The money you spent on that buydown is sunk. It's gone whether you refinance again or not, so it gets no vote in the decision in front of you. The only question that matters is forward-looking: does a new loan today improve your position enough to justify a fresh set of costs? Run the same break-even math you'd run on any refinance. Compare the rate you can get today against the one you hold, and weigh the monthly savings against what the new loan costs to close. A useful rule of thumb: one discount point buys roughly a quarter percent of rate. That's why a big buydown can cost real equity for a modest payment drop, with a break-even stretching to five years or more. We've reviewed plenty of Loan Estimates where a borrower spent well into five figures to shave three-quarters of a percent, then watched rates ease shortly after anyway. That's the trap with points, and a big part of why we lean against paying them: a buydown needs a genuine thesis on where rates head, and nobody can promise a direction. If the improvement available today is small, waiting often beats spending again. For a straight read on whether a second refinance clears its own costs at your loan size, that's the free Roadmap conversation, about 20 minutes where we run your real numbers.