Missouri variant. This is a Missouri-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 Missouri mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $230,000 median home, even a small rate drop moves real money.
When refinancing pays off in Missouri
Closing costs typically run 2-5% of the loan balance. On a $184,000 loan (80% of the $230,000 median home), that's roughly $5,520 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $5,520 in about 28 months - refinance only if you'll stay past that point.
About taxes and housing in Missouri
Missouri has a graduated income tax with a low top rate, and some cities impose a local earnings tax.
Missouri property taxes are near the national average and include a personal property tax on vehicles.
Missouri's economy centers on transportation, agriculture, and manufacturing, anchored by the St. Louis and Kansas City metro areas.
Worked example: break-even in Missouri
Loan $184,000, closing costs ≈ $5,520 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 22 months. Use the calculator above with your actual rates and balance.
Quick reference
- State income tax: 2-4.8% across 8 brackets
- State sales tax: 4.225% (plus 4.13% avg local)
- Median home value: $230,000
- Median household income: $65,920
- Effective property tax rate: 0.97%
- Avg auto insurance: $1,700/yr
Frequently Asked Questions
Is it worth refinancing in Missouri?
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 Missouri?
Refinance closing costs generally run 2-5% of the loan, or roughly $5,520 on a median Missouri loan.