Should I Refinance My Mortgage?
Refinance Calculator

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 this "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.

Should I Refinance My Mortgage?

Current Mortgage New Mortgage
1 Originated month and year
Current Mortgage
New Mortgage
2 Original loan amount
Current Mortgage

Please enter value greater than 0

New Mortgage

Based on the term you input, your existing loan has been paid off and so can't be refinanced.

3 Loan term
Current Mortgage

The current mortgage term must be a number between 5 and 40

New Mortgage

The current mortgage term must be a number between 5 and 40

4 Interest rate
Current Mortgage

The current mortgage rate must be a decimal value between 2.00 and 9.999

New Mortgage

The current mortgage rate must be a decimal value between 2.00 and 9.999

5
Estimated closing costs including points
New Mortgage

Please enter value greater than 0 and less than original loan amount

Current monthly payment
-  
New monthly payment
-  
Monthly payment reduction
-  
Closing cost recovery
- to break even

Number of payments made so far
Current Loan -
New Loan -
Number of remaining payments at refinance date
Current Loan -
New Loan -
Total interest paid as of refinance date
Current Loan -
New Loan -
Total unpaid interest at refinance date
Current Loan -
New Loan -
Difference in total interest cost (savings)
Current Loan -
New Loan -
Less closing costs you paid
Current Loan -
New Loan -
Net savings from refinance
Current Loan -
New Loan -
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