Cash-Out Refinance vs. Home Equity Loan Calculator

Cash-Out Refinance vs. Home Equity Loan Calculator

Which is better? Refinancing your existing mortage with cash out or a home equity loan?
If you need access to cash from your home's equity, use this calculator to compare the benefits of a cash-out refinance loan to those of a home equity loan.

Asterisk (*) indicates required fields.

TipYears In Home - There are up-front costs associated with refinancing your mortgage. By providing this information, the calculator can determine if you will be in your home long enough to recoup those costs.
TipCurrent Value - Estimate what the market value of your home is, if you were to sell your home today. For help, use the free home price check tool from RealEstate.com, one of our partners.
TipLoan Amount - Enter the amount of money you want to borrow.
TipOriginal Balance - Enter the original amount that you financed. For example, if you bought a $200,000 home with a 20% down payment, your original mortgage balance would be $160,000.
TipOriginal Term - Enter the term for your current mortgage. Common mortgage terms are 15, 25 and 30 years.
TipCurrent Mortgage Balance - Enter the amount of principal, or balance, due on your main mortgage. You can estimate this amount, but for more accurate results, check your most recent mortgage bill for "principal due" or "amount for payoff."
TipCurrent Mortgage Interest Rate - Enter the interest rate you are currently paying on your mortgage.
Please complete the following information regarding cash-out refinancing
TipInterest Rate - Enter the interest rate that you will pay on your refinanced mortgage. You can find current average rates from Freddie Mac at www.freddiemac.com.
TipTerm - Enter the term you desire for your refinanced mortgage. Common mortgage terms are 15, 25 and 30 years.
TipPoints - Discount points are paid upfront to obtain a lower interest rate. Typically, one point equals 1% of the loan amount and will lower your interest rate by .25 percent.
TipOther closing costs and pre-payment penalties - Closing costs include a loan origination fee, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge, and other costs assessed at settlement. Closing costs usually are about 2% - 6% of the mortgage amount. When refinancing your mortgage, some lenders will charge a pre-payment penalty if you pay off your loan in full before a certain date.
Please complete the following information regarding the home equity loan
TipInterest Rate - Enter the interest rate that you will pay on your home equity loan.
TipTerm - Enter the term you desire for your home equity loan. Common terms are 15 and 20 years.
This monthly mortgage payment amount does not include taxes or insurance. It assumes the cost of a mortgage point is equal to one percent of the loan value. For the cash-out refinancing option, the calculator assumes points and closing costs are paid upfront and not rolled into the value of the loan.