Calculate how many months until refinance savings pay back closing costs.
Refinancing saves money when monthly payment drops enough to pay back closing costs within the time you plan to stay. A break-even under 24 months is strong; over 5 years is usually not worth it.
A lower rate on a longer term can increase total interest paid, even if the monthly payment drops. Re-amortizing resets the clock.
Usually 2–5% of loan balance. On a $300k refi, expect $6,000–$15,000.
Only if cash is tight — rolling them in adds interest over the life of the loan.
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