If you have a mortgage, it is likely your mortgage is one of the largest components of your monthly budget. The average household pays $16,000/year for their home. A large percentage of this amount is their mortgage payment. Interest rates have plummeted recently and it may be time to consider refinancing your mortgage to get a lower rate. Mortgage rates have never been as low as they are right now in the last 40+ years. If a person who had taken out a 30 year mortgage in 2006 when then were 25 for $255,000 refinanced this mortgage at today’s low rates, they could save nearly $450/month. If they invested this savings, this would be worth nearly $3.5 million. Use the tools below to see how you could save on your mortgage costs.

  1. this calculator allows you to find the best possible refinancing rates available in your area.
  2. provides a listing of great tips that will help you reduce your mortgage payments. Some of these tips even apply to those who don’t want to refinance their home.