Wyoming variant. This is a Wyoming-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 Wyoming mortgage makes sense when the monthly interest savings recover your closing costs before you sell or move. On the state's $320,000 median home, even a small rate drop moves real money.
When refinancing pays off in Wyoming
Closing costs typically run 2-5% of the loan balance. On a $256,000 loan (80% of the $320,000 median home), that's roughly $7,680 at 3%.
Your break-even point is closing costs ÷ monthly savings. Drop your rate enough to save $200/month and you'd recover $7,680 in about 38 months - refinance only if you'll stay past that point.
About taxes and housing in Wyoming
Wyoming levies no state income tax and also imposes no corporate income tax.
Wyoming has a low effective property tax rate near 0.58%, with median home values around $320,000.
Wyoming's economy is dominated by energy extraction, including coal, oil, and natural gas, along with tourism and ranching.
Worked example: break-even in Wyoming
Loan $256,000, closing costs ≈ $7,680 (3%). If a refinance cuts your payment by $250/month, break-even ≈ 31 months. Use the calculator above with your actual rates and balance.
Quick reference
- State income tax: No state income tax
- State sales tax: 4% (plus 1.44% avg local)
- Median home value: $320,000
- Median household income: $72,495
- Effective property tax rate: 0.58%
- Avg auto insurance: $1,399/yr
Frequently Asked Questions
Is it worth refinancing in Wyoming?
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 Wyoming?
Refinance closing costs generally run 2-5% of the loan, or roughly $7,680 on a median Wyoming loan.