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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.
You probably wont even have THAT loan long enough for you to recoup the money that you paid upfront! It would take more than 5 years for you to recoup the difference. 90% of homeowners refinance within the first 5 years. What I see mostly of, however, is 2 to 3 years! At least 1% lower would be good to refi to.