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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.
You can pay closing costs yourself or pay a slightly higher interest rate to a lender who pays the costs for you. You cannot have the loan origination charges, title insurance or other costs added to your loan. The only cost you can add to your new loan is the up-front mortgage insurance premium. If youâre refinancing an FHA loan that youâve had for less than 36 months, the FHA applies part of your original premium toward the new premium.