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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 the same mortgage again, however, you can deduct all of the remaining points paid on the previous refinance in one year. You cannot deduct miscellaneous closing costs, such as title insurance, appraisal expenses or attorney fees. Money you pay to open a new escrow account is also non-deductible.