We research, you save.
Bookmark
HSH in the News | Today's Mortgage Rates

Mortgage Calculators

Refinance Calculator From HSH.com

Share

Refinance Calculator - Should I Refinance My Mortgage?

 

Should you refinance your mortgage?

Whenever interest rates drop, the appeal of refinancing your mortgage grows. But it's important to know the real costs -- and potential savings -- before making a move.

To help, U.S. News has teamed up with HSH.com, a leading publisher of mortgage and consumer loan information, to offer this easy-to-use, interactive refinancing worksheet. Homeowners can see how their existing mortgage payments might change if they were to refinance, and, just as important, how long it would take to recover any closing costs associated with refinancing.

Instructions. Just fill in the non-colored boxes with the requested information. As you tab or mouse-click through the boxes, your results will appear automatically in the colored boxes. You can change any of your entries, in case you want to try several different scenarios, but you must tab or mouse-click to another box to update your results. To use the worksheet, JavaScript must be enabled on your browser.

Prepaying: if you want to see the effect of prepayments on a mortgage, we recommend you download
The Home Buyer's Calculator for Windows. It's free, courtesy of Wheatworks Software.

Get FREE Mortgage Quotes Now

100%Safe & Secure

Want more personalized results?

Compare mortgages rates in your area and then calculate your monthly payments.
$
Information on your Current Mortgage
What was the month in which this mortgage originated?
What was the year in which this mortgage originated?
What was the original amount of this mortgage?
What is the term of this mortgage? year
What is the interest rate?
Information on your NEW mortgage
What is the mortgage amount? (The value at right is the calculated amount you currently owe)
What is the term of this mortgage? year
What is the interest rate?
What are your estimated closing costs, including any points paid upfront?

The Results
Your current monthly payment is
Your new monthly payment will be
If you refinance now, your monthly payments will be reduced by
It will take this long to "break even," or recover closing costs on the new mortgage

Mortgage analysis CURRENT LOAN NEW LOAN
Number of payments made so far
Number of remaining payments at refinance date
Total interest paid as of refinance date
Total unpaid interest at refinance date

Recommended Reading

  • image default

    FHA streamline refinance: The easiest way to refi?

    While the FHA has designed the streamline refinance to be quick and simple, there are still a set of specific requirements that must be met, so it pays to shop around.
  • image default

    10 tips for buying a home at an auction

    Buying a home at an auction requires buyers to be well-educated and financially prepared. Here are 10 tips if you're buying a home at an auction.
  • image default

    I have 3 years left on my loan, should I refinance?

    You can technically refinance, but your benefits are so slight I'm not sure it's worth it.
  • image default

    Fixed rate mortgages continue to rise

    HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight rise in fixed mortgage rates from the previous week. The Weekly Mortgage Rates radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
  • image default

    What we learned on the road to refinancing

    As anyone who has even attempted a refinance recently will tell you, the process can be anything but smooth.