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A true no-cost refinance means you pay no money upfront and neither your loan amount nor your interest rate is increased to build any costs into your new loan. To calculate a break-even point, divide the anticipated total cost of your refinance by the monthly savings on your loan payment.
1 The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan. 2  You pay closing costs when you refinance your mortgage. 3  Generally, you don't pay closing costs for a home equity loan. 4  Closing costs can amount to hundreds or thousands of dollars.deally, you get a better rate on the $80,000 that you owe on the house and you get a check for $20,000 to spend as you wish. Cash-out refinancing differs from a home equity loan in several ways: 1  A home equity loan is a separate loan on top of your first mortgage.