Should I refinance my home mortgage?
Refinancing could save you $--/mo
Refinancing could save you $--
Sorry, refinancing will not save you money
Your break even period is --, so if you plan on staying in your home for longer than --, now may be a good time to refinance. You will break even and begin saving money immediately with this refinance!You will not break even on this loan.Refinancing with the given parameters is not in your best interest. Your monthly payments will decrease by $--, saving you $-- over the life of the loan. Your monthly payments will decrease by $--, but you will end up paying an additional $-- over the life of the loan. Your monthly payments will increase by $--, but by paying off your loan early, you will be saving $-- over the life of the loan. Your monthly payments will increase by $--, and you will end up paying an additional $-- over the life of the loan. ... more
Details
| Monthly savings: | $-- |
|---|---|
| New payment: | $-- |
| Break even: | $-- |
| Costs: | $-- |
| Lifetime savings: | $-- |
Break even
Refinance Calculator Help
Use this refinance calculator to help you decide if refinancing makes sense for you. In general, if you can lower your monthly mortgage payment and offset the costs of refinancing in a reasonable time frame, you should consider refinancing. This refinance calculator estimates the monthly mortgage payment, break-even point, and projected lifetime savings of the loan based on the value of your current loan amount and the projected refinance amount of your new loan. Sample values are entered in the calculator fields, but you can adjust them to fit your situation. The advanced report also provides an amortization schedule that shows how your payments will be applied to the loan's principal and interest.
Terms/Definitions
Down payment
This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies.
Interest rate
This is the interest rate for the loan you will receive. It is pre-filled with the current 30-yr fixed average rate on Zillow Mortgage Marketplace.
Property taxes
The mortgage payment calculator includes estimated property taxes. The value represents an annual tax on homeowners' property and the tax amount is based on the home's value.
Homeowners insurance
Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner's insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property.
Mortgage insurance
Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance).
HOA dues
Typically, owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.
Loan term
This is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.)
Advanced report
Click on the Advanced Report link to see a printable report that includes mortgage payment breakdowns, total payments, and a full mortgage payment amortization calculation (table and chart). Amortization table includes ability to view amortization by year or by month.