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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.
The difference is simply that with a âno-costâ mortgage, the lenderâs upfront fees are waived, with the trade-off coming in a higher interest rate. That means you save now, but can end up paying much more in the long-run. Lender A offers a conventional loan at 7 percent with fees of $2,500.