How should I compare refinance closing costs with a higher rate?

I’m trying to determine whether refinancing could fund essential home repairs without making my budget worse. My credit is in the low range, so I’m concerned that a higher interest rate could outweigh the benefit of accessing equity.

What is the best way to compare these costs?

- Current mortgage balance: $___
- Estimated home value: $___
- Approximate credit score range: ___
- Debt-to-income ratio: ___%
- Repair budget: $___
- Main goal: cash-out for repairs, lower the rate, or both

I’m assuming a lender may charge appraisal, origination, title, and other closing costs. If those costs are rolled into the new loan, I would avoid paying them upfront, but I would pay interest on them for years. Paying cash would preserve a smaller loan balance, although it could leave less money available for the repairs.

For anyone who has compared offers, how did you estimate:

1. The true cash needed at closing?
2. The monthly payment increase from financing the costs and repair funds?
3. The break-even period compared with keeping the current mortgage?
4. Whether a higher rate made the refinance uneconomical?

I also realize the repair budget may not be fully financeable if there is not enough equity or documented income to support the new payment. Would it be reasonable to request quotes showing both options, with closing costs paid upfront and rolled into the loan, before deciding?