Cracking performance of control and RAPed hot mix asphalt (HMA) mixtures was studied under low and medium temperatures. The effects of recycled asphalt pavement (RAP) content (0 and 50%), compaction method, and temperature (−20, 0 and +20°C) on KIf and KIIf were investigated. Cracking resistances of both modes showed similar trends. The fracture toughness of RAPed mixture at +20°C was higher than the control mixture. However, at −20°C, KIf and KIIf obtained from the RAPed mixture were about 22% lower than control mixture. A cost analysis was performed to compare the manufacturing costs of both mixtures. Accordingly, the cost of HMA mixture containing 50% RAP was 26% less than the control mixture. The proposed life‐cost index in the RAPed mixture was 10, 25, and 100% greater than the control mixture at −20, 0, and +20°C, respectively. Temperature and RAP content had the most important impacts on fracture toughness and cost, respectively.