Side-by-side
Refinance Comparison Calculator
Weigh your current mortgage against the new cash-out loan. A bigger balance doesn't always mean a bigger payment — and it never means the same lifetime cost.
Side-by-side
| Current loan | New cash-out loan | |
|---|---|---|
| Loan balance | $220,000 | $276,000 |
| Rate | 4.25% | 6.75% |
| Monthly payment | $1,219.82 | $1,790.13 |
| Payoff time | 24 yrs | 30 yrs |
| Remaining interest | $131,309 | $368,447 |
| Lifetime cost | $351,309 | $644,447 |
The new loan raises your monthly payment by $570.31 in exchange for $50,000 cash.
New loan amortization
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $21,481.57 | $2,941.46 | $18,540.10 | $273,058.54 |
| Year 2 | $21,481.57 | $3,146.27 | $18,335.30 | $269,912.26 |
| Year 3 | $21,481.57 | $3,365.34 | $18,116.23 | $266,546.92 |
| Year 4 | $21,481.57 | $3,599.66 | $17,881.91 | $262,947.26 |
| Year 5 | $21,481.57 | $3,850.30 | $17,631.27 | $259,096.96 |
| Year 6 | $21,481.57 | $4,118.39 | $17,363.18 | $254,978.57 |
| Year 7 | $21,481.57 | $4,405.14 | $17,076.43 | $250,573.43 |
| Year 8 | $21,481.57 | $4,711.86 | $16,769.70 | $245,861.56 |
| Year 9 | $21,481.57 | $5,039.94 | $16,441.63 | $240,821.62 |
| Year 10 | $21,481.57 | $5,390.86 | $16,090.71 | $235,430.76 |
| Year 11 | $21,481.57 | $5,766.22 | $15,715.35 | $229,664.54 |
| Year 12 | $21,481.57 | $6,167.71 | $15,313.86 | $223,496.83 |
| Year 13 | $21,481.57 | $6,597.15 | $14,884.42 | $216,899.68 |
| Year 14 | $21,481.57 | $7,056.50 | $14,425.07 | $209,843.18 |
| Year 15 | $21,481.57 | $7,547.83 | $13,933.74 | $202,295.36 |
| Year 16 | $21,481.57 | $8,073.37 | $13,408.20 | $194,221.99 |
| Year 17 | $21,481.57 | $8,635.50 | $12,846.07 | $185,586.49 |
| Year 18 | $21,481.57 | $9,236.77 | $12,244.80 | $176,349.72 |
| Year 19 | $21,481.57 | $9,879.91 | $11,601.66 | $166,469.81 |
| Year 20 | $21,481.57 | $10,567.83 | $10,913.74 | $155,901.99 |
| Year 21 | $21,481.57 | $11,303.64 | $10,177.93 | $144,598.34 |
| Year 22 | $21,481.57 | $12,090.69 | $9,390.88 | $132,507.65 |
| Year 23 | $21,481.57 | $12,932.54 | $8,549.03 | $119,575.11 |
| Year 24 | $21,481.57 | $13,833.01 | $7,648.56 | $105,742.11 |
| Year 25 | $21,481.57 | $14,796.17 | $6,685.40 | $90,945.94 |
| Year 26 | $21,481.57 | $15,826.40 | $5,655.17 | $75,119.54 |
| Year 27 | $21,481.57 | $16,928.36 | $4,553.21 | $58,191.18 |
| Year 28 | $21,481.57 | $18,107.04 | $3,374.53 | $40,084.14 |
| Year 29 | $21,481.57 | $19,367.80 | $2,113.77 | $20,716.34 |
| Year 30 | $21,481.57 | $20,716.34 | $765.23 | $0.00 |