Your current mortgage payment is $ 860. Interest rates have fallen and you estimate that, if you refinance your mortgage, your new payment will be $ 760. You expect closing costs to be $ 4000. If you plan on selling the home in two years, should you refinance? Yes, you will save $ 1520 on the refinance. No, it will take 40 months to break-even on the refinance. No, it will take 3 years to break even on the refinance, Yes, you will save $ 2480 on the refinance