How much does it cost to refinance a home equity loan?

If you have a home equity loan, you may be considering refinancing it. That's especially true if you took yours out in or around November of 2023, when interest rates on these loans averaged over 9%.But it can be difficult to decide to refinance a home equity loan, even if you have access to a lower interest rate. After all, it's important to make sure that when you refinance yours, it's worth the fees you'll pay to do so.

A $100,000 home equity loanNo prepayment penalty: You can expect the total cost of refinancing a $100,000 home equity loan to be between $1,000 and $5,000. Prepayment penalty: If you have to pay a prepayment penalty, refinancing a $100,000 home equity loan could cost anywhere from $2,000 to $10,000. A $150,000 home equity loanNo prepayment penalty: You can expect the total cost of refinancing a $150,000 home equity loan to be between $1,500 and $7,500.

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