HELOC vs Cash-Out Refinance Calculator
Compare total cost over the time you’ll keep the loan. Two ways to pull equity, very different math.
HELOC rates float with prime; typical 2026 ~8-9%.
Cash-out adds ~0.5-1% to standard purchase rates.
Typically 2-4% of the new loan amount.
Recommendation
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Adjust the inputs to compare.
HELOC option
Original mortgage staysUntouched
HELOC monthly P&I$0
Closing costs~$500-1,500
Total interest paid$0
Total cost over period$0
Cash-Out Refinance
Original mortgageReplaced
New monthly P&I$0
Closing costs$0
Extra interest vs keeping old mortgage$0
Total cost over period$0
Estimates only. HELOC rates are variable (tied to prime); cash-out rates depend on credit score, LTV, and loan program. Run real Loan Estimates from 3 lenders before deciding. Not financial advice.
Free calculator by CalcCottage