Mortgage Calculator: Refinancing Costs
What will my refinancing costs be?
Refinancing costs vary and can range from $2,000 or less, to $20,000 or more, depending on factors such as loan value and the amount of discount points associated with the loan.
Refinance closing costs typically include application fees, origination fees, document preparation fees, appraisal fees, prepayment penalty, and title examination. Such costs are important to consider when refinancing a home, as they typically run between 2% and 5% of your loan principal.
Estimate your refinancing costs, then contact us to learn more.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended as a solicitation for any credit product or to provide credit advice. Calculators and input options are intended solely for general information and educational purposes. Calculations are hypothetical, and based on information and assumptions provided by you. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. You should not take any action on the basis of the information provided through this calculator. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
How to use this calculator
Enter your refinance loan details, including the appraised value of your home, loan amount, terms, and interest rate. If you haven’t met with an appraiser, look online for comparable homes in your area to get an idea of your home’s current value.
Taxes & insurance:
Select your average yearly property tax and homeowner’s insurance. Refinancing your home should not cause a change in your current property tax or homeowner’s insurance.
The origination charge is generally between 0.5% and 1% of your mortgage loan, but check with your mortgage specialist to confirm.
Other settlement services:
These are fees paid for services associated with the purchase of a home that do not represent compensation to the lender and/or broker for originating the loan. A mortgage specialist will help you identify the average cost for these services.
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