Source: Bankrate Research, "The Hidden Homeownership Tax" (2026). Based on 2025 refinance mortgage originations for which a comparable Bankrate benchmark was available, not all refinance borrowers. The figure compares the estimated total cost of each borrower's actual loan, as reported under HMDA, against the estimated total cost of a loan benchmarked by Bankrate for borrowers with a similar credit profile over an assumed 8-year loan duration and includes points, fees, and interest. "Overpay" refers to a higher modeled 8-year total cost on the actual loan, and does not reflect an independent or market-wide determination that any individual overpaid. The $2,462 figure is the average across all refinance borrowers in this population, counting those who did not pay more as $0, expressed on an annual basis. Individual results vary.