Paying nothing and getting the absolute lowest rate are opposite ends of the same dial, and break-even math tells you where to sit on it. On any given day, the lowest available rate comes from paying points up front, and the no-cost option comes from taking a slightly higher rate where the lender credit covers your closing costs. You choose the spot in between. The deciding number is break-even: cost divided by monthly savings. Jeb's own refinance shows the version that works. On a large loan, a few thousand in fees to save around $600 a month broke even in under a year, and since he refinances roughly once a year anyway, an easy call. Compare that with an illustrative case of paying close to three points to drop from, say, 7 percent to 5.375 percent: real monthly savings, but a break-even past four years that only pays off if you keep that loan a long time. Those rates are illustrative, never a quote. Our standing lean is against points as a default; the zero-point quote is the honest baseline. So when you shop, ask for a true zero-point option and a bought-down option side by side, each with its break-even. Neither the lowest rate nor the no-cost route wins automatically. How long you hold the loan decides.