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. Just as it's possible to save money with a refinance, it's also possible that your refinance will cost you money.
It's all about the intersection of interest rates, costs and your expected time frame. Believe it or not, it can even be possible to save money for a time with a refinance even if your new interest rate is higher than your existing one!
Shop and compare today's best mortgage refinance rates
This calculator will show how your mortgage payment will change if you refinance, when you can expect to recover your closing costs and when interest savings really begin to start, if ever. Once you've decided to refinance, you can also learn the best way to pay for your refinance using our Tri-Refi calculator.
How to use this "Should I refinance my mortgage?" calculator
Just fill in the boxes with the basic information from your existing loan and that from your expected new loan, then click "calculate". Results appear below the calculator inputs. To get the most out of this calculator, be sure to read any commentary that appears with the results.