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“Should I refinance my mortgage?” It’s a question that many of us have been asking lately amid historically low interest rates. For some it’s a no-brainier (of course, rates are near 3 percent today!), but for others who are on the fence and wondering if the costs of refinancing will really pay off, we have a brand new refinance calculator that will help you make your decision.

Calculator features:

  • Breakeven: Find out how long it will take before you absorb the costs of the refinance and start saving money.
  • Interest savings over 1, 10, 20 and 30 years.
  • Monthly savings.
  • New payment amount.

Give it a try and let us know what you think.

DID YOU KNOW? Depending on your current interest rate, you can actually LOWER your monthly payment and your loan term at the same time?

DID YOU KNOW? Even if you are underwater, you can likely take advantage of today’s historically low interest rates, too? Yup. There are programs out there for you if you have made your last 12 months of payments. Check out, Refinancing Options for Underwater Borrowers then visit Zillow Mortgage Marketplace to get a loan quote on your underwater loan. Zillow is the only online marketplace to offer this to underwater homeowners.

 

 

About the Author

Alison writes about rental and mortgage market trends for Zillow Blog.

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