Cash Out Refinance Calculator
What Cash Out Refinance Calculator?
A cash-out refinance calculator is a tool that helps homeowners determine if a cash-out refinance is an excellent financial decision for them. It considers factors such as the current home value, outstanding mortgage balance, and refinance costs to estimate the potential cash available after a refinance.
Why Use a Cash Out Refinance Calculator?
Using a cash-out refinance calculator can help you compare a new loan's costs to your existing mortgage. It can also help you understand the total amount of money you will need.
How a Cash Out Refinance Calculator Works?
Cash Out Refinance Calculator formula:
Cash Out Refinance Calculator = (Current Property Value - Current Mortgage Balance) * Refinance Loan-to-Value Ratio * Interest Rate / (1 - (1 + Interest Rate)^(-Loan Term)
To use a cash-out refinance calculator, homeowners will need to input the following information:
Current home value: The current market value of the home
Outstanding mortgage balance: The remaining balance on the existing mortgage
Refinance costs: The costs associated with refinancing the mortgage, such as closing costs and appraisal fees
New loan terms: The length of the new loan and the interest rate
Once this information is entered, the calculator will estimate the cash available after the refinance. This can determine if a cash-out refinance a financially beneficial for the homeowner.
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