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Cash-out Refinancing vs. Home Equity Loan Calculator

Which is better, cash-out refinancing or a home equity loan?

If you need access to cash from your home's equity, use this calculator to compare the benefits of cash-out refinancing to those of a home equity loan.

Years 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. How many more years do you plan to stay in your home?*:

Current 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. What is the current value of your home?*:

Loan Amount - Enter the amount of money you want to borrow. Amount of cash you need (loan amount)*:

Original 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. Original balance of your current mortgage*:

Original Term - Enter the term for your current mortgage. Common mortgage terms are 15, 25 and 30 years. Original term of current mortgage*:

Current 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." Balance on current mortgage*:

Current Mortgage Interest Rate - Enter the interest rate you are currently paying on your mortgage. Interest rate on current mortgage*: %

Please complete the following information regarding cash-out refinancing

Interest 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. Interest rate on new mortgage*: %

Term - Enter the term you desire for your refinanced mortgage. Common mortgage terms are 15, 25 and 30 years. Term of loan*:

Points - 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. Points (if any):

Other 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. All other closing costs and pre-payment penalties:

Please complete the following information regarding the home equity loan

Interest Rate - Enter the interest rate that you will pay on your home equity loan. Interest rate*:

Term - Enter the term you desire for your home equity loan. Common terms are 15 and 20 years. Term of loan (in years)*:

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