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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.
Best Answer: refinancing is simply getting a new loan and using it to pay off your old loan. For example if you owe $150k on your current mortgage, you shop around for a new loan of $150k.When you get one, you use the money to pay off the old loan.here are fees for a refinance so if your goal is to lower payments your new interest rate should be at least 1% lower than your current loan and you have to plan to keep the home for at least 7 years to make it a good deal. Otherwise your fees are more than your savings.