diff --git a/django/contrib/auth/hashers.py b/django/contrib/auth/hashers.py
index 184e60b8d2..04f15b0b4f 100644
--- a/django/contrib/auth/hashers.py
+++ b/django/contrib/auth/hashers.py
@@ -13,22 +13,13 @@ from django.utils.encoding import force_bytes, force_str, force_text
 from django.core.exceptions import ImproperlyConfigured
 from django.utils.crypto import (
     pbkdf2, constant_time_compare, get_random_string)
+from django.utils import lru_cache
 from django.utils.module_loading import import_string
 from django.utils.translation import ugettext_noop as _
 
 
 UNUSABLE_PASSWORD_PREFIX = '!'  # This will never be a valid encoded hash
 UNUSABLE_PASSWORD_SUFFIX_LENGTH = 40  # number of random chars to add after UNUSABLE_PASSWORD_PREFIX
-HASHERS = None  # lazily loaded from PASSWORD_HASHERS
-PREFERRED_HASHER = None  # defaults to first item in PASSWORD_HASHERS
-
-
-@receiver(setting_changed)
-def reset_hashers(**kwargs):
-    if kwargs['setting'] == 'PASSWORD_HASHERS':
-        global HASHERS, PREFERRED_HASHER
-        HASHERS = None
-        PREFERRED_HASHER = None
 
 
 def is_password_usable(encoded):
@@ -85,20 +76,29 @@ def make_password(password, salt=None, hasher='default'):
     return hasher.encode(password, salt)
 
 
-def load_hashers(password_hashers=None):
-    global HASHERS
-    global PREFERRED_HASHER
+@lru_cache.lru_cache()
+def get_hashers():
     hashers = []
-    if not password_hashers:
-        password_hashers = settings.PASSWORD_HASHERS
-    for backend in password_hashers:
-        hasher = import_string(backend)()
+    for hasher_path in settings.PASSWORD_HASHERS:
+        hasher_cls = import_string(hasher_path)
+        hasher = hasher_cls()
         if not getattr(hasher, 'algorithm'):
             raise ImproperlyConfigured("hasher doesn't specify an "
-                                       "algorithm name: %s" % backend)
+                                       "algorithm name: %s" % hasher_path)
         hashers.append(hasher)
-    HASHERS = dict((hasher.algorithm, hasher) for hasher in hashers)
-    PREFERRED_HASHER = hashers[0]
+    return hashers
+
+
+@lru_cache.lru_cache()
+def get_hashers_by_algorithm():
+    return {hasher.algorithm: hasher for hasher in get_hashers()}
+
+
+@receiver(setting_changed)
+def reset_hashers(**kwargs):
+    if kwargs['setting'] == 'PASSWORD_HASHERS':
+        get_hashers.cache_clear()
+        get_hashers_by_algorithm.cache_clear()
 
 
 def get_hasher(algorithm='default'):
@@ -113,17 +113,16 @@ def get_hasher(algorithm='default'):
         return algorithm
 
     elif algorithm == 'default':
-        if PREFERRED_HASHER is None:
-            load_hashers()
-        return PREFERRED_HASHER
+        return get_hashers()[0]
+
     else:
-        if HASHERS is None:
-            load_hashers()
-        if algorithm not in HASHERS:
+        hashers = get_hashers_by_algorithm()
+        try:
+            return hashers[algorithm]
+        except KeyError:
             raise ValueError("Unknown password hashing algorithm '%s'. "
                              "Did you specify it in the PASSWORD_HASHERS "
                              "setting?" % algorithm)
-        return HASHERS[algorithm]
 
 
 def identify_hasher(encoded):
diff --git a/django/contrib/auth/tests/test_hashers.py b/django/contrib/auth/tests/test_hashers.py
index f7ee77aedb..10ab657ae5 100644
--- a/django/contrib/auth/tests/test_hashers.py
+++ b/django/contrib/auth/tests/test_hashers.py
@@ -3,11 +3,12 @@ from __future__ import unicode_literals
 
 from unittest import skipUnless
 
-from django.conf.global_settings import PASSWORD_HASHERS as default_hashers
+from django.conf.global_settings import PASSWORD_HASHERS
 from django.contrib.auth.hashers import (is_password_usable, BasePasswordHasher,
-    check_password, make_password, PBKDF2PasswordHasher, load_hashers, PBKDF2SHA1PasswordHasher,
+    check_password, make_password, PBKDF2PasswordHasher, PBKDF2SHA1PasswordHasher,
     get_hasher, identify_hasher, UNUSABLE_PASSWORD_PREFIX, UNUSABLE_PASSWORD_SUFFIX_LENGTH)
 from django.test import SimpleTestCase
+from django.test.utils import override_settings
 from django.utils import six
 
 
@@ -26,11 +27,9 @@ class PBKDF2SingleIterationHasher(PBKDF2PasswordHasher):
     iterations = 1
 
 
+@override_settings(PASSWORD_HASHERS=PASSWORD_HASHERS)
 class TestUtilsHashPass(SimpleTestCase):
 
-    def setUp(self):
-        load_hashers(password_hashers=default_hashers)
-
     def test_simple(self):
         encoded = make_password('lètmein')
         self.assertTrue(encoded.startswith('pbkdf2_sha256$'))
@@ -253,8 +252,8 @@ class TestUtilsHashPass(SimpleTestCase):
             self.assertFalse(state['upgraded'])
 
     def test_pbkdf2_upgrade(self):
-        self.assertEqual('pbkdf2_sha256', get_hasher('default').algorithm)
         hasher = get_hasher('default')
+        self.assertEqual('pbkdf2_sha256', hasher.algorithm)
         self.assertNotEqual(hasher.iterations, 1)
 
         old_iterations = hasher.iterations
@@ -284,8 +283,8 @@ class TestUtilsHashPass(SimpleTestCase):
             hasher.iterations = old_iterations
 
     def test_pbkdf2_upgrade_new_hasher(self):
-        self.assertEqual('pbkdf2_sha256', get_hasher('default').algorithm)
         hasher = get_hasher('default')
+        self.assertEqual('pbkdf2_sha256', hasher.algorithm)
         self.assertNotEqual(hasher.iterations, 1)
 
         state = {'upgraded': False}