Should I Refinance My Mortgage? - Refinance Calculator

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Information on your Current Mortgage

 

Current Mortgage

New Mortgage

What was the month in which this mortgage originated?

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

July

What was the year in which this mortgage originated?

2018

What was the original amount of this mortgage?

What is the term of this mortgage?

year

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 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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Type of Loan: Mortgage RefinanceHome Equity Loan or LineDebt ConsolidationNew Home Loan	Property Type: Single familyMulti-familyCondominiumManufactured/mobile
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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.

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.