Determine which is better - Cash-out Refinance or Second Mortgage
You will be able to determine whether cash-out refinance or a second mortgage will be the right option to take out some extra cash. You will also get to know which option will give you the higher cost offset and maximum savings.
Information about you and your home
Current Value of Home ($)
Expected period of stay in the home (No. of years)
Income Tax Bracket (%)
Cash amount you want to take out ($)
Information about Current Loan
Loan Balance ($)
nterest Rate (% per annum)
Remaining Loan Term (No. of months)
| Information about New Loan | Refinance | Second Mortgage |
|---|---|---|
| Interest Rate (% per annum) | ||
| Loan Term (No. of years) | ||
| Closing Costs ($) |