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Should I Refinance My Mortgage? - Refinance Calculator

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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.

How to use should I refinance my mortgage calculator

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.

Information on your Current Mortgage
Current Mortgage
New 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?
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 is
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
 New LoanCurrent 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
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