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Does it Pay For Me to Refinance My House? 3 Factors to Consider
Anyone who follows the financial news will notice times when mortgage interest rates seem to shift to a downward trend, meaning the average mortgage rate today is likely lower than it was six months or a year ago.
It is in these moments that we wonder if we are missing out by not refinancing our home to take advantage of the best rates.
The answer has to do with the simple concept of answering the question: Will it cost me more than I save to refinance my home?
Know when to refinance
If you’re asking, “Does it pay to refinance my home?”, you’ll need to do just a little math. Don’t worry, it’s very simple stuff.
The easiest way to figure it out, the one most people use, is a “roughly right” rule of thumb, but that can give a slightly wrong result. That rule of thumb is to divide the reduction in your monthly mortgage payment (with the new loan) by the cost of the refinance.
For example, if your new post-refinance payments are $100 less than your existing loan and your refinance costs you $2,000, you’re better off refinancing if you plan to stay in your home for at least 20 months ($2,000/100 ). = 20).
The problem with this calculation is that it doesn’t take into account the fact that your old and new loans will be paid off at different rates.
How to Calculate Your Refinance Break-Even: The 3 Factors
To calculate whether you should refinance your home more accurately, you need to consider 3 factors:
1. The difference in your monthly payments (old versus new loan)
2. The cost of the new loan
3. The difference between the outstanding loan balance after a period of months, such as 10 months (old and new loan)
So, for example, let’s say you want to know, “If I were to refinance the mortgage now and stay in my home for at least 10 months, how much would I have gained or lost by refinancing?”
To find out the answer, first determine the difference between your old loan (current loan) and the monthly payments on the new loan. Let’s say it’s $100. Next, figure out how much your loan would cost (be sure to include closing costs such as points paid, title fees, etc.). Let’s say that number is $2,000. So let’s say you use a mortgage calculator and find that with the new loan, your remaining loan balance would be $1,100 less in 10 months than if you kept the current loan.
In that case, the factors used to calculate your savings/net cost of refinancing in 10 months are:
to monthly payment savings in month 10: ($100 savings x 10 months) = $1,000 savings
b. Loan cost: $2,000
c. lowest balance in month 10: loan balance of $1,100
The result is calculated as: ($1,000 + $1,100) – $2,000 = $100. That is, refinancing is a savings of $100.
So we can see that in this case the break-even point was reached around month 10 (which is the number we tested), not month 20 as we would have calculated using the rule of thumb that ignores the difference in loan balances. hint: try different month periods to see how the answer changes.
Use this simple calculation method to determine if it pays for you to refinance your home.
Of course, for the calculation to work, you’ll want to get some offers from at least 2 or 3 lenders so you can have them determine your new monthly payments for a potential loan that you can plug into the equation.
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