Delaware Mortgage Refinance Calculator
Delaware Mortgage Refinance Calculator
By SoFi Editors | Updated November 6, 2025
Refinancing your mortgage can be a powerful long-term, money-saving strategy that can help you adjust your existing mortgage to your financial situation and allow you to access your home equity. The Delaware mortgage refinance calculator can help you understand the implications and benefits of refinancing, making it a useful tool for homeowners. This guide will introduce what you need to consider when refinancing your home and explain how to use the refinance calculator to make informed decisions.
Key Points
• The Delaware mortgage refinance calculator can help homeowners estimate the financial impact of refinancing.
• The break-even point determines if the savings from a lower interest rate will outweigh the refinancing costs within a reasonable time frame.
• A lower interest rate can significantly reduce your monthly payments and the total interest paid over the loan duration.
• Purchasing mortgage points can lower the interest rate and lead to long-term savings. This is helpful if you plan to stay in your home for a long time.
• Switching from an adjustable-rate mortgage to a fixed-rate mortgage can provide stability and protect you from future rate increases.
Delaware Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing mortgage, which impacts how soon you can refinance a mortgage.
• Current/New interest rate: The interest is the percentage of the loan amount that the lender charges. A lower new interest rate can reduce your monthly payments and the total interest you pay over the loan duration.
• Remaining/New loan term: The remaining loan term is the number of months left on your current home loan, and the new loan term is the refinanced loan’s duration. You can save on interest with a shorter term, while extending it can reduce monthly payments.
• Points: Mortgage points are upfront fees you pay to reduce the interest rate. Each point costs 1% of the loan amount and can lower the rate by about 0.25%.
• Other costs and fees: Mortgage refinancing costs include origination fees, appraisal fees, and attorney fees. These costs typically range from 2% to 5% of the refinanced loan amount.
• Monthly payment: Your monthly mortgage payment generally includes the principal amount and the interest. A refi mortgage calculator can help you estimate the new monthly payment and total interest you would pay over the loan’s duration.
• Total interest: The total interest is the amount you pay the lender over the duration of the mortgage, excluding the principal amount. A lower interest rate can reduce the total interest you pay on the mortgage refinance.
How to Use the Delaware Mortgage Refinance Calculator
Input your information into the Delaware mortgage refinance calculator to estimate your potential savings and costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance, which is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input the current interest rate found on your latest mortgage statement, or contact your lender for this value.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from various lenders or searching online for the current mortgage rates in Delaware. A lower rate can reduce your monthly payments and total interest.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage into the refi calculator.
Step 5: Choose a New Loan Term
Select a new loan term, anywhere from 10 to 30 years. A shorter term allows you to save on interest, while a longer term lowers monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. Each point comes with an upfront cost and can lower the interest rate.
Step 7: Estimate Your Other Costs and Fees
Calculate the other costs and fees, such as application fees, appraisal fees, and attorney fees. Input these into the home refi calculator to see their impact on your potential savings.
Step 8: Calculate Your Break-Even Point
Calculate your break-even point, the number of months it takes for any savings on your monthly payment to offset the closing costs. This information will enable you to decide if refinancing will be beneficial for you.
Recommended: How to Refinance a Mortgage
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, or whether you might lose money by refinancing. By entering different interest rates and loan terms, you can observe the impact of refinancing on your monthly payment and total interest.
Even a small reduction in your interest rate, such as a quarter percentage point, can result in significant savings, especially for larger home loans. The refi calculator can also help you compare the costs and benefits of switching your type of mortgage loan, for example, from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
What Is the Break-Even Point in Refinancing?
A mortgage refinance calculator can help you determine your break-even point. This shows the number of months it will take to recoup the closing costs associated with your refinance. To find the break-even point, subtract your monthly payment after the refinance from your current mortgage payment. Then, divide the total closing costs by the amount you are saving each month.
For example, if refinancing saves you $100 each month and your total closing costs amount to $2,500, it will take 25 months to cover those costs and start saving. Refinancing might not be beneficial if you plan to sell the house before reaching the break-even point.
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 Delaware
Mortgage refinancing costs are typically 2% to 5% of the new loan. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1%), title search/insurance (0.5%-1%), points, and mortgage insurance (this varies).
Some refinance fees, such as title insurance or inspections, may be waived. To reduce costs, compare lenders, negotiate with them, and work on building your credit score. Some lenders offer a no-closing-cost refinance but these tend to have higher interest rates.
Recommended: How to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Before refinancing, you can minimize your monthly mortgage payment by:
• Building up your credit score, allowing you to secure a lower interest rate.
• Extending the loan term, reducing your monthly payments. However, this may increase the total interest.
• Appealing your property tax to lower your overall tax bill.
• Shopping for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Mortgage refinancing can be a powerful financial management strategy, but it requires careful consideration and a plan. Using the Delaware mortgage refinance calculator can help you estimate potential savings and associated costs, revealing the overall impact refinancing could have on your finances. The mortgage refinance calculator is a useful tool if you’re looking to lower your monthly payments, change your loan term, or access your home equity. Before refinancing, consider the potential costs involved and long-term benefits to ensure it 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 Delaware?
Mortgage refinancing costs in Delaware typically range from 2% to 5% of the new loan amount. These costs include fees for the lender, credit report, appraisal, title search and insurance.
How much does it cost to refinance a $350,000 mortgage?
To refinance a $350,000 mortgage, you can expect to pay closing costs ranging from 2% to 5% of the total loan amount, or between $7,000 and $17,500. These costs include lender fees, appraisal fees, title search and insurance, and administrative expenses.
Do you have to put 20% down to refinance?
You don’t need to put 20% down for refinancing, but having at least a 20% equity in your home can help you avoid private mortgage insurance (PMI). If you have less than a 20% equity, consider using the FHA Streamline, Fannie Mae RefiNow, or Refi Possible programs, which offer refinancing options with fewer requirements.
At what point is refinancing not worth it?
Refinancing might not be worth it if you plan to move within a few years or if the interest rate reduction is minimal. Using a mortgage refinance calculator will help you estimate your break-even point and assess the long-term financial impact.
What month is best to refinance?
The fall or winter seasons tend to be a good time for mortgage refinancing, as interest rates are typically lower. Consider this along with your personal financial situation to determine if the timing is right.
Which bank is best for refinancing?
The best bank depends on your financial situation and goals. When looking at lenders, consider those with transparent and competitive rates, streamlined processes, and excellent customer service.
What credit score do you need for refinancing?
To qualify for the best rates, you should have a credit score of at least 700. Lower scores may still allow refinancing but with less favorable terms. You can improve your score by paying your bills on time, reducing your credit card balances, and addressing inaccuracies on your credit report.
What are the advantages of refinancing your home?
Refinancing your home can help you secure a lower interest rate, reduce monthly payments, or switch from an adjustable-rate mortgage to a fixed-rate loan for increased stability. A cash-out refinance also allows you to access your home equity for debt consolidation or improvements. Eliminating private mortgage insurance can also lower monthly payments.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to the hard credit inquiry. However, successful refinancing and consistent payments can improve your debt-to-income (DTI) ratio and credit utilization, potentially boosting your score.
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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Get prequalified in minutes for a SoFi Home Loan.
Free Colorado Mortgage Refinance Calculator
Colorado Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your mortgage can be a powerful means to save money and adjust your financial strategy. Potential benefits include lower monthly payments, shorter loan terms, or access to home equity. This guide will walk you through how a mortgage refinance calculator can help you make an informed decision by estimating your potential savings and costs.
Key Points
• A Colorado mortgage refinance calculator can help you understand the financial impact of refinancing, including both potential savings and costs.
• Using a mortgage refinance calculator to determine the break-even point can help you see if refinancing is financially beneficial in the long run.
• Refinancing can offer significant benefits, such as lower monthly payments, shorter loan terms, or access to home equity, but it comes with closing costs that you must factor into your decision.
• Improving your credit score, ideally to 740 or above, can lead to more favorable interest rates and terms when refinancing your mortgage.
• Choosing a new loan term, whether shorter or longer, should align with your financial goals, as it affects both monthly payments and the total interest you will pay over the life of the loan.
• Estimating other associated costs, such as origination fees and appraisal fees, is vital for a realistic assessment of the financial implications of refinancing.
Colorado Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount still outstanding on your current mortgage. It affects how soon you can refinance a mortgage and the loan payoff date.
• Current/New interest rate: Interest is the percentage of the loan amount that the lender charges. The new interest rate can significantly impact your monthly payments and total savings.
• Remaining/New loan term: The remaining loan term is the number of months left to pay off your current mortgage. The new loan term can be shorter or longer and will affect monthly payments and the total interest you pay.
• Points: Points are optional upfront fees that reduce your interest rate. Each point costs 1% of the loan amount and can lower your interest rate by 0.25%.
• Other costs and fees: Other costs and fees include origination fees, appraisal fees, and closing costs. These can range from 2% to 5% of the new loan amount and affect your overall savings.
• Monthly payment: Your monthly payment includes the principal and interest on your mortgage. You can reduce it by securing a lower interest rate or extending the loan term.
• Total interest: Total interest is the amount you pay to the lender over the life of the mortgage, excluding the principal. A lower interest rate or shorter term can reduce total interest paid on a mortgage refinance.
How to Use the Colorado Mortgage Refinance Calculator
Enter your remaining home loan balance, current and new interest rates, and loan terms to estimate potential savings and costs. Consider the break-even point to determine if refinancing aligns with your financial goals.
Step 1: Enter Your Remaining Loan Balance
Input your remaining loan balance into the refi mortgage calculator. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Enter your current interest rate, which you can find on your latest mortgage statement or by contacting your lender. This can be compared with potential new rates to help estimate savings.
Step 3: Estimate Your New Interest Rate
Input an estimated new interest rate to see how it affects your monthly payments and total interest. Check online for current mortgage rates in your area.
Step 4: Select Your Remaining Loan Term
Enter your remaining loan term to estimate the total interest you would pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term to see how it may impact your monthly payments and total interest. A longer term can lower monthly payments, while a shorter term can reduce total interest paid over the life of the loan.
Step 6: Enter Any Points You Intend to Purchase
Input the number of points you plan to purchase to see how they may impact your interest rate and monthly payments. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Input other costs and fees, such as application fees, appraisal fees, and attorney fees, to get a realistic estimate of your total refinancing expenses.These typically come to 2% to 5% of the loan amount.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point, which is the number of months needed for the total savings from the new loan to equal the total cost of refinancing. This can help you determine whether refinancing would be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator helps you evaluate the financial impact of refinancing. It shows how different interest rates and loan terms affect monthly payments and the total interest you will pay. This tool can highlight if refinancing is beneficial or if the upfront costs outweigh the savings. By experimenting with various scenarios, you can make an informed decision that is right for your situation.
The home refi calculator can also help you determine how to refinance a mortgage. It will help you consider the purpose of your refinance, whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
The break-even point is when the savings from your new mortgage cover the closing costs. The calculator computes it by subtracting your potential new monthly payment from your current payment, then dividing 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 stay in your home longer than this, refinancing could be a smart 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 Colorado
Mortgage refinancing costs in Colorado are generally 2% to 5% of the new loan. Typical fixed 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+). Percentage-based costs often include loan origination fees (0.5%-1% of the purchase price) and title search and insurance (0.5%-1% of the purchase price).
Certain fees, such as title insurance and inspection fees, may not be required for refinances. Shop around and negotiate with multiple lenders to lower your closing costs. Some lenders offer a no-closing-cost refinance, but these may come with a higher interest rate. Refinancing a jumbo loan may also come with higher costs.
Tips on Reducing Your Mortgage Refinance Payment
There are steps you can take to minimize your monthly mortgage payment in the context of a refinance. Try to do this before beginning the refinancing process:
• Build up your credit score to secure a lower interest rate.
• Compare offers from multiple lenders to find the best rates and terms.
• Extend the term of your loan to reduce monthly payments.
• Shop for a lower homeowners insurance rate to reduce your monthly expenses.
The Takeaway
Using a Colorado mortgage refinance calculator can provide valuable insights into the financial implications of refinancing. This tool can help you estimate potential savings, new monthly payments, and the break-even point. While refinancing can offer benefits such as lower interest rates and reduced monthly payments, you must also consider closing costs and your long-term financial goals. Always weigh short-term savings against long-term impact to ensure refinancing is right for you.
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 Colorado?
Refinancing a mortgage in Colorado typically costs 2% to 5% of the new loan amount in closing costs. These include lender fees, credit report fees, appraisal fees, and other expenses.
How much does it cost to refinance a $600,000 mortgage?
Refinancing a $600,000 mortgage can cost between $12,000 and $30,000 in closing costs (usually between 2% and 5%). These fees include loan application, credit report, appraisal, and recording fees.
Do you have to put 20% down to refinance?
No, you don’t need to put 20% down to refinance, but having at least 20% home equity can secure better terms. If you have less than 20% equity, you may need to continue paying 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 is too far in the future. For example, if closing costs are $12,000 and monthly savings are $400, it would take 30 months to break even. If you plan to move or sell before this point, refinancing might not be beneficial.
What month is best to refinance?
The best month to refinance depends on market conditions. However, interest rates are often lower in fall and winter due to reduced demand. Monitor economic factors and consult a financial advisor to determine the optimal time.
Which bank is best for refinancing?
The best bank for refinancing depends on your needs. Compare multiple lenders to find the most favorable interest rates, closing costs, and loan options. Be sure to consider the lender’s reputation and customer service.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for conventional loans. However, a score of 700 or above can secure better terms. Check your credit report for errors and take steps to improve your score before applying.
What are the advantages of refinancing your home?
Advantages of refinancing include lower monthly payments, reduced total interest, and access to home equity. Switching from an adjustable-rate mortgage to a fixed-rate mortgage can provide stability.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard pull on your credit report. However, this impact is usually minimal and short-lived. Shop around and submit multiple applications within a short period to minimize the effect.
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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Get prequalified in minutes for a SoFi Home Loan.
Free California Mortgage Refinance Calculator
California Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your mortgage can be a strategic way to save on monthly payments, adjust loan terms, or access home equity. A California mortgage refinance calculator helps you assess the financial impact of refinancing by providing estimates of potential savings and costs. Use this guide to learn how to use a California mortgage refinance calculator so you can make an informed decision about whether to trade your old loan for a new one.
Key Points
• A California mortgage refinance calculator helps homeowners estimate monthly payments, total interest costs, and the break-even point, which are key in making a decision to refinance.
• Extending the term of your loan can lower monthly payments but increase total interest paid, while shortening the term can do the opposite, so consider your financial goals carefully.
• The break-even point, calculated using a refinance calculator, helps determine if the savings from refinancing outweigh the initial costs within a reasonable time frame.
• Improving your credit score can enhance your refinancing options and help you secure better interest rates, potentially saving you thousands of dollars over the life of the loan.
California Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance represents the principal amount you still owe on your home loan.
• Current/New interest rate: Interest is the percentage of the total loan amount that the lender charges the borrower for the privilege of borrowing money. The difference, even slight, between your current interest rate and a potential new one can significantly impact both your monthly payments and your overall savings over the duration of the loan.
• Loan term: The loan term is the length of time you have to repay your refinanced mortgage. Opting for a shorter term can reduce your total interest costs, but a longer term offers lower monthly payments. Use the calculator to see the potential impact of various terms on your payments and overall savings.
• Points: Mortgage points allow you to prepay a portion of the interest due on a home loan at closing. Each point typically costs 1% of the total loan amount and can reduce your interest rate by 0.25%. Consider the long-term savings when deciding to purchase points.
• Other costs and fees: Refinancing your mortgage comes with various costs, including origination fees, appraisal fees, attorney fees, and closing costs. These expenses typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment typically includes both principal and interest. A refinance mortgage calculator can help you compare your current monthly payment with the estimated payment after refinancing to potentially secure better terms. Lower monthly payments alone don’t indicate whether a mortgage refinance will save you money over the long term.
• Total interest: Total interest, which you pay the lender over the life of the loan, is the cost of borrowing money. Comparing the total interest payments associated with your current mortgage to the projected total interest of a potential refinance loan is an important step in determining if the new loan will save you money over the long term.
How to Use the California Mortgage Refinance Calculator
To use the California mortgage refinance calculator, gather your current loan details and proposed refinance terms so you can estimate your potential savings and costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This figure represents the principal amount you owe on your current home loan.
Step 2: Add Your Current Interest Rate
Input your current interest rate — found on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate what your new interest rate would be 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.
Step 4: Select Your Remaining Loan Term
Key in the number of years 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
Select a new loan term, anywhere from 10 to 30 years. A shorter term can save on interest, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Input other costs and fees, including application fees, appraisal fees, and attorney fees to see their impact on your potential savings.
Step 8: Calculate Your Break-Even Point
Divide the total closing costs by the amount of your monthly savings to determine your break-even point. Use this information to decide if refinancing is beneficial.
Recommended: How to Refinance a Mortgage
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator can help you evaluate whether refinancing is possible and beneficial. This tool provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan terms could affect your monthly payment and total interest paid. Even a small reduction in your interest rate, such as a quarter percentage point, can result in significant savings, especially for larger home loans.
The calculator can also help you determine how to refinance a mortgage. It will help you consider the purpose of your refinance, whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
The break-even point is a key concept that helps you determine if the savings from refinancing outweighs the initial costs within a reasonable time frame. To figure out the break-even point yourself, subtract your estimated monthly payment after a refinance from your current mortgage payment. Then divide the total closing costs by the amount you are saving each month.
For example, let’s say refinancing saves you $100 each month and the total closing costs amount to $5,000, then it would take 50 months to break even — to cover those upfront costs and start seeing actual savings. If you plan to sell your home before reaching the break-even point, then refinancing might not be the right option. The calculator will compute your break-even point for you.
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 California
Because there are costs and fees associated with refinancing a mortgage, you should have a good understanding of all of the potential expenses. Mortgage refinancing costs in California are typically 2% to 5% of the loan. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1%), title search/insurance (0.5%-1%), and points.
Some fees, like title insurance and inspection fees, may not be required for refinances. Shop around and negotiate with a variety of lenders to reduce your costs. Some lenders offer a no-closing-cost refinance but these may come with a higher interest rate.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
You might be wondering how you can lower your new mortgage refinance payment. Here are some tips:
• Improve your credit score before refinancing to land a lower interest rate.
• Comparison shop for offers from a variety of lenders to find the best rates and terms.
• Consider extending the term of your loan (this could increase your total interest paid however).
• Shop for a lower homeowners insurance rate to decrease your monthly payment.
The Takeaway
Refinancing your mortgage can be a great financial strategy, one that requires careful consideration. Use a mortgage refinance calculator to estimate potential savings, both monthly and over the life of the loan. Examine your results, including the break-even point, to help you decide if going through the refinancing process 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 California?
Refinancing in California involves closing costs ranging from 2% to 5% of the new loan amount. These costs may include application fees, credit report fees, appraisal fees, and title insurance. Shop around and compare rates from many lenders to minimize expenses.
What month is best to refinance?
The best month to refinance can vary based on prevailing mortgage rates and your financial goals. Historically, rates tend to be lower during the fall and winter months. Your best move is to monitor current rates and ensure you’re financially stable before applying.
Do you have to put 20% down to refinance?
You aren’t required to put down 20% to refinance. However, having at least 20% equity in your home can help you avoid private mortgage insurance (PMI).
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your specific financial needs and the rates and terms they offer. Compare offers from different lenders to find the one that provides the most competitive interest rates, favorable repayment terms, and best customer service for your needs.
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-Q425-069
Get prequalified in minutes for a SoFi Home Loan.
Free Arkansas Mortgage Refinance Calculator
Arkansas Mortgage Refinance Calculator
By SoFi Editors | Updated November 10, 2025
Refinancing your home loan can help you manage your finances effectively and achieve significant savings, and a mortgage refinance calculator can help you make an informed decision about whether refinancing is the right move for you. This tool estimates your prospective monthly payments, the total interest you might pay over the duration of the loan, and your break-even point. Remember to consider the type of mortgage loan you currently have and the options available when refinancing, as this can impact the savings and benefits you might achieve.
Key Points
• Using an Arkansas mortgage refinance calculator can help you make an informed decision by estimating potential savings, monthly payments, and the break-even point.
• Refinancing is most beneficial if current mortgage rates are significantly lower than your existing rate.
• Refinancing costs typically range from 2% to 5% of the new home loan amount, including origination, appraisal, and attorney fees.
• Purchasing mortgage points can lower your interest rate, but it requires an upfront payment of 1% of the loan amount per point.
• The break-even point, which you can estimate using a refi calculator, helps determine when the savings from refinancing will outweigh the associated costs.
Arkansas Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount outstanding on your existing home loan, and 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 lower interest rate can reduce 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. A shorter term can lower the total interest but increase your monthly payments.
• Points: Mortgage points are upfront fees paid to lower your 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, 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. It may also cover homeowners insurance and property taxes. Comparing your current and estimated new payments helps assess potential savings.
• Total interest: Total interest is the cumulative cost you pay to the lender over the duration of the loan, excluding the principal. Comparing total interest for your current and proposed loans helps determine long-term savings.
How to Use the Arkansas Mortgage Refinance Calculator
Enter your current loan details and proposed refinance terms into the Arkansas refi mortgage calculator to estimate potential savings.
Step 1: Enter Your Remaining Loan Balance
Add the precise remaining loan balance into the home refi calculator to ensure accurate savings estimates.
Step 2: Add Your Current Interest Rate
Enter your current interest rate, which you can find on your most recent mortgage statement or by talking to your lender.
Step 3: Estimate Your New Interest Rate
Add the estimated new interest rate to see potential savings from a lower rate.
Step 4: Select Your Remaining Loan Term
Choose your remaining loan term to see how it affects your monthly payments and total interest.
Step 5: Choose a New Loan Term
Select a new loan term to explore different payment and interest scenarios. A longer term can lower monthly payments, while a shorter term can reduce total interest paid over the life of the loan.
Step 6: Enter Any Points You Intend to Purchase
Add any points you plan to purchase. Each point costs 1% of the loan amount and can lower your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Enter other costs and fees, such as origination, credit report, home appraisal, and attorney fees, to get a realistic estimate of total refinancing expenses.
Step 8: Review Your Break-Even Point
Review your break-even point to determine when refinancing becomes financially beneficial.
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 comparison of your current and proposed loans, showing how different interest rates and loan terms can affect your monthly payments and total interest. A lower monthly payment can free up cash for other financial goals, while lower total interest can significantly reduce the cost of your mortgage over the duration of the loan. Even a small reduction in your interest rate can lead to substantial savings, especially for larger mortgages.
By testing different interest rates and loan terms, the calculator can help you determine how to refinance a mortgage.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs associated with refinancing through your monthly savings. To compute your break-even point, the calculator subtracts your estimated new monthly payment from your current payment, then divides the total closing costs by the monthly savings. For example, if your closing costs total $5,000 and you save $200 per month, your break-even point would be 25 months. If you plan to move or sell your home before reaching this point, refinancing may not be beneficial. The calculator can help you estimate your break-even point and assess the long-term financial impact of 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 Arkansas
Mortgage refinancing costs in Arkansas typically range from 2% to 5% of the new loan amount. These 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+). Percentage-based costs often include loan origination fees (0.5%–1% of the purchase price) and title search and insurance (0.5%–1% of the purchase price). Some fees, like title insurance and inspection fees, may not be required for refinances.
To lower your costs, negotiate with multiple lenders, and aim to maintain a strong credit score, ideally 740 or above. Some lenders offer a no-closing-cost refinance, but these are not necessarily more cost-effective. Be wary of hidden fees, such as prepayment penalties.
Remember that refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
You can minimize your monthly mortgage payment before starting the refinancing process. Consider the following:
• Build up your credit score to secure lower interest rates.
• Extend the term of your loan to lower monthly payments, although be mindful that this could increase the total interest you pay.
• Appeal your property tax to potentially reduce your monthly payment.
• 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, but it requires careful consideration. A mortgage refinance calculator helps estimate potential savings, monthly payments, and the total cost of refinancing. By providing your current and proposed loan details, you can determine whether refinancing aligns with your financial goals.
Whether you’re looking to lower your interest rate, change your loan term, or access home equity, the calculator provides the clarity needed to make an informed decision. Always weigh the benefits against the costs, and consider consulting a financial advisor to ensure that refinancing is the right move for you.
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 Arkansas?
Mortgage refinancing costs in Arkansas typically range from 2% to 5% of the new loan amount. They include loan application fees, credit report fees, home appraisal fees, and title insurance costs. Using an Arkansas refinance calculator can help you estimate these costs and determine the break-even point.
How much does it cost to refinance a $250,000 mortgage?
Refinancing a $250,000 mortgage typically incurs costs ranging from $5,000 to $12,500. These costs include loan application fees, credit report fees, home appraisal fees, and title insurance. A refinance calculator can help you estimate these costs and calculate potential savings.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment when refinancing. However, having at least 20% equity in your home can help you avoid private mortgage insurance (PMI). A down payment calculator can help you determine your current equity and whether you qualify for refinancing without PMI.
At what point is it not worth it to refinance?
The break-even point is the time it takes for the savings from a lower interest rate to cover the upfront refinancing costs. If you plan to move or sell your home before reaching this point, refinancing may not be beneficial. A refinance calculator can help you estimate your break-even point and assess the long-term financial impact.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial circumstances. Historically, rates are lower in fall and winter due to decreased demand. However, broader economic conditions also influence rates. A refinance calculator can help you estimate potential savings and determine the most opportune time to refinance.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your specific financial needs, and it involves comparing rates, fees, and terms from multiple lenders. Start with your current lender, explore online lenders, and consider credit unions. Gather your financial information and use a mortgage refinance calculator to compare different lenders and estimate your new monthly payments and total costs.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for refinancing approval. A higher credit score can lead to better interest rates and lower fees. Check your credit report for errors and take steps to improve your score before applying.
What are the advantages of refinancing your home?
Refinancing can provide lower monthly payments, reduced interest rates, and the ability to access home equity. A lower interest rate decreases monthly payments and total interest paid over the duration of the loan. A cash-out refinance allows you to borrow more than your current mortgage balance. However, weigh these benefits against the costs, such as closing fees, which can range from 2% to 5% of the loan amount. A mortgage refinance calculator can help you estimate these savings and determine whether refinancing aligns with your financial goals.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry and the opening of a new account. However, the long-term effects are generally minimal. A hard inquiry typically results in a small, temporary dip in your credit score. The new account can affect your credit utilization and average account age, but these factors tend to have a minor impact. If you plan to stay in your home for a significant period, the financial benefits of refinancing often outweigh the short-term credit impact. To minimize negative effects, consider submitting multiple applications within a short timeframe.
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 Dayton, OH Home Mortgage Loan Calculator
Dayton, OH Mortgage Calculator
By SoFi Editors | Updated October 28, 2025
A Dayton, Ohio, mortgage calculator can help you navigate the complex process of buying a home in Dayton. By showing you what your monthly mortgage payments would be and your overall cost of the loan, you can better understand the financial implications of buying a home and how much you can afford to spend. Below is an in-depth look at how to use our Dayton mortgage calculator.
Key Points
• The Dayton mortgage calculator can provide a clear estimate of your monthly mortgage payments, total interest paid, and total loan cost based on the home price, down payment, loan term, and interest rate.
• A 15-year mortgage term offers lower total interest paid over the life of the loan but comes with higher monthly payments compared to a 30-year term.
• Down payment assistance programs can help first-time homebuyers and those with limited savings reduce the initial financial burden of homeownership.
• Property taxes, which are included in our calculator, are another component of your total monthly mortgage payment and are based on the assessed value of your home.
• Building your credit score, shopping around for the best rates, and making a larger down payment can help you secure a lower mortgage interest rate, reducing your monthly payments and total loan cost.
Dayton Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This figure may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%.
• Loan term: The loan term represents the length of time you will have to repay your home loan — usually 15 or 30 years. Longer loan terms offer lower monthly payments but increase the overall amount of interest you’ll pay.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total cost of the loan.
• Annual property tax: In Dayton, property taxes are typically around 1.78% of the home’s assessed value. This tax is administered by the local government and can vary based on the home’s location and value.
• Total monthly payment: The total monthly payment includes the principal, interest, and property tax. It may also include private mortgage insurance, homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure is influenced by the interest rate, loan term, and the amount you borrow.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including the principal and interest. A longer loan term means more interest paid over time, while a shorter term can reduce the total cost but increase monthly payments.
How to Use the Dayton, OH Mortgage Calculator
To use the Dayton mortgage calculator effectively, follow these five steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property, which will directly impact your home loan amount and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Montgomery County (Dayton) property tax rate is 1.78% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates how much house you can afford by projecting monthly payments based on loan amount, interest rate, and term. This aids in comparing costs, like interest rate impacts and choosing between a shorter or longer loan term. It also shows how your down payment will affect your monthly mortgage payments.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Recommended: Best Places to Live in Ohio
Deciding How Much House You Can Afford in Dayton
The median home sale price in Dayton in 2025 was $150,000. Lenders advise keeping housing costs under 28% of gross monthly income. A $150,000 home would require an annual income of $35,000, assuming a 20% down payment ($30,000) and a 7.00%, 30-year mortgage. The monthly mortgage payment would be about $798.
Total debt should stay within 36% of income, leaving potentially $230 for other debts (auto loans, student loans, and credit cards). Use a home affordability calculator to estimate what you can afford.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
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:
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The mortgage principal is the amount you borrow, while the interest is the cost of borrowing that money. Our Dayton mortgage calculator also factors in property tax.
Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Dayton, OH
The cost of living in Dayton is 3-4% below the national average, according to COLI 2024 Annual Average Data. On an index where 100 is the U.S. average cost of living, Dayton weighs in at 96.5, making it one of the more affordable cities in the country.
Housing is particularly budget-friendly, falling nearly 18% below the national average. This affordability extends to groceries and transportation, allowing residents to enjoy a comfortable lifestyle without stretching their budgets.
Here’s how Dayton compares to the national average in other areas:
| Ohio Cities’ Cost-of-Living Stats | |
|---|---|
| Overall Cost of Living | 96.5 |
| Groceries | 97.9 |
| Housing | 82.2 |
| Utilities | 110.8 |
| Transportation | 98.2 |
| Health Care | 107.1 |
| Miscellaneous Goods/Services | 102.2 |
Recommended: Average Monthly Expenses for One Person
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Dayton’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Dayton, there are several Ohio down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years. Research local programs and consult with a lender to find the best options for your situation.
Recommended: Do You Qualify as a First-Time Homebuyer?
Tips on Reducing Your Mortgage Payment
If you find your mortgage payment seems too high, there are some strategies you can try to lower it. Your options may include the following:
• Once you have 20% equity in your home, you can request to have private mortgage insurance (PMI) removed, which can significantly lower your monthly mortgage expenses.
• If you receive a bonus or other windfall, mortgage recasting can be a smart financial move. By making a lump sum payment toward your mortgage principal, you can reduce your monthly payments without changing the interest rate or loan term.
• You can extend the loan term by refinancing your mortgage. For instance, if you originally had a 15-year mortgage, refinancing your mortgage to a 30-year loan term can significantly lower your monthly payments. However, this strategy comes with a trade-off: you’ll pay more in interest over the life of the loan.
• If you believe your annual property tax is too high, you can appeal your property taxes. Start by reviewing your home’s assessment and comparing it to similar properties in your area.
• If you’re facing financial hardship, you might consider modifying your loan to improve your overall situation. This often involves changing the terms of your mortgage to make payments more manageable on a monthly basis.
• Consider shopping for a lower homeowners insurance rate. You can lower your premium by increasing your deductible or bundling homeowners and auto insurance.
The Takeaway
Using a Dayton mortgage calculator can help you estimate your monthly payments and provide valuable insights into your financial readiness for homeownership. To use the calculator, simply input the purchase price, your down payment amount, the interest rate, the loan term, and the property tax rate.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is the average mortgage in Dayton?
The average mortgage payment in Dayton in 2025 was $1,250. However, payments for the same priced home can vary based on the down payment and interest rate.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can secure you a lower interest rate, reducing your monthly payments and the total cost of the loan.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrow, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your payment goes toward interest, but over time, more of it pays down the principal.
How much should I put down on a mortgage?
Deciding on a down payment is a critical step in the home-buying process. A larger down payment can reduce your monthly payments and eliminate the need for private mortgage insurance (PMI). However, the amount you should put down depends on your financial situation. For example, a 20% down payment on a $300,000 home would be $60,000, while a 3.5% down payment would be $10,500. You can use a down payment calculator to help decide how much is right for your financial situation.
How can I get a lower mortgage interest rate?
To get a mortgage interest rate that is more favorable, build your credit score. Lenders often provide better rates to borrowers with higher scores. You can build your score by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors you see on your credit report.
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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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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