{"id":96473,"date":"2026-05-04T11:25:03","date_gmt":"2026-05-04T18:25:03","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96473"},"modified":"2026-05-20T14:20:11","modified_gmt":"2026-05-20T21:20:11","slug":"how-much-does-it-cost-to-refinance-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-does-it-cost-to-refinance-a-mortgage\/","title":{"rendered":"How Much Does it Cost to Refinance a Mortgage?"},"content":{"rendered":"<p><b>Key takeaways:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Expect upfront costs<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Refinancing typically <\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/cost-to-refinance\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">costs 2% to 6%<\/span><\/a><span style=\"font-weight: 400;\"> of your loan amount, which can add up to several thousand dollars in fees.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Make sure it\u2019s worth it<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Refinancing works best when you can lower your <\/span><a href=\"https:\/\/www.redfin.com\/todays-mortgage-rates\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">interest rate<\/span><\/a><span style=\"font-weight: 400;\"> and plan to stay in your home long enough to recover the upfront costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>You can lower your expenses<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Shop around for lenders, improve your credit, and negotiate fees to reduce what you pay. You can also consider no-closing-cost options, though they often come with trade-offs.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.rocketmortgage.com\/calculators\/refinance-calculator\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Refinancing your mortgage<\/span><\/a><span style=\"font-weight: 400;\"> can be a practical way to lower your monthly payment, pay off your loan sooner, or access your home\u2019s equity. It is important to understand that refinancing also comes with upfront costs. Refinancing a mortgage typically costs between 2% and 6% of the total loan amount.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are asking, \u201cHow much does it cost to refinance a mortgage?\u201d the answer depends on factors like your loan amount, lender, and location. In most cases, you can expect to pay a combination of fees such as application, appraisal, and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-closing-costs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\">, which often add up to a percentage of your loan. Understanding these expenses ahead of time can help you decide if refinancing aligns with your financial goals and when you are likely to see meaningful savings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To get a clearer picture of what you will actually pay, it helps to break down the specific costs involved and how each one impacts your total refinance expense.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-96476 size-blog-post\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-945x630.jpg\" alt=\"A wooden house and set of keys sit on a mortgage refinance application \" width=\"945\" height=\"630\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280-450x300.jpg 450w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/real-estate-6688945_1280.jpg 1200w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What does it mean to refinance a mortgage?<\/span><\/h2>\n<p><a href=\"https:\/\/www.rocketmortgage.com\/calculators\/refinance-calculator\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Refinancing a mortgage<\/span><\/a><span style=\"font-weight: 400;\"> means replacing your current loan with a new one, typically with better terms. In simple terms, it\u2019s the process of renegotiating your loan to improve your financial situation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several reasons you might choose to refinance, such as lowering your interest rate, changing your loan term, taking advantage of improved credit, consolidating debt, converting an <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-an-adjustable-rate-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">adjustable-rate mortgage (ARM)<\/span><\/a><span style=\"font-weight: 400;\"> to a <\/span><a href=\"https:\/\/www.redfin.com\/todays-mortgage-rates\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">fixed-rate mortgage,<\/span><\/a><span style=\"font-weight: 400;\"> or switching from an <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-an-fha-loan\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">FHA loan to a conventional loan<\/span><\/a><span style=\"font-weight: 400;\">. You may also refinance to access cash by tapping into your home\u2019s equity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are also several types of refinancing options, including a traditional refinance, a cash-out refinance, and an existing client credit offer.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What factors affect mortgage rates?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The decision to refinance depends on several factors, but what do mortgage rates depend on? The answer: both personal and broader economic factors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Personal factors include your loan terms, credit score, <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">debt-to-income ratio,<\/span><\/a><span style=\"font-weight: 400;\"> and employment history. Broader factors include housing inventory, the state of the economy, unemployment rates, and inflation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Check <a href=\"https:\/\/launchpad.rocketmortgage.com\/estimate?qls=GMO_RDEVDY2A.1996297PSE&amp;i=learn_rates&amp;si=3&amp;gclsrc=aw.ds&amp;gad_source=1&amp;gad_campaignid=22765181883&amp;gbraid=0AAAAAD9a3lgbaON-JBv7rv2xVvzE_rMHl&amp;gclid=CjwKCAjwt7XQBhBkEiwAtStpp5zdey_lfKYRsyp54zvCtVym5Dqy2-kI0k2Inm5gGpryn8iuWCzl3xoC9XcQAvD_BwE\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\">current mortgage rates<\/a> to see where you stand.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-96474 size-blog-post\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-1031x630.jpg\" alt=\"Several colorful houses sit on a hill in San Francisco\" width=\"1031\" height=\"630\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-1031x630.jpg 1031w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-300x183.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-1024x625.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-768x469.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-246x150.jpg 246w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash-491x300.jpg 491w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/daniel-abadia-kn5i4gUyhYM-unsplash.jpg 1200w\" sizes=\"(max-width: 1031px) 100vw, 1031px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">How much does it cost to refinance a mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The total cost of refinancing a mortgage can vary significantly based on your specific situation. Many of the primary expenses, such as the origination fee, are calculated as a percentage of your loan principal, while other costs, like title insurance and government recording fees, depend on your geographic location.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a general rule,\u00a0 <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-closing-costs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">total closing costs<\/span><\/a><span style=\"font-weight: 400;\"> typically range from 2% to 6% of the new loan amount, with the national average around $2,403, though this can vary widely by state and loan details. While some lender fees may average around $2,500, your total out-of-pocket expenses, including <\/span><a href=\"https:\/\/www.redfin.com\/what-is-my-home-worth\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">appraisals<\/span><\/a><span style=\"font-weight: 400;\">, taxes, and third-party services, will likely be higher, depending on your <\/span><a href=\"https:\/\/www.redfin.com\/home-equity-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home\u2019s equity<\/span><\/a><span style=\"font-weight: 400;\"> and local requirements.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To help you plan your budget, we\u2019ve included a detailed breakdown of common fees you may encounter during the refinancing process below.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Closing costs<\/b><\/td>\n<td><b>Average cost<\/b><\/td>\n<td><b>Things to note<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Application fee<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$75\u00a0 &#8211; $500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Some lenders charge an application fee to process your refinance application. This fee is often negotiable or waived, especially for existing customers.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Origination fee<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0 &#8211; 1% of the loan amount<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This fee covers the lender&#8217;s costs for processing and underwriting the loan. On a $300,000 loan, 1% equals $3,000.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Survey fee<\/span><\/p>\n<p><span style=\"font-weight: 400;\">if applicable)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$150 &#8211;\u00a0 500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This covers the charge for conducting a property survey which provides an accurate map of your property&#8217;s boundaries. You may be able to skip this if you have a recent survey on file.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Appraisal\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$400 &#8211;\u00a0 $700<\/span><\/td>\n<td><span style=\"font-weight: 400;\">An appraisal is required to determine the current market value of your property. Some loan types (FHA streamline, VA IRRRL) may allow an appraisal waiver.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Credit check fee<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$25 &#8211; $50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Lenders need your credit report to process the application.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Title search\/title services<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$400 &#8211;\u00a0 $900<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This process ensures there are no legal claims against the property and protects against future claims. Ask about a &#8220;reissue rate&#8221; if you already have title insurance from your original purchase \u2014 it can significantly reduce this cost.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Total closing costs<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2\u00a0 &#8211;\u00a0 6% of the loan\u2019s value<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This includes all fees combined. The national average is $2,403 (LodeStar, 2025), though costs vary widely by state \u2014 from $1,196 in Missouri to $6,773 in Washington D.C.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Prepayment penalty<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(if applicable)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Varies<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Some mortgages have this for paying off your loan early. Check your current loan terms before proceeding.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Escrow fees<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$350\u00a0 &#8211;\u00a0 900<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This covers the cost of handling funds during the closing process, like paying off the existing loan and disbursing new funds.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Mortgage insurance<\/span><\/td>\n<td><span style=\"font-weight: 400;\">PMI: 0.5\u00a0 \u2013\u00a0 1.5% per year \/ FHA MIP: 0.15\u20130.75% per year<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Protects the lender if you default. PMI applies to conventional loans with less than 20% equity. FHA loans require a separate MIP, plus a 1.75% upfront premium. VA and USDA loans do not require mortgage insurance but have their own funding\/guarantee fees.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Attorney\/settlement fee<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(if applicable)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$500\u00a0 &#8211;\u00a0 1500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Required in some states. The attorney reviews closing documents and handles the legal transfer of your refinanced mortgage.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Recording fee<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(if applicable)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$50\u00a0 &#8211;\u00a0 $500 depending on location<\/span><\/td>\n<td><span style=\"font-weight: 400;\">This covers the cost for a government office to officially record the transaction in public records. Costs vary significantly by county and state.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-96475 size-blog-post\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-945x630.jpg\" alt=\"A calculator, pen, two pieces of paper, potted plant, and paperclips sit on a white table\" width=\"945\" height=\"630\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash-450x300.jpg 450w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/mediamodifier-I3HPUolh5hA-unsplash.jpg 1200w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">How to lower the cost to refinance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While these are the typical costs associated with refinancing, there are several ways to reduce your expenses.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Improve your credit score<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One way to lower your costs is to improve your <\/span><a href=\"https:\/\/www.redfin.com\/guides\/what-credit-score-is-needed-to-buy-a-house\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\">. A higher score, typically 780 or above, can help you secure a lower interest rate and may make the approval process easier. You can improve your credit score by paying bills on time and minimizing credit card balances.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Shop around with multiple lenders<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Apply with multiple lenders and compare refinance offers to find the best deal.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Negotiate costs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You may be able to negotiate certain fees with lenders. In some cases, fees can be reduced or even waived.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Consider refinancing with your current lender<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Start with your existing lender, as they may be more willing to reduce or waive certain fees to retain your business. Banks and credit unions may also offer discounts or reduced fees to existing customers.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Opt for a no-closing-cost refinance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some lenders offer no-closing-cost refinancing, meaning you\u2019ll pay little to nothing upfront. However, the lender typically offsets these costs by charging a higher <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-does-mortgage-interest-work\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">interest rate<\/span><\/a><span style=\"font-weight: 400;\">, rolling the fees into the loan principal, or both.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While cost is a major factor, it\u2019s not the only one to consider. If you plan to stay in your home for years, refinancing may be a good idea, but if you plan to sell soon, it may not be worth it. Other considerations include whether you qualify for a lower interest rate or want to change your loan term or type.<\/span><\/p>\n<h2><b>When should you refinance your mortgage?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Deciding to refinance isn\u2019t just about securing a lower number; it\u2019s a strategic financial move that requires balancing your long-term goals against upfront costs. While every homeowner\u2019s situation is unique, here\u2019s how to determine whether the timing is right for you.<\/span><\/p>\n<h3><b>When refinancing makes sense<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Refinancing means replacing your current mortgage with a new one that offers better terms. It generally makes sense in the following scenarios:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Securing a lower interest rate:<\/b><span style=\"font-weight: 400;\"> Lowering your rate can reduce your monthly payment and the total interest paid over the life of the loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Shortening the loan term:<\/b><span style=\"font-weight: 400;\"> If your income has increased, you might refinance from a 30-year to a 15-year mortgage. While monthly payments may rise, you\u2019ll build equity faster.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Switching loan types:<\/b><span style=\"font-weight: 400;\"> If you have an <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-an-adjustable-rate-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">adjustable-rate mortgage (ARM)<\/span><\/a><span style=\"font-weight: 400;\"> and market rates are rising, switching to a fixed-rate mortgage can provide stability and predictability.<\/span><\/li>\n<\/ul>\n<h3><b>The 1% rule of thumb<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A common industry guideline is the <\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/1-rule-real-estate\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">1% rule<\/span><\/a><span style=\"font-weight: 400;\">. Many experts suggest that refinancing is most effective if you can reduce your interest rate by at least 1 percentage point.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This margin is typically large enough to offset closing costs, which often range from 2% to 5% of the loan amount, within a reasonable timeframe.<\/span><\/p>\n<h3><b>The importance of the break-even point<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to Shawn Malkou, managing broker at <\/span><a href=\"https:\/\/x2mortgage.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">X2 Mortgage<\/span><\/a><span style=\"font-weight: 400;\">, homeowners should look beyond a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/should-i-buy-down-my-mortage-interest-rate\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">lower interest rate<\/span><\/a><span style=\"font-weight: 400;\"> when deciding whether to refinance. He says one of the best ways to determine whether refinancing is worthwhile is to calculate the break-even point by dividing total closing costs by monthly savings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He also notes that many borrowers overlook the \u201cloan term\u201d trap. For example, if you are five years into a 30-year mortgage and refinance into a new 30-year loan, you restart the interest clock. Before moving forward, calculate your break-even point, or the moment when your monthly savings exceed the cost of refinancing. You can estimate it using the following formula:<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-110020\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px.png\" alt=\"Infographic explaining how to calculate a mortgage refinance break-even point by dividing total refinance costs by monthly savings. The result shows the number of months needed to recoup refinance costs.\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px.png 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px-300x200.png 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px-1024x683.png 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px-768x512.png 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px-225x150.png 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px-945x630.png 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/09\/Untitled-1200-x-800-px-450x300.png 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3><b>What if you sell before breaking even?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you plan to move within the next few years, refinancing may not be worthwhile. For example, if your closing costs are $5,000 and your monthly savings are $200, it will take 25 months to break even. If you sell after 20 months, you would not recover your upfront costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In short, if you don\u2019t plan to stay in the home long enough to recoup the costs, refinancing may not make financial sense.<\/span><\/p>\n<h3><b>What if you sell before breaking even?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you plan to move within the next few years, refinancing may not be worthwhile. For example, if your closing costs are $5,000 and your monthly savings are $200, it will take 25 months to break even. If you sell after 20 months, you would not recover your upfront costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In short, if you don\u2019t plan to stay in the home long enough to recoup the costs, refinancing may not make financial sense.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The bottom line: How much does it cost to refinance a mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Refinancing is a financial decision, not just a rate decision. Once you understand what you will pay at closing and how long it takes to recover those costs through monthly savings, it becomes clearer whether the move makes sense.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Take time to <\/span><a href=\"https:\/\/www.rocketmortgage.com\/calculators\/refinance-calculator\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">calculate your break-even point<\/span><\/a><span style=\"font-weight: 400;\">, compare offers from multiple lenders, and pay attention to smaller fees that can add up. You can also use tools like the Redfin refinance calculator to estimate your savings and timeline more precisely. If the numbers align with your plans and the savings are meaningful, refinancing can be a smart step toward strengthening your long-term financial position.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wondering how much refinancing your mortgage will cost you? 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