Costs change the decision
Closing costs are upfront transaction costs. Compare lender fees, title services, appraisal, prepaids, and lender credits on each Loan Estimate. A “no-cost” refinance can mean the lender uses a higher rate to cover costs.
Illustration: $7,800 of costs with $325 monthly payment savings takes about 24 months to recover using payment savings alone. A balance-aware comparison can differ, so use the calculator’s detailed-fees setting.