No-Cost vs Closing-Cost Refinance Calculator
Compare a lender-credit / no-cash-cost refinance rate with paying closing costs for a lower rate.
Results
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Assumptions
- No-cost option uses the higher rate with $0 cash closing in this model.
- Stay horizon compares cumulative P&I outlay (+ fees on the pay-costs path).
- Does not model rolling fees into balance.
How it works
Break-even ≈ closing costs ÷ monthly payment difference. Stay outlay compares payments over your horizon.
FAQ
Is no-cost really free?
Usually you pay via a higher rate or lender credits. Enter the actual quoted rates.
What does break-even mean here?
Roughly how many months of payment savings it takes to recover cash closing costs.
Should I refinance based on this alone?
No. Credit, fees, taxes, and how long you keep the loan also matter.
Related calculators
Estimates only. See Disclaimer.