The decision to refinance a loan can involve many factors. You might want to take cash out when you refinance to use for other purposes. But the most common purpose is to obtain a lower interest rate and lower monthly payments. In the latter case, the decision to refinance should be based on lowering the overall costs and breaking even on the refinance in a reasonable period of time.
You can also use this refinance calculator for various loan types including a mortgage, auto loan, recreational loan, personal loan, and more.