All things mortgage loans
) Also work out the likely difference between your monthly payments after you refinance and the amount you currently pay per month. Then calculate how much a refinance will cost you in extra fees and taxes. Beware these "hidden" costs: An average refinance frequently costs $2000 to $3000, and sometimes costs 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.