Should I Refinance My Mortgage?
Refinancing can be one of the smartest financial moves you make—or a costly waste of time. The problem? Most people don’t know where the tipping point is. Traditional refinance calculators spit out numbers with little context. And many don’t include closing costs, term flexibility, or real-world scenarios that reflect your actual loan balance and goals. That's why we built the best refinancing calculator.
How does refinancing work?
Refinancing means replacing your current mortgage with a new one—usually at a lower interest rate, a different term, or both. Common goals include:
Lower monthly payments
Shorter loan term (pay off faster)
Switch from adjustable to fixed rate
Remove mortgage insurance
Tap into home equity (cash-out refinance)
Sounds great, right? It can be. But refinancing isn’t free—and if you don’t stay in the home long enough to recoup the costs, it could end up costing more.
What Makes incomp’s Refinance Tool Different
Most refinance calculators ask for your balance, new rate, and term, then give you a number and sell your info as a lead. That's… annoying. Incomp's tool is different and includes:
✅ Interactive Charts: Click around and instantly compare outcomes across interest rates and loan terms. Whether you’re looking at 4.5%, 5%, or 6%, you’ll see the total interest paid, monthly payment, or years saved at a glance.
✅ Closing Costs Included: Refinancing isn’t free—there are appraisal fees, lender costs, and taxes. We factor in closing costs upfront so you’re not surprised. You can input an exact amount or use our regional averages.
✅ Flexible Goals: Want to lower your monthly payment? Great. Want to keep the same payment and pay off your loan faster? Even better. Just toggle between options to find the approach that fits your goals.
✅ Real Loan Balances: Our tool is designed for people who already own homes, not just hypothetical borrowers. Enter your remaining loan balance, months left, and current interest rate to get results that reflect your real situation, not just a new 30-year loan.
✅ Set Breakeven Alerts: Sometimes it’s not time yet, but it might be soon. If rates drop to a level where refinancing makes sense for your loan, we can notify you. No spam. No sales calls. Just a heads-up that the math checks out.
When Does Refinancing Make Sense?
It depends on a few key factors:
Current interest rate vs. available rates
Time left on your loan
How long you plan to stay in the home
Closing costs (which we help estimate)
Your long-term goals (monthly cash flow vs. paying off faster)
Even a 0.5% drop in interest rate could save you tens of thousands over the life of the loan—especially if you don’t restart the clock with a new 30-year term.