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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.
If you refinance your home soon after buying it, you wonât have much equity in it yet unless you paid a large down payment at the time of purchase. Even in that case, a cash-out refinance needs to offer you enough benefit to make up for paying the costs of refinancing your home.