Whenever you do a true No Cost Refinance the interest rate on your new loan will be around 0.125% – 0.25% (0.125% APR to 0.25% APR) higher than a refinance transaction you paid fees on.  Over time the No Cost Refinance will definitely pay off if ALL the conditions discussed in the main post are present. That may or may not be the case if you pay some fees to refinance. As always I’m happy to do the calculations for you. Simply send me a text or call and I’ll email you the analysis very quickly.