Current Mortgage
Refinanced Mortgage
These costs average 2% - 5% of the refinanced amount. The calculator defaults to 3%. Adjust as needed.
Refinance Summary
Monthly Payment
Current Payment:
New Payment:
Total Cost
Current Total:
New Total:
Cash Out Details
Cash Out Amount:
Total Interest:
Effective APR: *
* The Effective APR is lower than the refinanced mortgage interest rate since it only considers the interest paid on the cash-out amount, not the principal, and spreads this cost over the entire term of the loan. This Effective APR can be useful for comparing the cost of the cash-out refinance to other borrowing options (like a home equity or personal loan) over the same term.
Repayment Timeline
Additional Details
Current Loan-to-Value Ratio:
New Loan-to-Value Ratio:
Closing Costs:
Break-even Point: **
** If refinancing reduces your monthly payment, this calculates how long it takes the reduction to cover closing costs.