Estimators

Considering Refinancing Your Mortgage?

Refinancing can be expensive! And the monthly savings gained from lowering your monthly payments may not exceed the costs. Typical costs associated with refinancing may include:

  • Application fee ($75 to $300). Homeowners pay this fee even if a new loan is denied.
  • Loan origination fee (up to 1.5 percent of the loan principal). This charge is to evaluate and prepare the loan documents.
  • Appraisal fee ($300 to $700). Sometimes this cost is folded into the application fee.
  • Inspection fee ($175 to $350). The lender may ask that the borrower get the home inspected for structural problems, termites and other pests.
  • Attorney review and closing fee ($500 to $1,000). The borrower may get charged for the lawyer who conducts the closing for the lender.
  • Title search and insurance ($700 to $900). This will cover the cost of searching the property’s records to make sure that the borrower is the rightful owner and to ensure there are no liens against the property.
  • Survey fee ($150 to $450). This fee may be waived if a survey of the land and buildings has been recently done.
  • State Specific charges For example, Florida has an Intangible Tax charge of 20¢ per $100 plus Documentary Stamps charge of 35¢ per $100 of the mortgage amount.

In addition, refinancing may negatively impact your accumulation of wealth. By refinancing late in your mortgage, you will restart the amortization process, and most of your monthly payment will be credited to paying interest again and not to building equity.

Calculator page

Download our Mortgage Refinance Estimators and see for yourself if refinancing is right for you.

NOTE: Estimators are provided by aboutMYmortgage.com, LLC (AMM) for informational and directional purposes only. Actual mortgage data can be obtained by talking directly with your mortgage servicer. By downloading our Mortgage Calculators you agree to the following: AMM provides the Excel workbook and the included data it contains “as is,” and you use this at your own risk. AMM makes no warranties as to performance, merchantability, fitness for a particular purpose, or any other warranties whether expressed or implied. No oral or written communication from or information provided by AMM shall create a warranty. Under no circumstances shall AMM be liable for direct, indirect, special, incidental, or consequential damages resulting from the use, misuse, or inability to use this Excel workbook and the included data, even if AMM has been advised of the possibility of such damages.​