To compare the savings to the cost, divide the total cost of the refinance by your monthly savings to determine how many months it will take to «break - even». (loanshoppers.net)
Usually, you'll be able to come up with a total cost of refinancing and monthly savings from doing so. (fidelity.com)
When you recover the upfront costs of refinancing from the savings associated with a lower monthly payment or shorter loan term. (ally.com)