Your current mortgage payment is $1030. Interest rates have fallen and you estimate that, if you refinance your mortgage. your new payment will be $930. You expect closing costs to be $5000. If you plan on selling the home in two years, should you refinance? Yes, you will save $1860 on the refinance No, it will take 4 years to break-even on the refinance. Yes, you will save $3140 on the refinance No, it will take 50 months to break-even on the refinance