DirectMyLoanCash-Out Refinance Calculator

Cash-Out Refinance Calculator

Compare your current situation vs. a proposed debt consolidation refinance

STEP 1CURRENT MORTGAGE
$
%
yrs

MONTHLY PAYMENT (P&I)

$2,042.50

REMAINING TERM

25.9 yrs (311 mo)

CURRENT BALANCE

$329,872

STEP 2DEBTS TO CONSOLIDATE
$
$
$

Est. rate: ~18.0%

$
$
$

Est. rate: ~20.0%

$
$
$

Est. rate: ~18.0%

COMBINED TOTALS — MORTGAGE + ALL DEBTS

TOTAL BALANCE

$364,872

BLENDED RATE (WEIGHTED)

6.97%

TOTAL MINIMUM PAYMENTS

$2,932.50

Mortgage + debt minimums

TOTAL ACTUAL PAYMENTS

$2,932.50

Mortgage + debt actuals

STEP 3PROPOSED REFINANCE — THREE SCENARIOS
$
$
$
yrs
Loan-to-value (base loan before points)67.2% LTV
0%80% limit100%

✓ LTV is within limit — Base loan of $369,372 is 67.2% of $550,000. Max allowable: $440,000.

Option A — Lower rate

Higher points, better rate

%
pts
New loan amount$376,759
Points cost (rolled in)$7,387
LTV67.2% — OK
Monthly payment$2,228.67

Option B — Middle

Balanced rate and points

%
pts
New loan amount$373,065
Points cost (rolled in)$3,694
LTV67.2% — OK
Monthly payment$2,266.78

Option C — Higher rate

Fewer points, lower upfront cost

%
pts
New loan amount$369,372
Points cost (rolled in)$0
LTV67.2% — OK
Monthly payment$2,334.68