Can You Switch Between an Adjustable- and Fixed-Rate Mortgage?
Andy Smith is a Certified Financial Planner (CFP), licensed realtor and educator with over 35 years of diverse financial management experience. He is an expert on personal finance, corporate finance and real estate and has assisted thousands of clients in meeting their financial goals over his career.
It can be very tempting to refinance your mortgage, especially if you can secure a lower rate. You have the potential to lower your monthly payments, pay off your mortgage sooner, and maybe even cash out some of the equity in your home. But closing costs and fees can quickly eat into any savings you might hope for, leaving you right where you started-or worse.
There are some situations when refinancing your home loan makes sense. A little math can help you identify those opportunities.
- The right time for you to refinance depends on your break-even point, or how long it will take you to recoup refinancing costs.
- It helps to know whether you’ll be able to afford an adjustable-rate or fixed-rate mortgage before choosing to refinance.
- You might be able to find a better rate and shorter term than you currently have.
- You may pay a few hundred dollars less each month if you refinance, but it can cost you tens of thousands of dollars more in interest over your lifetime.
Find Your Break-Even Point
One tool to help evaluate refinancing is a break-even point. This analysis allows you to figure out how long it takes to recoup the costs you’ll pay to refinance. For example, assume you pay $2,000 in closing costs and fees for a new loan, and your new payment will be $100 per month less than you pay now.
This scenario takes 20 months to break even ($2,000 in costs divided by $100 in monthly savings). After that, you come out ahead by $100 each month.
To calculate a break-even point, divide your monthly savings into the costs required to refinance. Continue reading “Can You Switch Between an Adjustable- and Fixed-Rate Mortgage?”
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