A $350,000 loan refinanced from 7.25 to 6.50 percent with $5,500 in costs breaks even in about 31 months. The arithmetic, the mistakes that distort it, and when break-even is not the whole answer.

The VA funding fee is the one VA-specific cost on a VA loan. The exact rate for every situation, who is exempt, and how it is paid at closing.

For most FHA loans written today with less than 10 percent down, the annual premium lasts the life of the loan. Here is how the rules work, what it costs, and the three ways it ends.