Massachusetts Mortgage Refinance Calculator
Massachusetts Mortgage Refinance Calculator
By SoFi Editors | Updated December 2, 2025
Before deciding to refinance your home loan, you must understand the potential benefits and the costs. Use our Massachusetts mortgage refinance calculator to estimate your new monthly payment, total interest paid, and the break-even point — which determines when your savings will surpass the initial costs. Review this guide to better understand if refinancing makes sense for you.
Key Points
• Our Massachusetts refinance calculator helps estimate monthly payments, total interest costs, and the break-even point, all key elements to making an informed refinancing decision.
• A small reduction in your interest rate — even a quarter percentage point — can lead to significant savings over the life of the loan, making refinancing a potentially advantageous move.
• Extending the loan term can lower monthly payments, but will likely increase total interest paid.
• Refinancing costs, like origination, appraisal, and attorney fees, can range from 2% to 5% of the loan amount.
Calculator Definitions
• Remaining loan balance: The remaining loan balance is what you owe on your existing mortgage. This affects how soon you can refinance a mortgage. In general, you 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. The difference between your current and new interest rates will determine potential savings from refinancing.
• Remaining/New loan term: The remaining loan term represents the amount of time over which you are expected to repay your mortgage after completing the refinancing process. A shorter term can save you a significant amount of money in interest payments over the life of the loan, but will also lead to an increase in your monthly payments.
• Points: Points, or discount points, are optional upfront fees you pay a lender to lower your interest rate. Each point costs 1% of the total loan amount and reduces the interest rate by 0.25%.
• Other costs and fees: Other costs associated with refinancing include origination, appraisal, and attorney fees. These expenses typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment typically includes both principal and interest. A refinance mortgage calculator can help you compare your current monthly payment with the estimated payment after refinancing to potentially secure better terms. Lower monthly payments alone don’t indicate whether a mortgage refinance will save you money over the long term.
• Total interest: Total interest is the cost you pay — excluding the principal — to the lender over the duration of the loan. 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 Massachusetts Mortgage Refinance Calculator
The Massachusetts mortgage refinance calculator helps you assess the financial impact of mortgage refinancing. Here’s how to use the calculator effectively:
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance, which is the principal amount you owe on your current home loan.
Step 2: Add Your Current Interest Rate
Input your current interest rate. This helps estimate your total interest costs, which can be compared to potential new rates and terms. 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 what your new interest rate would be by comparing offers from different lenders or checking online for current mortgage rates. A lower rate can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
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, anywhere from 10 to 30 years. A shorter term can save on interest, while a longer term can lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter discount points you intend to purchase. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%. Using the mortgage refinance calculator can help you determine whether purchasing points is beneficial to your financial situation.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, home appraisal, credit report, and attorney fees, which can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
Your break-even point is when the savings from refinancing will cover the initial costs. The calculator shows you this figure, which helps you assess whether refinancing is worth pursuing.
Recommended: How to Refinance a Mortgage
Benefits of Using a Mortgage Refinance Payment Calculator
Using our Massachusetts refinance calculator can help you figure out whether refinancing is possible and beneficial at this time. This tool provides insight into potential savings, allowing you to see if refinancing could free up money to put toward your other financial goals. Even a small interest rate change — such as a quarter percentage point — could result in significant savings, especially for larger home loans.
The calculator can also help you consider the purpose of your refinance, whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
You can calculate your break-even point by subtracting your estimated monthly payment after a refinance from your current mortgage payment. Now divide the total closing costs by the amount you are saving each month. This figure helps you determine whether the savings from refinancing outweighs the initial costs within a reasonable time frame.
Let’s say refinancing saves you $100 each month and the total closing costs amount to $5,000, then it would take 50 months to break even. This is the amount of time needed for you to cover those upfront costs and start seeing actual savings. If you plan to sell before reaching this break-even point, then refinancing might not be beneficial for you right now. The calculator will compute your break-even point for you.
Recommended: How Soon Can You Refinance a Mortgage?
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Massachusetts
You should have a clear understanding of all the potential costs and fees before refinancing. Refinancing a home loan in Massachusetts can cost anywhere between 2% to 5% of the new loan amount. There are a variety of fixed costs such as loan application fees (up to $500), credit report fees ($25-$75), home appraisal fees ($600-$2,000), recording fees ($25-$250), and don’t forget attorney fees ($500-$1,000+). Take into account percentage-based costs too, such as loan origination fees (0.5%-1% of the purchase price) and title search and insurance (0.5%-1% of the purchase price).
Another avenue some people consider is a no-closing-cost refinance, which allows borrowers to roll the closing costs into the mortgage in exchange for a higher interest rate. This move may allow you to keep cash on hand to use for other purposes, however it will increase the principal and total interest paid so you’d have to consider whether it’s worth doing.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Reducing your monthly mortgage payment before starting the refinancing process can help lower your mortgage refinance payment. Here are some tips:
• Assess your coverage periodically and see if you can increase your deductible, bundle your home and auto policies from the same insurer, or look into whether a home upgrade (like a better security system) might qualify you for a lower rate.
• Look into extending the term of your loan, which could reduce monthly payments (this could increase your total interest paid too, however).
• Get a loan modification from your lender. This changes the terms of a loan to make monthly payments more affordable.
• Appeal your property tax assessment to potentially reduce your tax bill.
• Consider recasting your mortgage. Your lender will re-amortize the mortgage but retain the interest rate and term. The new, smaller balance equates to lower monthly payments.
The Takeaway
A home loan refinance is a major financial decision that requires a full grasp of both the costs and the benefits. Our Massachusetts mortgage refinance calculator is designed to provide you with a clear estimate of your monthly and long-term savings. By calculating your break-even point, you can get clarity on whether refinancing is the right move for your budget.
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
What month is best to refinance?
There is no one best month, mainly because the best time to refinance can vary based on prevailing mortgage rates and your financial goals. Historically, rates tend to be lower during the fall and winter months. Monitor and track current rates and ensure you’re financially stable before applying.
Do you have to put down 20% to refinance?
You aren’t required to put down 20% to refinance. However, having at least 20% equity in your home can help you avoid private mortgage insurance (PMI).
Which bank is best for refinancing?
The best bank for refinancing depends on your specific financial needs and the rates and terms it offers. Compare offers from different lenders to find the institution that provides the most competitive interest rates, favorable repayment terms, and best customer service for your needs.
How much does it cost to refinance your mortgage in Massachusetts?
Closing costs in Massachusetts range from 2% to 5% of the new loan amount. Costs may include application fees, credit report fees, appraisal fees, and title insurance. To minimize expenses, shop around and compare rates.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Kentucky Mortgage Refinance Calculator
Kentucky Mortgage Refinance Calculator
By SoFi Editors | Updated December 2, 2025
When you take the step to refinance your mortgage, it’s important to fully understand both the potential benefits and possible costs involved before making any decisions about your home loan. A Kentucky mortgage refi calculator can be a great resource during this process. The tool helps provide estimates for your monthly payments, shows you the total interest you might pay over the life of the loan, and calculates the break-even point, an important figure that lets you know when the savings from refinancing will outweigh the initial costs.
Key Points
• The refinance calculator helps estimate monthly payments, total interest costs, and the break-even point, all key elements to making an informed refinancing decision.
• Even a small reduction in your interest rate can lead to substantial savings over the life of the loan, making refinancing a potentially advantageous move.
• Extending the term of your loan can lower monthly payments but increase total interest paid. Shortening the term can do the opposite, so consider your financial goals carefully.
• Factor in refinancing costs, like origination, appraisal, and attorney fees, which can range from 2% to 5% of the loan amount.
Kentucky Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is what you owe on your existing mortgage. 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 the privilege of borrowing. The difference between your current interest rate and a potential new rate, even a small amount, can significantly impact both your monthly payments and your overall savings over the duration of the loan.
• Remaining/New loan term: The remaining loan term represents the duration you are expected to repay your mortgage after completing the refinancing process. A shorter term can save you a significant amount of money in interest payments over the life of the loan, but will also lead to an increase in your monthly payments.
• Points: Mortgage points, also known as discount points, allow you to prepay a portion of the interest due on a home loan at closing. Each point typically costs 1% of the total loan amount and can reduce your interest rate by 0.25%.
• Other costs and fees: Refinancing your mortgage comes with various costs and fees, including those for the lender, credit report, home appraisal, and attorney. Mortgage refinancing costs typically range from 2% to 5% of the total loan amount being refinanced.
• Monthly payment: Your monthly mortgage payment typically covers the principal and interest. A refi mortgage calculator can help you compare your current monthly payment with the estimated payment after refinancing to potentially secure better terms.
• Total interest: Total interest represents the cost you will pay to the lender over the life of the loan. Compare the total interest paid before refinance with the projected total interest on a mortgage refinance to determine your potential savings.
How to Use the Kentucky Mortgage Refinance Calculator
Here’s how to use the Kentucky mortgage refinance calculator effectively.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance. This figure represents the principal amount you owe on your current home loan.
Step 2: Add Your Current Interest Rate
Input your current interest rate. This helps estimate your current monthly payment and total interest costs, which can be compared with potential new rates and terms. 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 based on current mortgage rates 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
Enter the number of years that remain on your current mortgage. This estimates the total interest you’d pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Choose a new loan term that aligns with your financial goals. A longer term can lower monthly payments, while a shorter term can reduce total interest paid over the life of the loan.
Step 6: Enter Any Points You Intend to Purchase
Select the number of discount points, if any, you plan to purchase. Points can lower your interest rate, but they come with an upfront cost.
Step 7: Estimate Your Other Costs and Fees
Input the amount of other potential 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.
Step 8: Review Your Break-Even Point
The calculator divides the total closing costs by the amount of your monthly savings to determine your break-even point. This figure helps you assess whether refinancing is worth pursuing. If you plan to stay in your home longer than this point, refinancing can be beneficial.
Recommended: How to Refinance a Mortgage
Benefits of Using a Mortgage Refinance Payment Calculator
You will see that using our Kentucky mortgage refinance payment calculator has many benefits. It can help you evaluate whether refinancing is a viable option to lower your monthly payment or interest rate. The tool provides insight into potential savings, allowing you to see if refinancing could free up money for other financial goals. Even a small reduction in your interest rate, such as a quarter percentage point, can result in significant savings, especially for larger home loans.
Lastly, the refi calculator can help you consider the purpose of your refinance: whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
The break-even point represents the amount of time required to recoup all closing costs through the resulting monthly savings. Having a good understanding of the figure helps you decide whether a mortgage refinance is right for you.
The refi mortgage calculator shows your break-even point — by subtracting your new estimated monthly payment from your current mortgage payment, then dividing the closing costs by the monthly savings.
Let’s say refinancing saves you $100 each month, and the total closing costs amount to $2,500. It would take 25 months to cover those upfront costs and begin seeing actual savings. If you plan to sell your home before reaching this point, refinancing might not be the best option.
Recommended: How Soon Can You Refinance a Mortgage?
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Kentucky
Refinancing a home loan in Kentucky can cost anywhere between 2% to 5% of the new loan amount. There are a variety of fixed costs such as loan application fees (up to $500), credit report fees ($25-$75), home appraisal fees ($600-$2,000), recording fees ($25-$250), and don’t forget attorney fees ($500-$1,000+). Take into account percentage-based costs too, such as loan origination fees (0.5%-1% of the purchase price) and title search and insurance (0.5%-1% of the purchase price).
Another avenue some people consider is a no-closing-cost refinance, which allows borrowers to roll the closing costs into the mortgage in exchange for a higher interest rate. This move may allow you to keep cash on hand to use for other purposes, however it will increase the principal and total interest paid so you’d have to consider whether it’s worth doing.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Here are strategies to help you reduce your mortgage refinance payment:
• Work on improving your credit score to secure a lower interest rate.
• Shop around with different lenders and negotiate to get competitive rates and terms.
• Look into extending the term of your loan to reduce monthly payments (this will likely increase your total interest paid).
• Homeowners insurance premiums are often included in mortgage payments, so shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Refinancing your home loan can be a strategic financial move, but it’s important to assess the costs before making a decision. Use our Kentucky mortgage refinance calculator to help you estimate potential savings, both monthly and over the life of the loan, and determine whether refinancing aligns with your long-term financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 home loan comes with costs that can range from 2% to 5% of the loan amount, translating to approximately $6,000 to $15,000. Common fixed costs include loan application, credit report, and attorney fees. A mortgage refinance calculator can help you estimate your break-even point and assess the financial viability of refinancing.
What credit score do you need for refinancing?
A credit score of at least 620 is typically required for conventional loans, and a higher score, such as 700 or above, can help you secure more competitive interest rates and terms. Monitor your credit report, and see what you can do to improve it.
Does refinancing hurt your credit?
Because refinancing triggers a hard credit pull, it can have a temporary impact on your credit score. The impact is usually temporary, and if you manage the new loan responsibly making on-time payments, your credit score can recover.
At what point is it not worth it to refinance?
To help you determine if it’s not worth refinancing, calculate your break-even point. This is the number of months required for the cumulative savings from a lower interest rate to outweigh all associated refinancing costs. 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.
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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Student Loan Lifeline
Student Loan Lifeline: A SoFi Guide 🛟
Getting your student loan application right can mean improving your credit score or taking a different approach. For instance, students with cosigners are 4 to 5 times more likely to be approved.
Let SoFi lead you through the process step by step. We’ll review the different types of student loans, their requirements, and tips that will give your application the best chance possible.
Student Loans: A Refresher Course
There are different types of student loans, either federal or private. Each has its own requirements. Brushing up on the differences can help you choose the right loan for you.
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Cosigners: How and When to Use One
Approximately 90% of student loan applicants have a cosigner. That’s someone with income and a strong credit history (often a parent) who signs the loan agreement with you and is equally responsible for making sure the loan gets paid back. You are more likely to get approved if you apply with a cosigner. And you can typically release your cosigner after 24 consecutive payments.*
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Credit Scores and How to Build Them
Good credit helps you qualify for the best interest rate on student loans. And it may also allow you to get better deals on everything from auto insurance to credit cards. If your credit history is holding you back, there are steps you can start taking today to turn it around — and build your credit over time.
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FAFSA: What You Need to Know
To apply for financial aid, the first thing you’ll need to do is fill out the FAFSA®, or Free Application for Federal Student Aid. This is how you apply for federal student loans. Colleges and universities may also require you to fill out the FAFSA to qualify for scholarships, grants, and other financial aid. The new FAFSA form for the 2026-2027 school year is available now.
2026-2027 FAFSA form
Scholarships: A Complete Guide
Scholarships are awarded to students for many reasons, including academic achievement, community service, financial need, athletic promise, and more. Applying takes time and effort, but it’s worth it: This is free money that doesn’t need to be paid back. We’ll walk you through the process of finding scholarships that match your qualifications.
Scholarship Search Tool
Paying for College: Tips and Strategies
Between tuition and fees, room and board, and books and supplies, college is an expensive endeavor. Every student has their own strategy for covering costs, including savings, scholarships and grants, and student loans, among others. Learn how families like yours make it work.
Putting your student through college is a big life moment.
Besides SoFi college loans for parents, there are many federal loans, grants, scholarships, work-study programs, and other options to consider. Please borrow responsibly.
Hey Parents! We’ve Got Answers to All the Things You’ve Been Wondering About
Learn more about Parent Student Loans
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We are evolving SoFi Plus into an exclusive, paid membership to unlock even better rewards and unique benefits for Plus members. As part of this, we are updating how you qualify for SoFi Plus.
What is NOT changing?
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What is changing?
• Starting March 30, 2026, you will need to pay a $10/month SoFi Plus subscription fee to access SoFi Plus benefits.
◦ It gives you immediate access to exclusive new benefits like:
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†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.
SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from Spring EQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 11/18/25.
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Eligible Participants: The Promotion is open to anyone who resides within the United States and is of the age of majority in the state in which they reside. To receive a $10 bonus in a SoFi Checking and Savings account through the Promotion you must check your rate www.SoFi.com for a SoFi Home Loan or Home Equity Loan by 12/31/2026. To check your rate, you must authorize SoFi to obtain a credit report. Checking your rate will not affect your credit score. If you later decide to submit an application and agree to a “hard” credit request your credit score may be impacted. Participants will receive the $10 bonus regardless of whether or not they are pre-qualified for a SoFi home loan or home equity loan. In order to be eligible for the promotion, the participant must either have an existing SoFi Money or SoFi Checking and Savings account, or apply to open a SoFi Checking and Savings account by 12/31/2025. Those who have received a $10 or $20 bonus for checking their rate on a Personal Loan, Student Loan Refinance, Home Loan or Home Equity Loan in the current calendar year are not eligible for this promotion. SoFi reserves the right to exclude any consumer from participating in the Promotion for any reason, including suspected fraud, misuse, or suspicious activities.
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