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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.
One thing can be said for the front-end and back-end loads: They're upfront about what the fee will be, and it's a one-time charge. Essentially, you go to a broker, he or she helps you to buy a mutual fund, and you pay for the service. This is not the case with the 12b-1 fee.