Wisconsin Mortgage Refinance Calculator
Wisconsin Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can be a great strategy to save money over the long term while adjusting your monthly payments to better suit your budget and current finances. Wisconsin homeowners can use our refi mortgage calculator to learn the potential benefits and costs of refinancing your existing home loan. Our article will explain the process from start to finish, providing you with the necessary information to make the right decision for you and your family.
Key Points
• A Wisconsin mortgage refinance calculator can help homeowners determine if refinancing could be financially beneficial.
• Using a mortgage refinance calculator can help you estimate potential savings and learn the break-even point.
• Refinancing can assist in achieving financial goals such as reducing monthly payments, paying off the loan faster, or accessing home equity.
• Considering the costs of refinancing, including closing costs and discount points, is part of making a well-informed decision that takes into account the total financial impact of refinancing.
• Maintaining a good credit score may help to secure better refinancing terms and lower interest rates, potentially saving thousands of dollars.
Wisconsin 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. It determines how soon you can refinance your mortgage.
• Current/New interest rate: Interest is the percentage of the total loan amount that the lender charges. Your current and potential new interest rates are integral to determining potential savings from refinancing.
• Remaining/New loan term: The remaining loan term refers to the number of months left on your current mortgage, while the new loan term is the duration of the refinanced loan you are considering.
• Points: Points are upfront fees paid to the lender to lower your interest rate. Purchasing points is optional, but it may be a smart strategy if you plan to stay in your home for an extended period.
• Other costs and fees: Other costs and fees include origination, appraisal, and attorney fees. These expenses typically range from 2% to 5% of the loan amount and can significantly affect your break-even point.
• Monthly payment: Your monthly mortgage payment includes amounts paid toward the principal and interest. One way to assess your possible savings is to compare your current payment with the estimated payment after refinancing.
• Total interest: Total interest is the cost of borrowing money, excluding the principal repayment. The total paid in interest can often equal or exceed the original loan amount.
How to Use the Wisconsin Mortgage Refinance Calculator
Using the Wisconsin mortgage refinance calculator isn’t difficult. Just input your current loan details and the potential new loan terms to help you estimate monthly savings, total interest paid, and the break-even point.
Step 1: Enter Your Remaining Loan Balance
Begin by entering your remaining loan balance, which is the principal amount you still owe on your current mortgage, excluding interest charges. You may want to refer to your most recent mortgage statement for the current amount.
Step 2: Add Your Current Interest Rate
Enter your current mortgage rate into the refinance calculator. This rate is how your lender determines your current interest payments.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by considering factors such as your credit score and the type of mortgage loan you choose. Compare current mortgage rates from different lenders to get a realistic range of rates. A lower interest rate may translate to potential savings on monthly payments and total interest.
Step 4: Select Your Remaining Loan Term
Select your remaining loan term, which is the number of months left on your current mortgage. You may want to refer to your mortgage statement again for the precise figure.
Step 5: Choose a New Loan Term
Select a new loan term, which can be anywhere from 10 to 30 years. You’ll be able to see how it affects your monthly payments and total interest. A shorter term could reduce total interest but increase monthly payments, while a longer term may lower monthly payments but increase total interest costs.
Step 6: Enter Any Points You Intend to Purchase
Input the number of points you plan to purchase, if any. Each point costs 1% of the loan amount and may reduce the rate by 0.25%. The calculator may help you assess how different point purchases affect your monthly payments and overall costs.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as lender, appraisal, and attorney fees. These expenses typically range from 2% to 5% of the loan amount. Including these amounts provides a comprehensive view of your total mortgage refinancing costs.
Step 8: Review Your Break-Even Point
This is the number of months required to offset your closing costs.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a Wisconsin mortgage refinance calculator can help you evaluate if refinancing is a viable option to lower your costs. Entering different interest rates and loan terms may enable you to see how these changes might affect your monthly payment and total interest paid. A lower monthly payment may free up funds for other financial goals, and a lower interest rate could save you thousands of dollars over the loan’s term.
The calculator can also help you understand how to refinance a mortgage using different refinance scenarios, such as switching from a 30-year to a 15-year loan.
What Is the Break-Even Point in Refinancing?
The break-even point is the number of months required for the savings from a lower interest rate or reduced monthly payments to cover the upfront costs of refinancing. You can find this point by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then dividing the closing costs by the monthly savings.
For example, if your closing costs are $6,000 and you save $200 per month, it would take 30 months to break even. Refinancing your home may not be wise if you plan to move or sell your home before you break even.
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 Wisconsin
Closing costs for mortgage refinancing in Wisconsin can range from 2% to 5% of the new loan amount. Typical fixed costs include loan application fees (up to $500), credit report fees ($25 to $75), home appraisal fees ($600 to $2,000), recording fees ($25 to $250), and attorney’s fees ($500 to over $1,000). Percentage-based costs often comprise loan origination fees (0.5% to 1% of the purchase price), title search and insurance (0.5% to 1% of the purchase price), and mortgage points. Some fees, such as title insurance and inspection fees, are not always required for refinances.
Some lenders offer no-closing-cost refinancing, but these programs often come with higher interest rates. Similarly, refinancing a jumbo loan is typically more costly. Comparison shopping for rates, negotiating with lenders and service providers, and maintaining a good credit score are all ways to lower your costs.
Tips on Reducing Your Mortgage Refinance Payment
There are some methods you can use to lessen your mortgage refinancing payment. It’s probably best to implement these before you begin the process:
• Improve your credit score to secure better refinancing terms and lower interest rates.
• Extend the term of your loan to reduce monthly payments, though this will increase total interest paid.
• Appeal your property tax assessment to potentially lower your monthly payment by gathering the relevant evidence and presenting it to your local tax assessor.
• Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making home improvements.
The Takeaway
Refinancing your mortgage can be a great way to manage your monthly payments and reduce overall costs, but the decision requires careful consideration. Using our Wisconsin mortgage refinance calculator provides you with your potential break-even point and your possible savings over time. However, it’s usually best to weigh the upfront costs and ensure the long-term benefits offset these expenses.
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 Wisconsin?
Refinancing in Wisconsin typically ranges from 2% to 5% of the loan amount. These costs include lender, appraisal, and attorney’s fees, as well as costs associated with pulling your credit report.
How much does it cost to refinance a $350,000 mortgage?
Refinancing a $350,000 mortgage can cost between $7,000 and $17,500, or 2% to 5% of the loan amount. Application, credit report, appraisal, and attorney fees all factor into refinancing costs for your home loan.
Do you have to put 20% down to refinance?
It’s not usually necessary to put 20% down to refinance. Instead, lenders typically require borrowers to have at least 20% equity in their home. You can calculate your equity percentage by subtracting the balance you owe on your mortgage principal from your home’s estimated value. Dividing the answer by your home’s value will yield your percentage of equity.
At what point is it not worth it to refinance?
If you plan to sell your home before the break-even point, if the break-even point is over two years away, or if the interest rate reduction is minimal, refinancing may not be a wise decision. You can calculate your break-even point by dividing closing costs by monthly savings.
What month is best to refinance?
The best month to refinance can vary based on market conditions. Generally, interest rates are more favorable in the fall and winter due to lower home-buying activity. Keep a close eye on mortgage rates, and ensure you’re financially prepared to make this commitment.
Which bank is best for refinancing?
Choosing the best bank for refinancing primarily depends on your unique financial goals and refinancing needs. You can compare offers from multiple lenders to find the best deal, but don’t forget that customer service can be equally important. Look for a lender with a solid reputation for efficiency and excellent customer service.
What credit score do you need for refinancing?
Lenders typically require a minimum credit score of 620 for conventional refinancing. Higher scores, such as one 700 or above, may secure better rates and terms. Check your credit score for errors and pay down debt to improve your score before applying.
What are the advantages of refinancing your home?
Refinancing can secure a lower interest rate, which reduces monthly payments and the total interest paid. It may also facilitate a switch from an adjustable-rate to a fixed-rate mortgage for stability, or help you access home equity through a cash-out refinance. Using our home refi calculator may help you estimate savings and costs, ensuring that refinancing suits your financial picture.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to hard inquiries. However, the impact is usually minimal, and the long-term benefits often outweigh this initial dip. Minimizing inquiries by completing the process quickly can help, as can managing your new loan responsibly.
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.
West Virginia Mortgage Refinance Calculator
West Virginia Mortgage Refinance Calculator
By SoFi Editors | Updated November 25, 2025
Mortgage refinancing can be a smart financial move that offers significant long-term savings, but it’s important to fully understand both the potential benefits and the associated costs before you make a decision. Using a home refi calculator can help you figure out how refinancing could support your needs. This handy tool estimates your potential new monthly payments, the total interest you’ll pay over the life of the loan, and your break-even point, allowing you to determine how long it will take to recoup the costs of refinancing. This guide explains how to use a West Virginia mortgage refinance calculator to help you evaluate whether refinancing is the right financial strategy for you.
Recommended: How Soon Can You Refinance a Mortgage?
Key Points
• Refinancing can save you money on monthly payments or total interest.
• A refi mortgage calculator helps you estimate potential savings and break-even points based on different interest rates, loan terms, and strategies such as purchasing points.
• It also factors in the costs of refinancing, which typically range from 2% to 5% of the loan amount.
• The break-even point lets you determine whether the savings from refinancing will outweigh the initial costs within your planned period of homeownership.
• A higher credit score can help you secure more favorable interest rates and terms for refinancing.
• The West Virginia mortgage refinance calculator can help you assess your specific situation and work out how to refinance your mortgage most effectively.
West Virginia Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the outstanding principal amount you still owe on your home loan.
• Current/New interest rate: Interest is the percentage of the loan amount that the lender charges you. Even if the new interest rate is only slightly lower than your current rate, it can lead to significant savings over the life of the loan.
• Remaining/New loan term: The remaining loan term is the time you have left to repay your current mortgage, while the new loan term is the duration of the refinanced loan. A shorter term can reduce the total interest paid, and a longer term is likely to mean lower monthly payments.
• Points: Mortgage points are upfront fees that you can pay to the lender to reduce the interest rate. Each point costs 1% of the total loan amount and can lower the rate by 0.25%.
• Other costs and fees: Other costs and fees involved in refinancing include title fees, appraisal fees, and attorney fees. These tend to range from 2% to 5% of the new loan amount and can impact your overall savings and break-even point.
• Monthly payment: Your monthly mortgage payment includes the principal and interest, and may also cover homeowners insurance and property taxes. Comparing your current and estimated payments helps you assess your options to optimize your cash flow needs.
• Total interest: Total interest is what you pay to the lender over the loan’s duration, excluding the original principal. Compare the total interest on your current mortgage to the projected total interest of the refinanced loan to determine any long-term savings.
How to Use the West Virginia Mortgage Refinance Calculator
Enter your current mortgage details and new loan details into the West Virginia mortgage refinance calculator to estimate potential savings, new monthly payments, and your break-even point.
Step 1: Enter Your Remaining Loan Balance
Input your remaining loan balance, which is the principal you still owe.
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, so that the calculator can estimate your current monthly payments and overall costs.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate based on current mortgage rates to see if you could save money.
Step 4: Select Your Remaining Loan Term
Select the number of years left on your current mortgage. The home refi calculator will then estimate the total interest you’ll pay without refinancing.
Step 5: Choose a New Loan Term
Choose a new loan term to see how it affects your monthly payments and total interest paid. A shorter term might help you save on total interest, but a longer term could lower your monthly payments, so think about your financial situation and needs.
Step 6: Enter Any Points You Intend to Purchase
Enter any points you plan to purchase to see how the upfront cost impacts your monthly payments and total interest.
Step 7: Estimate Your Other Costs and Fees
Estimate your other costs and fees, such as origination and attorney fees, to make sure you have a full picture.
Step 8: Calculate Your Break-Even Point
The calculator will find your break-even point, which is the time it takes for the savings from refinancing to cover the initial costs. If you’re planning to stay in your home beyond that point, refinancing could be the right choice.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator can help you evaluate whether refinancing your mortgage could save you money. It allows you to enter different interest rates and loan terms to see how they would affect your monthly payment and total interest and whether even a small change could impact your finances. Whether you’re looking to lower your monthly payment, pay off your mortgage more quickly, or switch from one type of mortgage loan to another, the calculator helps you make an informed decision.
What Is the Break-Even Point in Refinancing?
One of the most important things the mortgage refinance calculator can help you work out is the break-even point. This is the time it takes to recoup your mortgage refinancing costs through monthly savings. To find your break-even point, the refi calculator will subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by the monthly savings. For example, if refinancing would save you $100 a month and your closing costs are $2,500, it would take 25 months to cover those costs and start benefiting from savings. If you plan to sell your home before reaching this break-even point, refinancing may not be the best choice for you.
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 West Virginia
Refinancing in West Virginia typically costs 2% to 5% of the new loan amount. Fixed closing costs include application (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%), points (1% of the loan amount per point), and mortgage insurance. For refinancing, lenders may waive some fees, such as title insurance.
To lower your costs, compare offers from multiple lenders, negotiate the fees, and maintain a strong credit score, ideally over 700. Watch out for prepayment penalties. If you’re looking to free up home equity for other needs, be aware that cash-out refinances often have higher costs due to the larger loan amounts involved. If it’s a conventional refi you’re seeking, a no-closing-cost refinance might seem like a good solution, but those costs are likely to roll into your payments over time, so make sure you consider the impact. The refinance calculator can help you weigh up the long-term prospects.
Tips on Reducing Your Mortgage Refinance Payment
Before you start the refinancing process, here are some ways you can lower your monthly payments:
• Improve your credit score to gain access to more favorable interest rates.
• Consider extending the term of your loan to reduce monthly payments, but bear in mind that you may pay more in total interest.
• Appeal your property tax assessment to decrease your annual tax bill.
• Shop around for a lower homeowners insurance rate, and consider bundling policies or increasing your deductible to secure a better rate.
The Takeaway
Refinancing your mortgage can be a strategic financial choice, but before you decide, you should carefully evaluate the potential costs and benefits. The West Virginia mortgage refinance calculator can help you estimate your potential savings and that critical break-even point so you can evaluate whether refinancing aligns with your overall financial goals.
Although refinancing can reduce your monthly payments and total interest paid, it also involves closing costs. Whether you’re looking to extend your loan term, reduce your interest rate, or access your home equity for other needs through a cash-out refinance, a refinance calculator can guide you through the process and help you understand the financial implications in more detail.
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 West Virginia?
Refinancing a West Virginia mortgage typically includes closing costs ranging from 2% to 5% of the new loan amount. These costs cover various fees, including appraisal fees and title search expenses. The West Virginia mortgage refinance calculator can help you estimate the impact of these costs on your break-even point.
How much does it cost to refinance a $250,000 mortgage?
Refinancing a $250,000 mortgage can cost between $5,000 and $12,500, or 2% to 5% of the loan amount. Use the calculator to estimate how these costs stack up against your potential savings.
Do you have to put 20% down to refinance?
You don’t need a 20% down payment for refinancing, but you may need 20% equity in your home to qualify. To work out your current equity percentage, subtract the balance you owe (principal only) from your home’s estimated value, and divide the answer by that value.
At what point is it not worth it to refinance?
It may not be worth refinancing if your break-even point extends beyond the time you plan to stay in your home. For example, if your closing costs are $4,800 and your monthly savings are $200, the break-even point is 24 months. If you’re not planning to own your property beyond two years, refinancing might not be the right solution. Use the West Virginia mortgage refinance calculator to estimate your break-even point and determine whether refinancing aligns with your financial goals.
What month is best to refinance?
Fall and winter months often see lower interest rates. Assess your financial readiness, and use the West Virginia mortgage refinance calculator to estimate the savings and costs associated with refinancing during different months of the year.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial situation and needs. Look at lenders’ interest rates, terms, and customer service, and compare offers from multiple lenders to find the best deal for you. The West Virginia mortgage refinance calculator can help you estimate the savings and costs associated with different lenders.
What credit score do you need for refinancing?
Lenders typically require you to have a minimum credit score of 620 for conventional loans. A higher score can help you secure better terms, and refinancing a jumbo loan may incur higher costs. Improve your score by paying down debts and correcting errors.
What are the advantages of refinancing your home?
Refinancing can lower your interest rate and may allow you to reduce your monthly payments or save on total interest. The best option depends on your financial position and goals, whether that’s paying a lump sum, lowering monthly outgoings, or achieving long-term savings. Use the West Virginia mortgage refinance calculator to estimate how different solutions align with your financial goals.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but this effect is usually minor and short-lived. A strong credit history can help your score recover faster. In the long term, refinancing can improve your credit by freeing up funds to pay down debt. The West Virginia mortgage refinance calculator can help you find the best terms for responsible financial management.
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-Q425-112
Get prequalified in minutes for a SoFi Home Loan.
Washington Mortgage Refinance Calculator
Washington Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your home loan in Washington could help you lower your monthly payment, shorten your loan term to save on interest, or tap into the equity in your home. However, there are costs involved with refinancing, and a mortgage refinance calculator can help you determine if refinancing is worth it.
Our Washington mortgage refinance calculator estimates your monthly mortgage payments, accounts for fees, and helps you determine your break-even point. Keep reading to learn how to use the Washington mortgage refinance calculator and to figure out if refinancing is right for your financial situation.
Key Points
• A Washington mortgage refinance calculator can help you estimate potential savings and costs, making it easier to decide if refinancing is right for you.
• The break-even point allows you to determine when the savings from refinancing will outweigh the initial costs.
• Switching from an adjustable-rate mortgage to a fixed-rate mortgage can provide financial stability and protection against future rate increases.
• Extending the loan term can lower monthly payments but increase the total interest paid over the life of the loan, while shortening the term can do the opposite.
• Building your credit score can lead to more favorable interest rates and terms, potentially saving you a significant amount of money on your refinance.
Washington Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current home loan.
• Current/New interest rate: Interest is the percentage of the total loan amount that the lender charges. The difference between your current and new interest rates will determine potential savings from refinancing.
• Remaining/New loan term: The remaining loan term is the time left to repay your existing mortgage. The new loan term is the duration of the proposed refinance.
• Points: Mortgage points are upfront fees paid to the lender to reduce the interest rate. Each point costs 1% of the loan amount and can lower your monthly payments.
• Other costs and fees: Other costs and fees include origination, appraisal, attorney fees, and closing costs. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on your home loan. It may also include homeowners insurance and property taxes.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan, excluding the principal amount. Comparing the total interest of your current and potential refinance loans helps determine long-term savings.
How to Use the Washington Mortgage Refinance Calculator
Input your current and proposed loan details into the calculator to estimate potential savings and assess if refinancing aligns with your financial goals. Here’s a step-by-step guide on how to use the calculator.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance into the Washington mortgage refinance calculator. Your loan balance influences your monthly payments and interest costs. Check your most recent mortgage statement or contact your lender.
Step 2: Add Your Current Interest Rate
Input your current interest rate to serve as the baseline for comparing potential new rates. This helps you understand the savings you might achieve with a lower rate. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan.
Step 3: Estimate Your New Interest Rate
Check current mortgage rates from various lenders to estimate your new interest rate. Input this rate into the calculator to see the impact on your monthly payments and total interest savings.
Step 4: Select Your Remaining Loan Term
Input your remaining loan term to understand the total interest you will pay on your current mortgage. This helps you compare the financial impact of extending or shortening the term.
Step 5: Choose a New Loan Term
Select a new loan term to see how it affects your monthly payments and total interest paid. Shorter terms reduce interest but increase payments, while longer terms do the opposite.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. Points can lower your interest rate and monthly payments, but they increase upfront costs.
Step 7: Estimate Your Other Costs and Fees
Input all other costs and fees, such as origination, appraisal, and attorney fees, to get a comprehensive view of the total expenses involved in refinancing. These costs can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
The calculator computes the break-even point by subtracting your new monthly payment from your current payment and dividing the closing costs by the monthly savings. If you plan to stay in your home longer than this point, refinancing can be a smart financial move.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator helps you estimate new monthly payments and potential interest savings before applying, giving you a clearer picture of how mortgage refinancing could affect your budget. By comparing your current loan terms to new rates and loan lengths, you can quickly see whether refinancing may lower your payment or help you pay off your mortgage faster.
You can also refinance from a 30-year to a 15-year loan. Doing this accelerates mortgage payoff and saves considerable interest, but you will typically have a higher monthly payment.
If you have an adjustable-rate mortgage (ARM) and worry about rate hikes, the calculator compares your current costs to those of a fixed-rate mortgage.
Recommended: How Soon Can You Refinance a Mortgage?
What Is the Break-Even Point in Refinancing?
The break-even point is the number of months it takes to recoup the closing costs associated with refinancing. To find this, subtract your estimated new monthly payment from your current payment, then divide the closing costs by the monthly savings. If the break-even point is longer than your planned stay, refinancing may not be worth it.
For instance, if refinancing saves you $100 a month and your closing costs are $2,500, it will take 25 months to recoup those costs. If you plan to sell your home within two years, refinancing may not be the best strategy.
There is one exception to this rule: a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest. Cash-out refinances typically don’t save money, since the new loan amount is larger than the current loan amount.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Washington
Mortgage refinancing costs in Washington typically range from 2% to 5% of the new loan amount. Fixed costs include application fees, credit report fees, and recording fees. Percentage-based costs include origination, title search/insurance, and points. Some refinance fees, like title insurance, aren’t always required. You can lower costs by shopping around, negotiating, and maintaining a strong credit score (740+).
Also, be aware of no-closing-cost refinances. While they can be eye-catching, they’re a bit misleading, since many lenders will increase your interest rate to cover the cost of closing fees. Make sure to read the fine print before signing.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
If your new mortgage refinance payment feels like a financial stretch, there are ways you can try to nudge it down.
Build Your Credit Score
Your credit score plays a significant role in refinancing. A score of 740 or above often qualifies for the best interest rates. Build your score by paying bills on time, reducing credit card balances, and checking your credit report for errors.
Extend the Term of Your Loan
Extending the term of your loan can reduce monthly payments. For example, extending from a 15-year to a 30-year mortgage will lower payments but increase total interest paid over the life of the loan.
Shop for a Lower Homeowners Insurance Rate
Comparing homeowners insurance quotes can help you find a lower rate. Consider increasing your deductible, bundling policies, or making home upgrades to reduce premiums. Contact multiple providers to compare rates and coverage options.
The Takeaway
Using a Washington mortgage refinance calculator estimates potential savings, helps you understand the impact of different loan terms, and determines the break-even point. Input your current and proposed loan details to see your estimates and make an informed decision. Consider all factors, including closing costs, prevailing interest rates, and your planned stay in the home, to ensure refinancing aligns with your financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Washington?
Refinancing your mortgage in Washington involves various costs, typically 2% to 5% of the new loan amount. For a $200,000 mortgage, this could be between $4,000 and $10,000.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage typically costs between $6,000 and $15,000. This includes loan application, credit report, home appraisal, recording, and attorney fees.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having at least 20% equity can help you avoid private mortgage insurance (PMI).
At what point is it not worth it to refinance?
Refinancing may not be worth it if the break-even point is longer than your planned stay in the home or if the interest rate reduction is minimal. To calculate the break-even point, subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by the monthly savings.
What month is best to refinance?
The best month to refinance depends on market conditions and your financial readiness. If rates have gone down or you’ve built your credit score since you purchased your home, refinancing may make sense for you.
Which bank is best for refinancing?
Choosing the best bank for refinancing involves comparing rates, fees, and terms from multiple lenders. Also consider customer service, loan options, and the bank’s reputation.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans. A higher score can secure better rates and terms. Check your credit report for errors and take steps to build your score.
What are the advantages of refinancing your home?
Refinancing can lower monthly payments or reduce total interest paid, and provide financial stability.
Does refinancing hurt your credit?
Refinancing can have a minimal and temporary impact on your credit score due to hard inquiries. This impact can be mitigated by applying with multiple lenders within a short period. Long-term benefits, such as lower payments and reduced interest costs, can build your financial health and credit 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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Virginia Mortgage Refinance Calculator
Virginia Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Mortgage refinancing can be a powerful tool that offers numerous benefits, including the opportunity to save money on interest, adjust your loan terms to better suit your financial situation, or access the equity you’ve built in your home. A refi mortgage calculator can be an invaluable asset in helping you decide whether and how to refinance a mortgage. Our Virginia mortgage refinance calculator helps you estimate your potential new monthly payments, total interest, and how long it will take to break even on refinancing costs. This article will guide you through important factors to consider during the refinance process and how to use the calculator to your advantage.
Key Points
• Using a mortgage refinance calculator can help you estimate potential savings, making it easier to determine whether refinancing suits your financial goals.
• The break-even point lets you know when the savings from refinancing will outweigh the initial costs.
• Even a small reduction in your interest rate can lead to substantial savings over the life of your home loan.
• Refinancing to a shorter loan term, such as a 15-year mortgage rather than a 30-year mortgage, can reduce total interest paid but is likely to increase monthly payments.
• Make sure you understand all mortgage refinancing costs, including points, plus origination, appraisal, and attorney fees.
Virginia 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 affects how soon you can refinance a mortgage, as you usually need to have at least 20% equity in your home.
• Current/New interest rate: Interest is the percentage of the total loan amount that the lender charges you for borrowing. A reduction in the interest rate, even a small one, can lead to substantial savings over the loan period.
• Remaining/New loan term: The remaining loan term is the number of years left on your current mortgage. When refinancing, you can choose a new term, which can affect your monthly payments and total interest paid.
• Points: Points, or discount points, are optional upfront fees you pay a lender to lower your interest rate. Each point usually costs 1% of the total loan amount, but the rate reduction varies by lender.
• Other costs and fees: Other costs and fees include origination, appraisal, and attorney fees. These tend to range from around 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. The refi calculator helps you compare your current payment and the new monthly estimates.
• Total interest: Total interest is the cost you pay to the lender over the duration of the loan, excluding the principal. The home refi calculator lets you compare the total interest you will pay on your current and proposed loans, helping you estimate potential savings.
How to Use the Virginia Mortgage Refinance Calculator
The Virginia mortgage refinance calculator helps you assess the financial impact of mortgage refinancing. Input the details of your current mortgage and the new loan terms to estimate your monthly payments and total interest.
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
Enter your current interest rate. This reflects the cost of borrowing on your existing mortgage.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate based on current mortgage rates for your area or offered by lenders. Enter this rate into the refinance calculator to see how it could affect your monthly payments and total interest.
Step 4: Select Your Remaining Loan Term
Select the number of years left on your current mortgage. This allows the calculator to estimate how much you’re likely to pay in interest without refinancing.
Step 5: Choose a New Loan Term
Choose a new loan term, which can be shorter or longer than your current term. A shorter term can reduce the total interest you will pay, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. The calculator can then estimate whether the reduction in interest rate is likely to be worth the upfront costs.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as lender, appraisal, and attorney fees. These are likely to range from 2% to 5% of the loan amount. Enter these costs to see how they affect your potential savings.
Step 8: Review Your Break-Even Point
Calculate your break-even point, which is when the savings from refinancing will cover the initial costs. The calculator will help you find this point and assess whether refinancing is worth pursuing.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator can help you work out whether refinancing could lower your monthly payment or interest rate, potentially saving you money. By comparing your current and potential new mortgages, it will show you whether you could save through lower interest rates or a shorter term. A lower monthly payment could free up funds for other goals, while reduced interest in the long term could save you thousands. Even a small rate reduction, such as 0.25%, can yield significant savings if you minimize fees.
What Is the Break-Even Point in Refinancing?
The break-even point is one of the most important factors to consider when you are thinking about refinancing. This is the time it takes to recoup the closing costs on your refinance through monthly savings. To find the break-even point for your proposed refinancing, subtract your estimated new monthly payment from your current mortgage payment, then divide the closing costs by that monthly savings.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it will take you 25 months to cover those costs and start seeing savings. If you plan to sell your home before reaching this point, refinancing might not be the best strategy.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Virginia
In Virginia, refinancing tends to cost between 2% and 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 or more). Appraisals aren’t always needed, but this depends on the lender. Percentage-based costs include origination fees (0.5%-1% of the purchase price), title search/insurance (0.5%-1% of the purchase price), and points. Lenders may waive some fees, such as title insurance.
You can reduce costs by comparing multiple lenders, negotiating, and maintaining a credit score above 740. A cash-out refinance will often have higher closing costs because of the larger loan amount involved. No-closing-cost refinancing may be possible, but the costs are likely to be rolled into the mortgage amount or interest rate, so this may not save you money.
Tips on Reducing Your Mortgage Refinance Payment
There are ways to reduce your new mortgage payment before you get into the refi process itself:
• Build up your credit score to secure lower interest rates.
• Consider extending the term of your loan to reduce monthly payments, but remember that this could increase your total interest paid.
• Appeal your property tax assessment to potentially reduce your tax bill.
• Shop for a lower homeowners insurance rate, perhaps by increasing your deductible or bundling policies together.
The Takeaway
Mortgage refinancing can save you money on monthly payments or long-term interest, letting you shape your home financing to suit your goals. It can even let you access the equity in your home, but each possibility has its potential drawbacks. A mortgage refinance calculator can help you estimate potential savings, including monthly payment reductions and total interest savings, and calculate your break-even point. All of these are key metrics for evaluating whether 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 Virginia?
Refinancing your mortgage in Virginia tends to cost around 2% to 5% of the new loan amount or slightly more, including lender, credit report, appraisal, title search and insurance, and escrow fees. Comparing offers from different lenders can help you minimize these costs.
How much does it cost to refinance a $450,000 mortgage?
Refinancing a $450,000 mortgage is likely to cost between $9,000 and $22,500, or 2% to 5% of the new loan amount. These costs cover lender fees, appraisal fees, title search and insurance, and other administrative charges. A mortgage refinance calculator can help you estimate your break-even point and assess the financial viability of refinancing.
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 may be required to qualify. To calculate your equity percentage, subtract your remaining loan balance (principal only) from your home’s estimated value, and divide the result by that value.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point is too far in the future based on your plans. For example, if it will take 50 months to recoup refinancing costs, and you plan to move within 30 months, refinancing may not offer financial benefits. Use a mortgage refinance calculator to estimate your break-even point and assess the long-term impact.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial circumstances. Interest rates are often more favorable during the winter season, but it’s best to monitor market trends and make sure you’re financially stable and ready to act.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial needs and the terms offered by different lenders. Look for competitive interest rates, reasonable closing costs, and a user-friendly application process. You’ll also want to consider factors such as customer service, loan options, and pre-existing relationships to find a lender that suits you and your goals.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans, but a higher score may help you secure better interest rates and terms. For the best rates, a score of 740 or higher is ideal. Monitor your credit report, and see what you can do to improve it, especially if you’re hoping to refinance a jumbo loan, as this can involve more stringent requirements.
What are the advantages of refinancing your home?
Refinancing offers several potential advantages, giving you the opportunity to reduce your monthly payments or total interest paid, move between one type of mortgage loan and another, or even tap into home equity with a cash-out refinance.
Does refinancing hurt your credit?
Refinancing’s credit impact is usually minimal and temporary. A hard inquiry might slightly lower your score, but this tends to be short-lived, and in the long term, refinancing to better suit your financial circumstances can help you improve your credit through responsible money management. Shop around and submit applications within a short period to minimize the impact, and make your new payments consistently and punctually.
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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Utah Mortgage Refinance Calculator
Utah Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
A mortgage refinance can be a strategic financial move, offering opportunities to improve your financial situation. However, it’s important to fully understand both the potential benefits and possible costs. A Utah mortgage refinance calculator can assist you in making an informed decision about whether refinancing is the right choice for your particular circumstances. Whether you’re looking to lower your monthly payments, shorten the term of your loan, or access the equity you’ve built up in your home, this refi calculator can offer valuable guidance and help you assess your options more effectively.
Key Points
• A Utah mortgage refinance calculator can help you understand the potential savings and costs of refinancing your home loan.
• Even a small reduction in your interest rate, such as 0.25%, can lead to substantial savings over the life of the loan, making refinancing a potentially advantageous move.
• Understanding and estimating the total interest costs over the life of the loan can help you determine the long-term financial impact of refinancing.
• The break-even point, calculated by the refinance calculator, can help you decide if the savings from refinancing will outweigh the associated costs within your planned timeline.
Utah Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current home loan, excluding accrued interest, and it affects how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount the lender charges the borrower.
• Remaining/New loan term: The remaining loan term is the time left to repay your current mortgage, while the new loan term is the duration of the refinanced loan. Adjusting the loan term can affect monthly payments and total interest costs.
• Points: Mortgage points, or discount points, allow you to prepay a portion of the interest on your home loan at closing. Each point typically costs 1% of the total loan amount and can reduce your interest rate by 0.25%.
• Other costs and fees: Mortgage refinancing costs and fees include origination fees, appraisal fees, and attorney fees. These expenses typically range from 2% to 5% of the new loan amount and are important to factor in when assessing refinancing.
• Monthly payment: Your monthly payment includes the principal and interest on your mortgage. A refi mortgage calculator can help you compare your current and potential new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan, excluding the principal amount. A refinance calculator can help you compare the total interest of your current loan against different refinancing scenarios.
How to Use the Utah Mortgage Refinance Calculator
Input your current mortgage details and proposed refinance terms into the Utah mortgage refinance calculator to estimate potential savings. This will help you determine if refinancing aligns with your financial goals.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the mortgage refinance calculator. This figure is the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Next, enter your current interest rate to determine how much you are currently paying in interest and how much you could save with a new loan. Your interest rate depends on factors such as market conditions, your credit history, and the type of mortgage loan you choose.
Step 3: Estimate Your New Interest Rate
Research current mortgage rates available in your area and enter the rate you expect to be offered. This will help you compare potential savings on monthly payments or total interest costs.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage to compare your current and potential new loan durations.
Step 5: Choose a New Loan Term
Adjust the new loan term, anywhere from 10 to 30 years, to see the impact on monthly payments and total interest costs. A longer term can lower monthly payments, while a shorter term can reduce the total interest you will pay over the life of the loan.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase to see how they affect your interest rate and monthly payments. Points can lower your interest rate, but they come with an upfront cost.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, credit report, home appraisal, and attorney fees, which can range from 2% to 5% of the loan amount. This will give you a broader view of the expenses associated with refinancing.
Step 8: Review Your Break-Even Point
The calculator will determine the break-even point by dividing the total closing costs by the amount of your monthly savings. This will help you determine when the savings from a lower interest rate will cover the upfront costs.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a home refi calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate, potentially saving you a significant amount of money. The calculator compares your current and potential new loans, showing how different interest rates and loan terms can affect your monthly payments and total interest costs. For example, a lower interest rate can reduce your monthly payment, while a shorter loan term can decrease the total interest you pay over the life of the loan. By exploring various scenarios, you can determine if refinancing is right for your situation.
What Is the Break-Even Point in Refinancing?
The calculator will help you determine the break-even point, which is the number of months it will take for the savings from your new, lower monthly payments to cover the closing costs associated with refinancing. For example, if refinancing saves you $500 per month and your closing costs are $12,000, it will take 24 months to break even. If you plan to stay in your home longer than this, refinancing could be financially beneficial. However, if you expect to move before reaching the break-even point, refinancing might not be the best option.
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 Utah
Refinancing involves several costs that typically range from 2% to 5% of the new loan amount. 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). Some fees, such as title insurance and inspection fees, may not be required for refinances.
Some lenders offer a no-closing-cost refinance, but these may come with a higher interest rate.
A Utah refinance calculator can help estimate all costs and potential savings.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
There are steps you can take to lower your mortgage refinance payment.
• Build up your credit score to secure a more appealing interest rate.
• Shop around and compare offers from multiple lenders to find the best rates and terms.
• Extend the term of your loan to reduce monthly payments, though this increases total interest costs.
• Shop for a lower homeowners insurance rate to reduce your overall monthly payment.
The Takeaway
Refinancing your mortgage can be a powerful tool to manage your finances, but it’s important to understand how to refinance a mortgage, and the costs and benefits of doing so. A mortgage refinance calculator can provide valuable insights into potential savings and the break-even point. Consider your long-term financial goals, how long you plan to stay in your home, and how refinancing will impact your monthly budget. Weigh these benefits against closing costs and any changes in your loan terms. Always consult with a lender to explore all available options and make an informed decision.
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 Utah?
Refinancing your mortgage in Utah involves several costs, including lender fees, credit report fees, home appraisal fees, title search and insurance fees, and escrow costs. These expenses typically range from 2% to 5% of the new loan amount.
How much does it cost to refinance a $600,000 mortgage?
Refinancing a $600,000 mortgage involves costs ranging from 2% to 5% of the loan amount, which means you might pay between $12,000 and $30,000. A refinance calculator can help estimate these costs and the potential savings from a lower interest rate.
Do you have to put 20% down to refinance?
When refinancing, you do not need to make a 20% down payment. Lenders focus on your equity in the home, which is the difference between your home’s appraised value and the remaining balance on your existing mortgage. To qualify for the best rates and terms, you generally need at least 20% equity.
At what point is it not worth it to refinance?
Refinancing is not worth it if you plan to move or sell your home before reaching the break-even point, where the savings from a lower interest rate cover the upfront costs. Additionally, refinancing becomes less advantageous if the interest rate reduction is minimal or if you have a low remaining balance on your current loan.
What month is best to refinance?
The best month to refinance often depends on current mortgage rates and your financial situation. Rates are sometimes lower in the fall and winter, making these times more favorable. Monitor market trends and consult a lender for the most accurate information.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial situation and refinancing needs. It’s important to compare rates, fees, and services from multiple lenders. Use a refinance calculator to estimate potential savings and costs. Read customer reviews and ask for detailed loan estimates to make an informed decision.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for conventional loans. However, a higher score, ideally 740 or above, can secure better rates and terms. Check your credit report for errors and take steps to improve your score.
What are the advantages of refinancing your home?
Refinancing can lower monthly payments, reduce interest, allow you to switch to a fixed-rate mortgage, and in some cases, eliminate private mortgage insurance with at least 20% equity. Shortening the loan term saves interest but increases monthly payments. A cash-out refinance accesses equity for expenses such as debt consolidation or home improvements. Weigh these benefits against closing costs, and use a refinance calculator to determine the break-even point, ensuring savings outweigh expenses.
Does refinancing hurt your credit?
Refinancing can have a temporary impact on your credit score due to a hard credit pull.However, this impact is usually minimal and short-lived. Consistently making timely payments on your new loan 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-Q425-108
Get prequalified in minutes for a SoFi Home Loan.
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