When getting a no cost loan and refinancing to a lower rate it, you start to save interest and benefit from day one; the day your new loan funds.
There is no future ‘break even’ period, you just need to understand the options when refinancing.[/quote]
That only works if the payoff date doesn’t move right and your loan balance doesn’t increase. If either of those is true, then there is still a break even period, since:
(a) you’ll be paying longer (if payoff date is further out)
or
(b) you’ll get less in your pocket when you sell (if loan balance went up)
