000 and you save $100 per month, it would take 50 months to break even. If you plan to move or sell your home before this point, the savings might not justify the costs.
What month is best to refinance?
The best month to refinance depends on current mortgage rates and your financial objectives. You should monitor rates throughout the year and use a mortgage refinance calculator to estimate savings and break-even points.
Which bank is best for refinancing?
The best bank depends on your financial situation and refinancing needs. Compare offers from different banks, and consider factors such as reputation, customer service, and available refinancing options. Gather loan estimates, and use a mortgage refinance calculator to compare total costs and potential savings.
What credit score do you need for refinancing?
To qualify for a home loan refinance, you typically need a minimum credit score of 620 for conventional loans. A score above 700 can help you secure better rates and terms. Check your credit score, and take steps to improve it before refinancing.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, including securing a lower interest rate or accessing home equity through a cash-out refinance. However, these should be weighed against potential costs, such as closing fees.
Does refinancing hurt your credit?
Refinancing can temporarily impact your credit score due to a hard credit inquiry, but this effect is usually minimal and short-lived. Multiple inquiries within a short period (14-45 days) are often treated as a single inquiry. Managing your new payments responsibly can improve your credit score over time.
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-Q425-083
Get prequalified in minutes for a SoFi Home Loan.
Kansas Mortgage Refinance Calculator
Kansas Mortgage Refinance Calculator
By SoFi Editors | Updated November 5, 2025
Refinancing your mortgage can improve your long-term financial health. However, it’s important to understand the savings and costs involved before making a decision about your home loan. Based on information about your situation, a mortgage refinance calculator can estimate your potential new monthly payments, the total interest you might pay over the life of the loan, and the time it will take to break even on refinancing costs. This guide will explain how you can use a Kansas mortgage refinance calculator to help you make an informed decision about whether refinancing aligns with your financial goals.
Key Points
• A Kansas mortgage refinance calculator can help homeowners make informed financial decisions.
• The refinance calculator helps estimate monthly payments, total interest, and the break-even point, which are key to determining if refinancing is beneficial.
• Mortgage refinancing costs typically range from 2% to 5% of the loan amount and should be factored into your decision-making process.
• Improving your credit score can help you secure better interest rates and terms when refinancing.
• Extending the loan term can lower monthly payments but increase the total interest paid, while shortening the term can do the opposite, so use the calculator to help you determine how you can best meet your financial goals.
• Purchasing points can reduce the interest rate on a refinanced mortgage, but you should use a refinance calculator to assess the time it will take to recoup the upfront cost through savings.
Kansas Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current mortgage. This number affects how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. A new interest rate can significantly affect your monthly payments and total interest paid over the duration of the loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage, and the new loan term is the duration over which you’ll repay the refinanced loan. Shorter terms reduce the total interest but increase your monthly payments.
• Points: Mortgage points are optional upfront fees paid to lower the interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25\%.
• Other costs and fees: Other costs associated with refinancing include origination fees, appraisal fees, and attorney fees. These can range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment covers the principal and interest. A refinance calculator helps you compare current and estimated new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the duration of the loan, excluding the principal. Using a refinance calculator to compare the total interest you’ll pay with your current mortgage and the estimated total interest following a mortgage refinance can help you identify potential long-term savings.
How to Use the Kansas Mortgage Refinance Calculator
To use the Kansas mortgage refinance calculator, input information about your current loan and desired refinance. The calculator will estimate your break-even point and assess the overall impact on your monthly payments and total interest paid.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate to estimate your current monthly payment and interest costs. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from different lenders or checking online for current mortgage rates available in your area. A lower rate can reduce your monthly payments and total interest paid, especially if rates have dropped since you took out your initial mortgage.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage so the home refi calculator can estimate the total interest you’ll pay if you do not refinance.
Step 5: Choose a New Loan Term
Choose a new loan term to determine how you can meet your financial goals. A longer term can lower monthly payments, while a shorter term can save on interest.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25\%. Use the refi mortgage calculator to identify whether purchasing points will benefit you.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, credit report, home appraisal, and attorney fees. These costs can range from 2% to 5% of the loan amount. Enter these into the calculator to see the impact on your potential savings.
Step 8: Calculate Your Break-Even Point
Calculate your break-even point, which is the number of months it will take for the total savings from the new loan to equal the total cost of refinancing. If you plan to stay in your home beyond this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing can reduce your monthly payment or interest rate, potentially saving you money in the long term. It provides a thorough comparison of your existing and potential new mortgage terms, including monthly payments, interest rates, and total interest paid.
By experimenting with different interest rates and loan terms, the calculator can help you determine how to refinance a mortgage. You can test how refinancing might impact your monthly payments and the total interest you’ll pay. A decreased monthly payment could free up funds for other financial goals, while paying less total interest can mean substantial savings over the loan’s duration.
What Is the Break-Even Point in Refinancing?
The break-even point is one of the most important factors in deciding whether refinancing your mortgage will be beneficial. It is the time it takes to recoup the closing costs on your refinance through monthly savings. To find your break-even point, first calculate your monthly savings by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by this value.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take you 25 months to break even and start seeing savings. If you plan to sell your home before reaching this point, refinancing may not be the right strategy. If you don’t see any savings or are getting a negative number, it might not make sense to refinance your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Kansas
Mortgage refinancing costs in Kansas are typically 2% to 5% of the new loan amount. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000, which may be waived in some cases), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Percentage-based costs include origination fees (0.5%-1%), title search and insurance (0.5%-1%), points (1% of the mortgage amount per point), and mortgage insurance (the cost of which varies depending on the type of mortgage loan you choose). Refinancing may not require certain purchase-related fees, such as title insurance and inspection fees.
Reduce your refinancing costs by comparing lenders’ offers, negotiating fees, and keeping your credit score as high as possible. Some lenders offer a no-closing-cost refinance, but as the interest rate is often increased to cover the closing fees, these are not necessarily more cost-effective.
Refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
Minimizing your monthly mortgage payment before starting the refinancing process can help reduce your mortgage refinance payment. Try to:
• Improve your credit score to secure lower interest rates.
• Extend the term of your loan, but remember that this could increase the total interest paid.
• Appeal your property tax to potentially lower your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your mortgage can be financially beneficial, helping you save on monthly payments and total interest. A Kansas mortgage refinance calculator is a tool that helps you estimate potential savings, associated costs, and your break-even point, enabling you to make an informed decision.
Whether you aim to lower your monthly expenses, access the equity you’ve built on your home, or switch to a different type of loan, the refi calculator can help you understand the financial implications of refinancing. Considering the impact of refinancing alongside your long-term financial goals and the conditions of your current mortgage can help you determine whether to proceed.
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 Kansas?
Refinancing your mortgage in Kansas involves closing costs ranging from 2% to 5% of the new loan amount. This can include credit report, application, title search, and appraisal fees. Compare offers from different lenders, and negotiate these fees to reduce your refinancing costs.
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. Fixed costs you typically have to pay include application, attorney, and credit report fees. A mortgage refinance calculator can estimate your total costs and potential savings.
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. To calculate your equity percentage, subtract the balance you owe on your mortgage principal from your home’s estimated value, and then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing may not be worthwhile if the break-even point is too far in the future relative to how long you plan to own your home. A mortgage refinance calculator can estimate your break-even point and help you determine whether refinancing would be beneficial.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial goals. Rates are typically lower in fall and winter, but you should monitor current rates and ensure you’re financially stable before beginning the process.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial situation and goals. Consider factors such as interest rates, fees, customer service, and loan options. Compare offers from multiple lenders to find one that provides repayment terms that suit you.
What credit score do you need for refinancing?
Most lenders require you to have a minimum credit score of 620 for conventional loans. A higher score, such as 700 or above, can help you secure better interest rates and terms. Check your credit report, and take steps to improve your score before applying.
What are the advantages of refinancing your home?
Refinancing can lower interest rates, reduce monthly payments, and decrease total interest paid. Other options when refinancing include switching from an adjustable-rate mortgage to a fixed-rate mortgage and accessing home equity through a cash-out refinance.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but managing payments carefully during the transition can minimize the negative impact. Making your new payments on time can help your credit score recover and potentially improve in the long term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-080
Get prequalified in minutes for a SoFi Home Loan.
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