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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.
FHA Upfront Mortgage Insurance Premium Rates. The Upfront Mortgage Insurance Premium (UFMIP) is a fee thatâs charged to the borrowers up front for all FHA purchase loans, cash-out refinances and rate-term refinances that arenât streamline loans. Purchase and non-streamline refinance loans have Upfront MIP amounts of 1.75% of proposed loan amount and is added to the mortgage balance at closing. 1  Purchase Loans, Cash-Out Refinance or Rate-Term Refinance UFMIP Rate of 1.75%. 2  FHA Streamline Refinance Original FHA loan endorsed before 6-1-2009 â UFMIP Rate of 0.01%.