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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.
There are additional costs associated with refinancing, including closing costs paid to the lender to process your loan. These fees can add up and cost you thousands. While you may be able to get these costs absorbed in your loan, it may raise your monthly mortgage, making the refinance not worth it.