Experts typically say that a refinance is worth it if you can lower your rate by at least one percentage point. You should also consider how long it will take you to break even from your refinance. For example, if you paid $2,000 in closing costs and your monthly payment went down by $100, it would take 20 months of payments for you to recoup what you spent to refinance. If you think you might sell the home before you've reached that breakeven point, refinancing probably isn't worth it.