Mortgage rates from the experts
) Also work out the likely difference between your monthly payments after you refinance and the amount you currently pay per month. Then work out how much the fees and taxes of a refinance will add to the total. These "hidden" costs add up: A basic refinance frequently costs $2000 to $3000, and could cost even more. When you know exactly how much refinancing will cost, divide it by the difference between your current monthly payments and your future monthly payments. The result is the number of months it will take you to break even after the refinance.