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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.
The one-time fee is added to the total balance of the mortgage and financed into the loan. On Oct.1, that 3.5 percent fee will decrease to 2 percent. But the USDA will implement a new annual fee of 0.3 percent of the balance of the loan. This fee will be added to the monthly payments.Refinancers will have to pay the annual 0.3 percent fee, plus the current one-time upfront guarantee fee of 1 percent of the total of the mortgage.The upfront fee will stay unchanged for refinances.f you are refinancing: Refinancers will have to pay the annual 0.3 percent fee, plus the current one-time upfront guarantee fee of 1 percent of the total of the mortgage. The upfront fee will stay unchanged for refinances.