Idaho variant. This is a Idaho-specific version of the Refinance Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Refinance Calculator.
Refinancing a Idaho mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $460,000 median home, even a small rate drop moves real money.
When refinancing pays off in Idaho
Closing costs typically run 2-5% of the loan balance. On a $368,000 loan (80% of the $460,000 median home), that's roughly $11,040 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $11,040 in about 55 months - refinance only if you'll stay past that point.
About taxes and housing in Idaho
Idaho applies a single flat income tax rate to taxable income.
Idaho has relatively low property taxes and offers a homeowner's exemption that reduces the taxable value of an owner-occupied home.
Idaho's economy is fueled by agriculture, technology, and one of the fastest population growth rates in the country.
Worked example: break-even in Idaho
Loan $368,000, closing costs ≈ $11,040 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 44 months. Use the calculator above with your actual rates and balance.
Quick reference
- State income tax: Flat 5.695% as of 2024
- State sales tax: 6% (plus 0.03% avg local)
- Median home value: $460,000
- Median household income: $74,636
- Effective property tax rate: 0.55%
- Avg auto insurance: $1,094/yr
Frequently Asked Questions
Is it worth refinancing in Idaho?
It depends on your break-even: closing costs divided by monthly savings. If you'll keep the home past break-even, refinancing usually pays off.
What are typical closing costs in Idaho?
Refinance closing costs generally run 2-5% of the loan, or roughly $11,040 on a median Idaho loan.