Rhode Island Mortgage Refinance Calculator
Rhode Island Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can offer significant benefits but also comes with costs. Understanding both can help you make an informed decision about changing your home loan. A Rhode Island mortgage refinance calculator estimates potential savings and expenses to help you determine how you could achieve your financial goals through refinancing. Whether you’re looking to reduce your monthly payments or total interest, switch to a different loan type, or access home equity, the calculator provides you with valuable insights.
Key Points
• A Rhode Island mortgage refinance calculator can help homeowners determine whether refinancing aligns with their financial goals.
• The calculator can estimate potential monthly payments, total interest, and the break-even point, helping you decide if refinancing will be financially beneficial.
• Decreasing your loan term can increase your monthly payments but significantly reduce the total interest paid over the life of the loan, while extending the loan term has the opposite effect.
• Improving your credit score may allow you to secure a lower interest rate and potentially save you thousands of dollars in interest.
• Mortgage refinancing costs are typically 2% to 5% of the loan amount and should be factored into your decision.
Rhode Island Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your mortgage. This value affects how soon you can refinance a mortgage and allows the calculator to estimate the impact of refinancing.
• Current/New interest rate: The interest rate is the percentage of the loan amount charged by the lender for borrowing the money. A new, lower interest rate can reduce monthly payments and total interest paid over the life of the loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage, and the new loan term is the duration over which you’ll repay the refinanced loan. A shorter term can reduce the total interest you pay but increases monthly payments, while a longer term does the opposite.
• Points: Mortgage points are optional upfront fees that lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%.
• Other costs and fees: Refinancing involves various costs, including origination, appraisal, and attorney fees. These can range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest of your mortgage. You can use a refinance calculator to compare your current and estimated new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the life of the mortgage, excluding the principal. Comparing the total interest you’ll pay with your current home loan to the estimated total after a mortgage refinance can help you see potential long-term savings.
How to Use the Rhode Island Mortgage Refinance Calculator
To use the Rhode Island mortgage refinance calculator, input the details of your current loan and potential refinance terms. The calculator will estimate new monthly payments, total interest, and the break-even point, to help you evaluate the benefits of refinancing against the costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from different lenders or checking online for current mortgage rates available in your area. A lower rate can reduce your monthly payments or total interest paid, especially if rates have dropped since you purchased your home.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage so the home refi calculator can estimate the total interest you’ll pay if you keep your current loan and do not refinance.
Step 5: Choose a New Loan Term
Choose a new loan term to determine how you can meet your financial goals. A longer term can lower monthly payments, while a shorter term can save on total interest paid over the duration of the loan.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%. Use the refi mortgage calculator to identify whether purchasing points will benefit you.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, credit report, home appraisal, and attorney fees. These costs can range from 2% to 5% of the loan amount. Enter these into the calculator to see the impact on your potential savings.
Step 8: Review Your Break-Even Point
Calculate your break-even point, which is the number of months it will take for the total savings from the new loan to equal the total cost of refinancing. If you plan to stay in your home longer than this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator can help you determine if refinancing can lower your monthly payment or interest rate and save you money. It compares your existing and potential new mortgage to show how different interest rates and loan terms could affect your monthly payment and total interest.
You can input offers from different lenders to determine how to refinance a mortgage to best suit your financial situation. Securing a lower interest rate or reducing your loan term can create significant long-term savings on interest, while increasing your loan term can free up funds for other purposes. Considering the information the calculator provides alongside your financial goals can help you decide whether to proceed.
What Is the Break-Even Point in Refinancing?
The break-even point is one of the most important factors when deciding about refinancing. It is the time it takes to recoup the closing costs of your refinance through monthly savings. To find your break-even point, first calculate your monthly savings by subtracting your estimated monthly payment after refinancing from your current payment, then divide the closing costs by this value.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to break even and start seeing savings. If you plan to sell your home before reaching this point, refinancing may not make financial sense. If you don’t see any savings or get a negative number, it might be best to keep your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Rhode Island
The closing costs of refinancing a mortgage in Rhode Island are typically 2% to 5% of the new loan amount. Fixed costs include loan application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Percentage-based costs include origination fees (0.5%-1%), title search and insurance (0.5%-1%), and points (1% of the mortgage amount per point). Some purchase-related fees, such as title insurance and inspection fees, may be waived.
Reduce costs by comparing offers from different lenders, negotiating fees, and keeping your credit score as high as possible. Look out for prepayment penalties, and be aware that no-closing-cost refinances often have increased interest rates to cover the closing fees, so are not necessarily more cost-effective.
Keep in mind that refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
Here are some ways of reducing your mortgage refinance payment. You could:
• Improve your credit score to secure lower interest rates.
• Extend the term of your loan (but remember this could increase the total interest paid).
• Appeal your property tax to potentially reduce your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making your home more secure or storm-resistant.
The Takeaway
Mortgage refinancing could allow you to change to new mortgage terms that help you achieve your financial goals. A Rhode Island mortgage refinance calculator can estimate your costs, savings, and break-even point so you can ensure the benefits outweigh the expenses.
Whether you want to save on interest, lower your monthly payments, access home equity through a cash-out refinance, or switch to a different type of loan, the mortgage refinance calculator can help you understand the financial impact of refinancing. Compare offers from different lenders, and consider what you want to achieve by changing your loan terms to find the option that best suits 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 Rhode Island?
Refinancing costs in Rhode Island typically range from 2% to 5% of the new loan amount. These include fixed costs, such as application and appraisal fees, and percentage-based costs, including origination fees and title insurance.
How much does it cost to refinance a $550,000 mortgage?
Refinancing a $550,000 mortgage will probably cost between $11,000 and $27,500, or 2% to 5% of the new loan amount.
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. Calculate your equity percentage by subtracting the amount you owe on your mortgage principal from your home’s estimated value and dividing this by your home’s value.
At what point is it not worth it to refinance?
If your break-even point is longer than the amount of time you intend to own your home, refinancing might not be worth it. Use the estimated break-even point provided by a refi calculator to help you assess whether a mortgage refinance will be beneficial.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial goals. Rates tend to be lower in fall and winter, but you should monitor the market and ensure you’re financially stable before refinancing.
Which bank is best for refinancing?
The best bank depends on your financial situation and refinancing needs. Consider factors such as interest rates, closing costs, customer service, and the loan options available. Compare offers from multiple lenders to find a refinance with terms that suit you.
What credit score do you need for refinancing?
To qualify for a mortgage refinance, you usually need a credit score of at least 620. A higher score can allow you to secure better rates and terms. Check your credit report for errors and improve your score before applying.
What are the advantages of refinancing your home?
A mortgage refinance could help you achieve your financial goals, whether you want to make long-term savings on interest, free up funds by lowering your monthly payments, or access the equity in your home. Securing a lower interest rate or more favourable terms for your situation may be a smart financial move.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry on your credit. Making your monthly payments on time during the transition to your new loan terms and once your refinance is complete can minimize the impact and potentially improve your score in the long term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Pennsylvania Mortgage Refinance Calculator
Pennsylvania Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can be a powerful move when managing your finances. Refinancing offers opportunities to lower your monthly payments, shorten your loan term, or access the equity in your home. If you’re considering a mortgage refinance, using a mortgage refi calculator can help you to understand the potential benefits and costs of a refinance, and determine whether refinancing your current mortgage is the right choice for your financial situation.
Key Points
• Using a Pennsylvania mortgage refinance calculator is helpful when you want to estimate potential savings and costs.
• Refinancing your mortgage is typically worthwhile if you can secure a reduction of at least 0.5% in your interest rate.
• Calculating your break-even point using a mortgage refinance calculator is useful for determining whether the savings from refinancing will outweigh the initial mortgage refinancing costs.
• Purchasing mortgage points to lower your interest rate is an optional upfront expense that you should consider in the context of your long-term financial strategy.
• Extending the term of your loan may lower your monthly payments. However, it will also increase the total interest paid over the life of the loan.
• Building your credit score may significantly improve your chances of securing a lower interest rate and more favorable loan terms when refinancing.
Pennsylvania Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan. It’s used for determining how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount that the lender charges in exchange for lending you the money. The difference between your current and potential new interest rate factors into whether refinancing will save you money over the long term.
• Remaining/New loan term: The remaining loan term refers to the number of months left to repay your existing mortgage. A new loan term may be either shorter or longer, which will affect your monthly payments and total interest paid.
• Points: Mortgage points are optional upfront fees that you can pay to lower your interest rate. Each point typically costs 1% of the loan amount and can reduce your interest rate by about 0.25%.
• Other costs and fees: These include origination, appraisal, and attorney fees. They typically range from 2% to 5% of the loan amount and should be factored into your cost-benefit analysis.
• Monthly payment: Your monthly mortgage payment consists of both a percentage of the principal amount and interest on the loan.
• Total interest: Total interest is the cost paid to the lender over the loan repayment term, excluding the principal. Compare the total interest for your existing and potential new mortgage before you make the decision to refinance.
How to Use the Pennsylvania Mortgage Refinance Calculator
Use the Pennsylvania home refi calculator to estimate potential savings and your break-even point.
Step 1: Enter Your Remaining Loan Balance
Input the precise remaining loan balance (the amount you still owe on your current mortgage) into the calculator.
Step 2: Add Your Current Interest Rate
You can find this on your mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing current mortgage rates or by reviewing offers from different lenders. A lower rate can reduce your total costs.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term, which can be from 10 to 30 years. A shorter term reduces the total interest you’ll pay, while a longer term lowers your monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter the number of points you plan to purchase. You’ll be able to see how they affect your monthly payments.
Step 7: Estimate Your Other Costs and Fees
Estimate your other costs and fees. These can comprise application fees, lawyer’s charges, and appraisal costs. Then, enter them into the calculator to assess how they affect potential savings.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point, which is the number of months required to begin reaping the benefits of refinancing. Knowing the break-even point could help you determine if refinancing makes sense for you.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refi mortgage calculator can help you evaluate whether refinancing might lower your monthly payment or interest rate. The calculator provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan term lengths can affect your monthly payments and total interest. You may realize significant savings with even a slight reduction in your interest rate, especially if you have a larger mortgage.
A mortgage refinance calculator is also a good starting point in determining how to refinance a mortgage. It will help you consider your reason for refinancing, 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 the time it takes to recoup the closing costs on your refinance through monthly savings. Subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by the monthly savings.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to cover those costs and start seeing savings. If you plan to sell the house within two years, refinancing may not be the right strategy. Similarly, you may not want to refinance your current loan if the interest saved in the refi is a negative number.
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 Pennsylvania
Refinancing in Pennsylvania can incur closing costs ranging from 2% to 5% of the loan amount. Fixed fees include the application (up to $500), credit report ($25 to $75), appraisal ($600 to $2,000), recording charges ($25 to $250), and attorney’s fees ($500 to over $1,000). Percentage-based costs include origination (0.5% to 1%), title search/insurance (0.5% to 1%), points, and mortgage insurance. Cash-out refinances often have higher closing costs. Sometimes you can reduce your refi costs by comparison shopping, negotiating fees, and maintaining a good credit score.
Obtaining a no-closing-cost refinance is possible with some lenders, but remember that these loans often carry a higher interest rate.
Refinancing a jumbo loan may also come with higher costs.
Tips on Reducing Your Mortgage Refinance Payment
Assessing how you can lower your monthly payment before beginning the refinancing process is very helpful. It’s advisable to:
• Build your credit score to secure better interest rates.
• Extend the term of your loan to lower monthly payments, though this increases the total interest you’ll pay.
• Shop around for the best rates and terms from different lenders.
• Obtain a lower homeowners insurance rate by increasing your deductible, bundling policies, or making home upgrades.
The Takeaway
Refinancing your mortgage can be a great way to manage your finances, but it requires careful consideration. A mortgage refinance calculator is helpful for estimating potential savings and understanding the financial impact of different refinance scenarios. Assess your financial goals, the length of time you plan to stay in your home, and the break-even point before you make your 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 Pennsylvania?
Refinancing in Pennsylvania typically costs 2% to 5% of the new loan amount. These costs comprise fixed fees, such as application, credit report, and appraisal fees, as well as percentage-based costs, including origination and title insurance. Compare offers and negotiate with lenders to secure the best rates.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage can cost between $6,000 and $15,000 — or 2% to 5% of the new loan amount — including both fixed and percentage-based fees. Use our mortgage refinance calculator to estimate how much you might save and the break-even point.
Do you have to put 20% down to refinance?
You don’t need to put 20% down when refinancing, but having at least 20% equity in your home may be required. You can do some simple math to see if you meet this equity goal. First, subtract the balance you owe on your mortgage principal from your home’s estimated value. Divide the answer by your home’s value to yield the percentage of equity.
At what point is it not worth it to refinance?
Refinancing may not be worth it if your break-even point is longer than you plan to stay in your home. For example, if you have $6,000 in closing costs and save $200 per month, your break-even point is 30 months. The upfront costs may outweigh your savings if you intend to move before that.
What month is best to refinance?
The best time to refinance depends on current mortgage rates and economic trends. Historically, rates tend to be lower in January or February, but it’s often safest to watch current rates and ensure your financial stability before you apply.
Which bank is best for refinancing?
Selecting the best bank for your refinance depends on several factors, including your financial goals and refinancing needs. Compare offers from multiple lenders, and look for transparency, competitive rates, and positive customer reviews.
What credit score do you need for refinancing?
Conventional refinancing typically requires a minimum credit score of 620. However, higher scores might help you secure better rates and terms. Check your credit score, and work on improving it by addressing whatever issues you can. These measures can include paying bills on time, reducing credit card balances, and correcting errors on your credit report.
What are the advantages of refinancing your home?
Refinancing may offer a lower interest rate, which can reduce monthly payments and total interest. It can also provide payment stability if you switch from an adjustable-rate to a fixed-rate mortgage. A cash-out refinance allows borrowers to access additional funds for various purposes, such as home improvements or debt consolidation.
Does refinancing hurt your credit?
A hard credit inquiry might temporarily lower your score, but consistent payments may offset this. It’s usually best to shop for rates within a short period to minimize the effect of repeated credit inquiries.
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.
Oklahoma Mortgage Refinance Calculator
Oklahoma Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your mortgage in Oklahoma may present an opportunity to save money, adjust your loan terms to better suit your financial situation, or even access the equity you’ve built up in your home over time.
Whether you’re focused on lowering your monthly mortgage payments or accelerating the payoff of your mortgage to save on interest, an Oklahoma mortgage refi calculator can help you make a well-informed decision. Simply enter the details on your current home loan, and compare those numbers with what you would pay on a new, refinanced loan. The calculator will show your new estimated monthly payments and how much you could save in interest over time.
Keep reading for more on how to use the Oklahoma mortgage refinance calculator and whether refinancing is right for you.
Key Points
• The Oklahoma mortgage refinance calculator can help you estimate potential savings and costs associated with refinancing your home loan.
• The break-even point will help determine if the savings from refinancing will outweigh the initial costs associated with refinancing.
• Purchasing mortgage points can lower your interest rate and monthly payments, but the upfront cost must be considered against long-term savings.
• Refinancing costs typically range from 2% to 5% of the new loan amount.
• A higher credit score, ideally 740 or above, can lead to more favorable refinancing terms and lower interest rates.
Oklahoma Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing home loan.
• Current/New interest rate: Interest is the cost of borrowing money, expressed as a percentage of the loan amount. Your current interest rate is what you’re now paying on your loan, and it could be fixed or variable. The new rate can significantly impact your monthly payments and total interest paid over the loan’s life.
• Remaining/New loan term: The remaining loan term is the number of months left to pay off your current mortgage. The new loan term is the duration of the refinanced loan. Shortening the term can save on interest, while extending it can lower monthly payments.
• Points: Mortgage points are optional upfront fees paid to the lender to reduce the interest rate. Each point costs 1% of the loan amount and typically lowers the rate by 0.25%.
• Other costs and fees: These can include origination, appraisal, and attorney fees. They typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on the loan amount. Comparing your current payment to the estimated payment after refinancing can help you determine if refinancing is right for you.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan, excluding the principal. Comparing total interest paid on your current and potential refinanced loans helps determine long-term savings.
How to Use the Oklahoma Mortgage Refinance Calculator
To use the Oklahoma mortgage refinance calculator, input your remaining loan balance, current and new interest rates, and current and new loan terms. The calculator provides a comprehensive estimate of potential savings and associated costs. Here’s exactly how to use it.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the Oklahoma mortgage refi calculator. This is the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Enter your current interest rate into the mortgage refinance calculator. This rate will be compared against current mortgage rates to determine potential savings.
Step 3: Estimate Your New Interest Rate
Interest rates are influenced by factors like credit score, market conditions, and the type of mortgage loan. A lower rate can reduce monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Enter your remaining loan term, the time left to pay off your current mortgage. This information helps calculate potential savings from refinancing.
Step 5: Choose a New Loan Term
Select a new loan term to see how it affects your monthly payments and total interest. Shorter terms save on interest but increase monthly payments. Longer terms lower monthly payments but increase total interest.
Step 6: Enter Any Points You Intend to Purchase
Enter the number of points you plan to purchase. Points are upfront fees that lower your interest rate. Consider the long-term savings versus the upfront cost.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as lender fees, appraisal fees, and title insurance. These costs can range from 2% to 5% of the new loan amount.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point to determine when your savings from the new mortgage will cover the initial costs. Subtract your new monthly payment from your current payment and divide the closing costs by the monthly savings.
Benefits of Using a Mortgage Refinance Payment Calculator
Housing costs can be a large part of your budget. A refinance calculator helps assess if mortgage refinancing can lower your monthly payment or interest rate, potentially saving money. The calculator also indicates if refinancing leads to higher costs, helping you decide wisely.
Inputting various interest rates and loan terms helps you understand how refinancing impacts your payments and total interest. Lower payments offer immediate relief, while reduced interest saves long-term. Even small interest rate reductions, like a quarter percentage point, can create savings.
Refinancing from a 30-year to a 15-year loan accelerates mortgage payoff and reduces total interest. If you have an adjustable-rate mortgage (ARM) and worry about rate increases, a mortgage calculator compares your expenses to a fixed-rate mortgage.
Recommended: How Soon Can You Refinance a Mortgage?
What Is the Break-Even Point in Refinancing?
One of the most important things the mortgage refinance calculator can help you determine is the break-even point. The break-even point is the time it takes for the savings from your new mortgage to outweigh the initial costs.
To find this point, subtract your estimated monthly payment after refinancing from your current mortgage payment. Then, divide the closing costs by the monthly savings. For example, if refinancing a mortgage saves you $100 a month, and your total closing costs are $2,500, it would take 25 months to cover those costs and start to see savings. If you plan to sell your home before reaching the break-even point, refinancing may not be worthwhile. If the interest saved in the refinance shows a negative number, that’s a sign it might not make sense to refinance your current loan.
There is one exception to this rule: a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest. Cash-out refinances typically don’t save money, since the new loan amount is larger than the current loan amount.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Oklahoma
Mortgage refinancing costs are typically 2% to 5% of the new loan. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1%), title search/insurance (0.5%-1%), points, and mortgage insurance. Some refinance fees, like title insurance, aren’t always required.
While “no-closing-cost refinance” promotions are eye-catching, they’re a bit misleading, since many lenders will increase your interest rate to cover the cost of closing fees. Make sure to read the fine print before signing. Comparison shop, negotiate with lenders, and maintain a 740+ credit score to lower your costs.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
In order to reduce your mortgage refinance payment, you can:
• Build up your credit score to secure better rates.
• Extend the term of your loan to lower monthly payments.
• Eliminate private mortgage insurance by having 20% equity in the home.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Using an Oklahoma refinance calculator is a powerful tool for homeowners assessing the financial impact of refinancing. It helps estimate potential savings, including monthly payment reductions and total interest savings, by comparing current and new loan terms.
However, it’s important to consider mortgage refinancing costs, which can range from 2% to 5% of the new loan amount. Factors such as credit score, home equity, and future financial plans should also be taken into account.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Oklahoma?
Refinancing your mortgage in Oklahoma involves closing costs of 2% to 5% of the new loan amount. Common costs include origination, credit report, title search, and escrow fees. Some fees, like title insurance and inspection, may not be required for refinances.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage can cost $6,000 to $15,000, or 2% to 5% of the loan amount. Common costs include loan application fees, credit report fees, home appraisal fees, recording fees, and attorney fees.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having 20% equity can secure better terms and avoid private mortgage insurance (PMI).
At what point is it not worth it to refinance?
Refinancing may not be worth it if you’ll sell your home before the break-even point, which is when your savings cover the closing costs. For example, if closing costs are $4,800 and you save $200 per month, the break-even point is 24 months.
What month is best to refinance?
Historically, fall and winter months have lower interest rates due to decreased demand. Monitor market trends and use a refinance calculator to estimate savings and costs. Ensure the timing aligns with your financial goals.
Which bank is best for refinancing?
The best bank for refinancing depends on your needs. Compare rates and terms from multiple lenders, and consider factors like reputation, customer service, and special programs.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for refinancing. A higher score, ideally 740 or above, can secure better terms and lower interest rates. Check your credit report for errors and build your score before applying.
What are the advantages of refinancing your home?
Advantages of refinancing can include lower interest rates, reduced monthly payments, and switching from adjustable to fixed rates. A cash-out refinance allows you to access home equity for various needs.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and recoverable. Long-term benefits, like reduced debt and lower monthly payments, can build your credit score. Shop around and apply with multiple lenders within a short period to minimize the impact.
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-Q425-100
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Ohio Mortgage Refinance Calculator
Ohio Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can help you save money, adjust your loan terms, or access your home equity. The Ohio mortgage refinance calculator helps you compare your current and potential new loan terms and makes it easier to see the financial impact of refinancing. This guide will help you understand how you can use the estimates of monthly payments, total interest, and break-even point provided by the calculator to determine if refinancing is the right choice for your financial situation.
Key Points
• Determining if refinancing is worth it can be made easier by using the Ohio mortgage refinance calculator to estimate your monthly payments, total interest, and break-even point.
• Performing a cash-out refinance can provide extra funds for your home improvements or debt consolidation, but it comes with higher closing costs and should be carefully considered.
• Extending the loan term can lower your monthly payments but increase the total interest paid over the life of the loan, while reducing the term can do the opposite.
• Purchasing mortgage points reduces your interest rate, but the upfront cost must be weighed against long-term savings.
• Improving your credit score can help you secure better refinancing terms and lower interest rates, the effect of which can be assessed using the mortgage refinance calculator.
Ohio Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current home loan. This value determines how soon you can refinance a mortgage and allows the calculator to estimate your potential savings.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. The refi calculator helps you compare your current interest rate with a new rate by estimating potential savings.
• Remaining/New loan term: The loan term is the duration over which you will repay your mortgage. The calculator can help you compare current and new loan terms to understand the impact on your monthly payments and total interest.
• Points: Mortgage points are upfront fees paid to reduce your interest rate. Each point costs 1% of the loan amount and can decrease your interest by 0.25%, which could result in substantial savings over the loan term.
• Other costs and fees: Refinancing involves various costs, such as origination, appraisal, and attorney fees. These can range from 2% to 5% of the loan amount.
• Monthly payment: Your monthly payment includes the principal and interest amounts. The calculator can help you assess the financial impact of refinancing by comparing your current and new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the duration of the loan. The calculator can help you estimate the total interest for your current and new loans, allowing you to identify potential long-term savings.
How to Use the Ohio Mortgage Refinance Calculator
To use the Ohio refi mortgage calculator, input the details of your current and desired home loan. The calculator will estimate your new monthly payments, total interest and break-even point to help you see your potential savings and costs so you can make an informed decision about whether refinancing will be beneficial.
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 your current interest rate. You can find this on your latest mortgage statement or by contacting your lender. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan you choose.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from different lenders or checking online for current mortgage rates. A lower rate can reduce your monthly payment or total interest.
Step 4: Select Your Remaining Loan Term
Enter the number of years left on your current mortgage into the refi calculator to estimate the total interest you’ll pay if you don’t refinance your home loan.
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 offer 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%. Use the refi mortgage calculator to assess if purchasing points will be beneficial.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as application fees, appraisal fees, and attorney fees. Input these into the calculator to assess their impact on your potential savings.
Step 8: Review Your Break-Even Point
The calculator will tell you your break-even point, which is the number of months required for any savings on your monthly payment to offset the closing costs of refinancing. If you plan to stay in your home beyond this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using the Ohio mortgage refinance calculator can help you identify how changing your loan terms could save you money by reducing your monthly payment or total interest. Inputting different rates and terms can help you determine how to refinance a mortgage to meet your financial goals. Lower monthly payments can free up funds, while a reduced interest rate or shortening your loan term can lead to substantial savings over the duration of the loan. Even a small decrease in your interest rate can lead to significant long-term savings.
What Is the Break-Even Point in Refinancing?
One of the most important things the refinance calculator estimates is the break-even point, which is the number of months it will take for the savings from your new mortgage to cover the closing costs of refinancing. The home refi calculator computes this point by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then dividing the closing costs by this value.
For instance, if mortgage refinancing saves you $100 a month and your total closing costs are $2,500, it would take 25 months to cover those costs and start seeing savings. If you plan to sell your home before this point, refinancing may not be the right strategy for you. If you don’t see any savings or are getting a negative number, it might not make sense to refinance your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Ohio
Mortgage refinancing costs are typically 2% to 5% of the loan amount. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs include origination fees (0.5%-1%), title search and insurance (0.5%-1%), and points.
To reduce your refinancing costs, maintain a good credit score, compare offers from different lenders, and remember that some fees, such as title insurance, are negotiable. Some lenders offer a no-closing-cost refinance, but be aware that this may come with a higher interest rate to cover the closing costs and may not be more cost-effective.
Recommended: How to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Before beginning the refinancing process, you can minimize your monthly mortgage refinance payment by:
• Improving your credit score to help you secure a lower interest rate.
• Extending the term of your loan, but remember this may cost you more in interest.
• Appealing your property tax if you think you’re paying too much.
• Shopping for a lower homeowners insurance rate by bundling policies, increasing your deductible, or making your home more secure or storm-resistant.
The Takeaway
Refinancing your mortgage can be a powerful tool that helps you manage your finances effectively, but it’s important to assess the associated costs before proceeding. A refinance calculator helps estimate your potential savings and costs, allowing you to make an informed decision. Whether you’re looking to lower monthly payments, pay off your loan faster to reduce the total interest you’ll pay, or access your home equity for other purposes, the calculator can help you determine the financial impact of refinancing.
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 Ohio?
The cost to refinance a mortgage in Ohio typically ranges from 2% to 5% of the total new loan amount. Costs include application fees, credit reports, appraisals, and title insurance. Use the Ohio mortgage refinance calculator to estimate these costs.
How much does it cost to refinance a $250,000 mortgage?
The cost to refinance a $250,000 mortgage can range from $5,000 to $12,500, which is 2% to 5% of the loan amount. Fees include loan origination, appraisals, and title insurance. The mortgage refinance calculator can help you estimate your total costs and potential savings.
Do you have to put 20% down to refinance?
You do not need a 20% down payment to refinance, but having at least 20% home equity means you are more likely to secure the best rate available. To calculate your equity percentage, subtract the balance you owe on your mortgage principal from your home’s estimated value, and then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point is too far in the future. For example, let’s say you intend to stay in your home for four years. If closing costs were $5,000 and you saved $100 on your monthly payments, it would take 50 months to break even — so you would not see the benefits of your savings. Evaluate the break-even point estimated by the calculator against your financial plans to decide whether refinancing is the right strategy.
What month is best to refinance?
The best month to refinance can vary based on prevailing mortgage rates. Rates often tend to be lower during the fall and winter months, making these periods more favorable for refinancing. Monitor the market, use the refinance calculator, and ensure you are financially stable before applying.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your specific needs and financial situation. Compare interest rates, loan terms, and closing costs from multiple lenders, and also consider their reputation, particularly for customer service, to find a bank that suits you.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans, but a higher score can help you secure better terms and lower interest rates. Check your credit report for errors and take steps to improve your score as much as possible before applying.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, including decreased total interest or reduced monthly payments. Through a cash-out refinance, you can access home equity for home improvements or debt consolidation. Use the mortgage refinance calculator to determine if refinancing aligns with your financial goals.
Does refinancing hurt your credit?
Refinancing can have a temporary impact on your credit score due to a hard inquiry. However, this impact is usually short-lived. Consistently making timely payments on your new loan can help restore and improve your credit score over time.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-099
Get prequalified in minutes for a SoFi Home Loan.
New Jersey Mortgage Refinance Calculator
New Jersey Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
If you’re a New Jersey homeowner considering refinancing your home loan, our New Jersey mortgage refinance calculator can support you as you make your decision. Refinancing may enable you to save money, adjust your loan terms to better suit your current situation, or access the equity you’ve built in your home. Mortgage calculators, along with your own research, can help provide a clear picture of the overall financial impact of a mortgage refinance.
Key Points
• Using a New Jersey mortgage refinance calculator can help you assess the financial impact of refinancing, including potential savings and costs.
• The break-even point is generated by the mortgage refinance calculator and will help you determine if the savings from refinancing will outweigh the initial expenses.
• A mortgage refinance calculator can help you estimate the total interest savings over the life of the loan, which is important for long-term financial planning.
• Mortgage refinancing costs in New Jersey typically range from 2% to 5% of the new loan amount, including lender fees, appraisal fees, and attorney fees.
• Purchasing mortgage points can lower your interest rate, but the upfront cost may not be worthwhile if you plan to sell soon.
• A home refi calculator can help you evaluate the impact of extending or shortening your loan term on your monthly payments and total interest costs.
New Jersey Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the amount of principal you still owe on your current home loan. It excludes any accrued interest.
• Current/New interest rate: The interest rate is the cost your lender adds to the principal amount of borrowed funds, expressed as a percentage of the loan amount. A lower interest rate could result in substantial savings on both monthly payments and total interest.
• Remaining/New loan term: The loan term is the duration over which you’ll repay your mortgage. Shortening the term can lower total interest costs, while extending it can reduce monthly payments.
• Points: Mortgage points are optional upfront fees that can lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%.
• Other costs and fees: Refinancing involves various costs, including origination fees, appraisal fees, and attorney fees.
• Monthly payment: Your monthly payment includes interest on your mortgage as well as a portion that goes toward the principal. It can be affected by changes in interest rates and loan terms.
• Total interest: Total interest is the cost you pay to the lender over the term of the loan. It excludes the principal amount you borrowed.
How to Use the New Jersey Mortgage Refinance Calculator
Using the mortgage calculator is easy. Follow the steps to produce an estimate of potential savings and costs. The break-even point calculation will help you decide if refinancing is financially feasible.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the New Jersey mortgage refinance calculator. This figure represents the principal amount you still owe on your home loan. You may want to refer to your current mortgage statement to get the precise amount.
Step 2: Add Your Current Interest Rate
Adding your current interest rate into the home refi calculator helps estimate your current monthly payment and total interest costs, which you can then compare with potential new rates and terms. Your interest rate will depend on market conditions, your credit history, and the type of mortgage loan you choose.
Step 3: Estimate Your New Interest Rate
Research the current mortgage rates in your area and enter an estimate of your new interest rate into the calculator. The result will show you the potential savings from refinancing, especially if rates have dropped since you purchased your home.
Step 4: Select Your Remaining Loan Term
Check your mortgage statement for the number of years remaining on your current mortgage and add it to the data in the refinance calculator. The calculator 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 (from 10 to 30 years) that works with your financial objectives. A longer term can lower monthly payments, while a shorter term can reduce total interest paid over the loan’s term.
Step 6: Enter Any Points You Intend to Purchase
Points can lower your interest rate, but they come with an upfront cost. The mortgage refinance calculator helps you assess whether purchasing points would make good financial sense.
Step 7: Estimate Your Other Costs and Fees
Fees such as origination, credit report, home appraisal, and attorney’s fees are all included in the refinancing costs. Closing costs can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
The mortgage calculator will generate your break-even point. Refinancing could be a smart financial move if you plan to stay in your home after this point.
Benefits of Using a Mortgage Refinance Payment Calculator
Housing is one of the most significant expenses in your monthly budget. Using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate, potentially saving you a significant amount of money. The refinance calculator provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan terms could change your monthly payment and total interest paid.
You can experiment with various new interest rates and loan terms (e.g., switching from a 30-year to a 15-year mortgage) to see how they would affect your finances. The tool can also flag situations where refinancing might not be beneficial, such as when, based on current mortgage rates, the interest savings are minimal or when the closing costs outweigh the potential savings.
Recommended: How to Refinance a Mortgage
What Is the Break-Even Point in Refinancing?
The break-even point is the number of months it will take to recoup the closing costs associated with refinancing. To find this, the refi calculator subtracts your estimated monthly payment after refinancing from your current mortgage payment and then divides the closing costs by the monthly savings. For example, if refinancing saves you $250 a month and your closing costs are $11,000, it will take 44 months to break even. If you plan to sell your home soon, refinancing may not be the best strategy. The calculator can also indicate if the interest savings are negative, which suggests that refinancing may not be a good option at this time.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in New Jersey
Refinancing in New Jersey incurs costs typically ranging from 2% to 5% of the new loan amount. These include fixed fees, such as application, credit report, appraisal, recording, and attorney’s fees. Percentage-based costs can comprise origination, title search/insurance, and points. Some lenders offer no-closing-cost refinance options, but these programs often come with a higher interest rate. Compare lenders, negotiate, and maintain a good credit score to save on closing costs.
Keep in mind that refinancing a jumbo loan typically carries higher costs.
Tips on Reducing Your Mortgage Refinance Payment
You may be wondering how you can reduce your regular mortgage payments. Some tips to accomplish this include:
• Improve your credit score to secure better interest rates.
• Extend the term of your loan to lower monthly payments.
• Appeal your property tax to potentially reduce your overall monthly payment.
• Shop for a lower homeowners insurance rate or try bundling your policies to decrease your monthly costs.
The Takeaway
Refinancing your mortgage can be a great way to manage your housing costs, but it’s important to understand both the costs and benefits. Learning how soon you can refinance a mortgage is also relevant to your decision. Consider the figures provided by the refi mortgage calculator, such as the break-even point, loan term, and interest rate. They’ll help you assess the long-term financial impact of a refi and be sure that your savings will outweigh the costs.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in New Jersey?
You can expect your closing costs to range from 2% to 5% of the new loan amount. Refinancing in New Jersey may include costs for credit reporting, origination, title search, and escrow fees. Some expenses that were involved when you first purchased your home, such as title insurance and inspection, may not be required for refinancing.
How much does it cost to refinance a $550,000 mortgage?
Refinancing a $550,000 mortgage usually involves closing costs ranging from 2% to 5% of the loan amount, which translates to between $11,000 and $27,500.
Do you have to put 20% down to refinance?
A 20% down payment isn’t required for refinancing. However, lenders generally prefer that you have at least 20% equity in your home.
At what point is it not worth it to refinance?
A mortgage refinance may not be worthwhile if the break-even point is too far in the future or if the interest rate reduction is minimal. The refi calculator can estimate your break-even point.
What month is best to refinance?
The best time to refinance depends on market conditions and your financial circumstances. Historically, rates are lower during the fall and winter months, when home-buying activity is typically lower. However, it’s always advisable to check current rates.
Which bank is best for refinancing?
Selecting the best bank for refinancing depends on your financial goals and the specific loan terms you’re considering. Compare interest rates, loan terms, and closing costs from multiple lenders to find the best deal, but don’t forget to consider the lender’s reputation and customer service record.
What credit score do you need for refinancing?
A credit score of at least 620 is generally required for conventional refinancing, but higher scores can generally secure better rates and terms. Get a copy of your credit score and address any errors while doing what you can to pay down debt before applying.
What are the advantages of refinancing your home?
Advantages may include securing a lower interest rate, switching to a fixed-rate mortgage, or accessing home equity via a cash-out refinance.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and short-lived. Maintaining consistent payments on your new mortgage can help sustain a healthy 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.
SOHL-Q425-094
Get prequalified in minutes for a SoFi Home Loan.
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