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When Should I Refinance My Mortgage to Save Money?

Here is a common question homeowners ask: Should I refinance my mortgage? Mortgage financing is a complicated can of worms. If you took out a mortgage when the rates were high and are looking to get a better deal, you might have an opportunity. Our credit counseling advice is to explore this. Let’s take a look at some basic points and reasons for mortgage refinancing to see if you might save money.

"Should I refinance my mortgage?" Here's what to consider.

“Should I refinance my mortgage?” Here’s what to consider.

Mortgage Term Basics

Here are a few basic mortgage points to review: mortgages can have a fixed-rate or adjustable rate interest. On the one hand, a fixed-rate allows for you to budget easily until your mortgage is paid off, but an adjustable-rate may provide savings if the market improves from the time you took out your mortgage. It could also cost a lot of money in a shaky economy.

Comparison of Mortgage Terms

The length of the mortgage can also vary typically as 15-year or 30-year mortgages. While you will pay less interest on a 15-year mortgage, the monthly payments will be higher. A 30-year mortgage may have the flexibility to pay it off early or refinance to save more money than you would without taking such measures.

Take this example of a 30-year mortgage:

  • Sale Price of Home: $110,000
  • Mortgage Amount: $100,000
  • Fixed Interest Rate: 5%
  • Monthly Payments: $536.82
  • Over $93,000 paid in interest over 30 years

And the same amount of a 15-year mortgage:

  • Sale Price of Home: $110,000
  • Mortgage Amount: $100,000
  • Fixed Interest Rate: 5%
  • Monthly Payments: $790.79
  • Over $42,343 paid in interest over 15 years

Try this Mortgage Payment calculator to see your potential mortgage.

Why Should I Refinance My Mortgage?

The main reason homeowners want to refinance their mortgage is to save money. Whether you need a lower monthly payment as part of your debt reduction plan or want to save money over the course of the mortgage, refinancing could help. One situation might be to change from a variable rate to a fixed rate mortgage. As mentioned above, a fixed rate mortgage brings stability and consistency. Similarly, a borrower might want a lower interest rate. Maybe you had to buy when interest rates were at an all-time high. A few years down the road, those rates have dropped again. This would be a great reason to refinance your mortgage.

It’s all best to talk with your financial advisor and lending institution about major decisions. Mortgage refinancing is very common but still a big decision.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.


Michelle is a regular contributor to Talking Cents. She has taken several financial courses on debt management and is ready to circulate what she has learned from them as well as lessons from her own life- family to DIY projects to student loan debt.

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