without origination fees, your looking between $2-$3K but depending on what the current rate vs refi rate, as well as if you have Mortgage Insurance (aka: MI/PMI/BPMI/etc), you can recoup that cost anywhere between 12-36months. if you get an appraisal waiver... cut around $500 off those costs. If you're still worried about that cost, just talk to your lender about it.
The numbers can look intimidating once you include the funding of a new escrow account but you also skip a months payment and would receive an escrow refund from your current servicer so those figures net out once its all said and done.
full disclosure, I am an originator so my livelihood is tied to people buying and refinancing their homes. with that said, I'm not in the business of turning loans just to cash a check. I've been working on a lot of refi's the last couple months and doing a ton of side by side comparisons for folks, it's been overwhelming positive for folks that originated within the last 24 months. If you have any improvements you want to do or debt consolidation, this is not a bad time to do it... even if rates continue to drop some, just not sure where the floor on the rate drop is.
