Cash-Out Refinance vs HELOC Decision Tool
If you have a low first mortgage rate (like 2.75% from 2021), cashing out could cost you tens of thousands. This tool shows you the exact dollar difference.
How It Works
A cash-out refinance replaces your entire mortgage with a new, larger loan at today's rate. You lose your low rate on the existing balance. A HELOC leaves your first mortgage untouched and layers a second lien on top. You only pay the higher rate on the new money.
Tip: If your current rate is below 4.5%, the HELOC almost always wins. The tool shows you the exact monthly and lifetime cost difference.
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