Refinance calculator help
"Should I refinance?" is a question we hear frequently from homeowners. Zillow's mortgage refinance calculator helps you decide whether refinancing makes sense for your personal situation. Deciding when to refinance should be based on many factors but, generally, if our refinancing calculator shows you can lower your monthly mortgage payment and offset the costs of refinancing in a reasonable time frame, you should consider a refi.
Sample values are already entered in the calculator fields, but you can adjust them to reflect your circumstances. The advanced report also provides an amortization schedule that shows how your payments will be applied to the loan's principal and interest over time.
- 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 Mortgages.
- 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 (PMI)
- 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.)
- Full report
- Click on the Full 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.