To determine whether or not to refinance your home, find the "break-even point". Take these five steps for a "quick and dirty" refinance analysis:

1. Add all costs - Points, fees, attorney's fees, loan origination fees, extra insurance, appraisals, inspections, recording, and survey fees' title insurance, credit reports, etc.

2. Determine the monthly savings - Subtract the current payment from the amount due with a refinanced loan. If the current payment is $3,000 and the refinanced amount is $2,750, the monthly savings is $250.

3. Multiply - Take the monthly savings and multiply by the federal and state tax rate.

4. Subtract - Take this cost (3) from the monthly savings to arrive at net monthly savings.

5. Divide - Total cost by the net monthly savings to find the number of months it will take to break event (pay off the cost of refinancing)

Enter the loan amount, interest rate and years. Loan Amount Interest Rate (%) Term (years) Monthly Principal and Interest