- Enter your original loan amount.
- Enter the year your mortgage began.
- Enter your estimated property value.
- Enter your cash-out amount.
- Enter your closing costs (% of new loan amount).
- Enter your property tax (annual).
- Enter your homeowners insurance (annual).
Check out current refinance rates for a 20-year conventional fixed-rate loan.
These rates and APRs are current as of $date and may change at any time. They assume you have a FICO® Score of 740+ and at least 25% equity, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage point.
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. Connect with a mortgage loan officer to learn more about mortgage points.
Rate
APR
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Learn how these rates and APRs are calculated. Plus, see a conforming fixed-rate monthly payment and APR example. Get more details.
Mortgage refinance calculator
See if refinancing is right for you with our mortgage refinance calculator. This tool provides an estimate of refinance costs, potential savings and cash-out options based on the information you provide. For the most accurate results, update the values to reflect your current financial situation, including taxes and insurance.
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Current loan
Info on original loan amount
This is the amount of your mortgage when it first began.
Enter your original loan amount.
Enter the year your mortgage began.
It must be within the last 30 years, but not this year.
New loan
Info on getting cash out
If you have enough equity in your home, you may be able to take cash out during your refinance to spend on things like home improvements or paying off other high-interest debt.
Info on estimated property value
This is how much your property may be worth in the current real estate market.
Enter your estimated property value.
It must be more than your original loan amount.
Info on cash-out amount
Your cash-out amount depends on factors like your property's loan-to-value ratio and your credit worthiness.
Enter your cash-out amount.
You can take out up to $0
The numbers in these fields are estimates that you may update for more specific results.
Info on closing costs
Average refinance closing costs range from 2% to 5% of your refinance loan amount. The exact amount you’ll pay is based on factors that include, but aren’t limited to: loan amount, loan term, location, credit score, available home equity, mortgage type, property type and more.
Enter your closing costs (% of new loan amount).
Enter a number greater than 0.
Taxes & insurance
Info on property tax
Property tax is calculated by your local government based on the value of the property you own, including the land.
Enter your property tax (annual).
Info on homeowners insurance
This is a type of property insurance that typically covers interior and exterior damages, personal assets, or injuries that occur while on the property. It’s often based on your home’s price.
Enter your homeowners insurance (annual).
Your refinance results
Info on remaining interest
This is the amount of interest you still owe on your mortgage, and doesn’t include any interest you’ve already paid.
Monthly payment
Monthly payment
Original loan
New loan
Taxes & insurance
Principal & interest
Total monthly payment
Loan Comparison breakdown
Monthly payment
Original loan
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New loan
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Difference
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Years until payoff
Original loan
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New loan
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Difference
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Remaining interest
Original loan
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New loan
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Difference
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Additional estimates
Estimated closing costs
Info on closing costs
Average refinance closing costs range from 2% to 5% of your refinance loan amount. The exact amount you’ll pay is based on factors that include, but aren’t limited to: loan amount, loan term, location, credit score, available home equity, mortgage type, property type and more.
Potential closing cost savings
Info on closing cost savings
If you already have a first mortgage with U.S. Bank, a U.S. Bank Smartly™ Checking account or an existing Gold or Platinum Checking Package, you may be eligible to save money on closing costs for your next mortgage with our existing client credit.1 Take 0.25% of your new first mortgage loan amount and deduct it from the closing costs, up to a maximum of $1,000 off.2
Break-even point
Info on break-even points
This is the point in your refinance where the amount you’re saving in interest is more than the amount it cost you to refinance, or when the refinance has paid for itself in mortgage payment savings.
Ready to refinance?
Get answers to common questions.
A 20-year fixed-rate mortgage is a home loan that has a repayment period of 20 years. It has an interest rate that does not change throughout the life of the loan.
The main advantages of a 20-year fixed mortgage versus other mortgage options are:
- Stability: You’ll be able to lock the interest rate on your mortgage for the entire 20-year term. This gives you a degree of predictability you won’t have with an adjustable-rate refinance.
- Lower interest rate: Interest rates on 20-year loans are usually lower than on 30-year loans.
- Less time before you own your home: Compared to the more common 30-year loan, you’ll shave 10 years off the time it takes to pay off your mortgage and own your home outright.
- Lower total cost of borrowing: Between a lower interest rate and a shorter term, you'll reduce the total interest you pay over the life of the loan compared to a 30-year loan term.
A fixed-rate mortgage gives you predictability regardless of term. A 20-year fixed mortgage may be a good option for you if you find the monthly payment on a 30-year mortgage low but the monthly payment on a 15-year mortgage too high. Visit our fixed-rate loan calculator to estimate your 20-year fixed mortgage monthly payment. U.S. Bank offers a variety of loan terms and options. Our mortgage loan officers are dedicated to helping you choose the option that’s best for you.
Consider refinancing to a 20-year fixed mortgage if:
- You currently have an adjustable-rate mortgage and are looking for the security of a fixed-rate
- You want to be mortgage debt-free within 20 years
- You can afford the higher monthly payment in exchange for a lower total cost of borrowing
- You want to tap into your home's equity for cash out without a home equity loan or line of credit
A U.S. Bank mortgage loan officer can help you decide if refinancing to a 20-year fixed mortgage is a good option for you. We also offer 15- and 30-year fixed refinance options. Check out today’s rates for 15-year fixed and 30-year fixed refinance loans. If you’re curious about the costs associated with refinancing, use our mortgage refinance cost calculator to get an estimate of how much it will cost.
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