how much cost to refinance mortgage

Refinancing your mortgage can save you thousands over the life of your loan, but there are a lot of upfront costs to account for. Paul Bradbury/Getty Images If you’re looking to refinance your mortgage this year, get ready to face a monster list of fees.

Try our easy-to-use refinance calculator and see if you could save by refinancing. Estimate your new monthly mortgage payment, savings and breakeven point.

The key question you have to ask yourself is, will refinancing save you money? It’s not enough just to obtain a lower interest rate – a big part of the answer to that question depends on the fees you’ll need to pay to refinance. A refinance is just a new mortgage. It shouldn’t come as any surprise that refinancing your mortgage is going to cost.

Mortgage refinancing savings. It’s important to decide how long you’ll be in your current home to make sure your savings will outweigh the cost to refinance your mortgage. To find out how long it will take to recover refinancing costs, divide the total cost of refinancing by the amount you’ll save on your mortgage payment each month.

Appraisal fees and any inspections are paid up front. Generally, a refinance doesn’t have inspections. Appraisal fees in San Francisco tend to be higher than the national average range of $150 to $450. You can’t shop around for an appraiser either.

Monthly payments on a 15-year fixed refinance at that rate will cost around $708 per $100,000 borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that.

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In some cases, these costs can be added to the mortgage balance, which, on the one hand, limits your upfront costs but, on the other, increases what you owe on your home. Find out how much your.

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A charge to evaluate and prepare the loan documents. Appraisal fee ($300 to $700). Sometimes this cost is folded into the application fee. You can check to see if this fee can be waived if you have had a recent appraisal of your home. Inspection fee ($175 to $350).

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The Cost of Refinancing a Mortgage. The closing costs of a home refinance generally include credit fees, appraisal fees, points (which is an optional expense to lower the interest rate over the life of the loan), insurance and taxes, escrow and title fees, and lender fees. If there is enough equity in the property at the time of refinancing,

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