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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.
When you refinance, a new loan replaces your existing mortgage. A closing is held to wrap up the process and complete the loan. Certain costs are associated with refinancing, including bank and attorney fees. Unfortunately, homeowners do not always have the cash on hand to pay upfront fees.If you are short on funds, it is still possible for refinance at a lower interest rate without having to pay closing costs.n many cases, you can finance the closing costs, provided the new loan does not exceed the equity in your home. Ideally, lenders want homeowners to borrow 80 percent or less of the home's current value, but some allow up to 97 percent.