Yes, and the post-fixed rate needs to be expressed clearly rather than described only as a discount or margin. Grace’s one-year horizon makes the month-13 payment a useful stress test even if refinancing remains the preferred plan.
I would not assume refinancing after one year will be cheap or available on equally good terms. Run at least one scenario where you keep this loan after the reset. That exposes the rate-reset risk rather than letting an optimistic refinance assumption decide the comparison.
