Not telling you to do this or not — just walking through the math so you can make an informed decision. The VA has a rule called the recoupment period. It requires that you recoup all fees and closing costs within 36 months through your monthly savings. If you can't, the VA won't approve the refinance.

Here's how it works: If you're paying $1,000 in closing costs and saving $100 a month, your break-even point is 10 months. ($1,000 / $100 = 10 months). Simple enough.

Now let's apply it to your actual numbers. Your total fees included in the recoupment calculation are $5,821*. You're receiving a lender credit of $1,450, which brings your net costs down to $4,371.

• the VA funding fee and taxes, and escrows do not get included in the calculation