There are various government-backed refinance programs that are designed to make the home-purchasing process easier for Americans. These programs are ai...More
For your cash-out refinance loan, based off your house value on your first mortgage of $300,000.00, your current house value of $350,000.00, take out cash amount of $25,000.00, remaining balance of $231,122.00 on your old first loan (with an interest rate of 4.5 and remaining term of 360), you will see a monthly mortgage payment of $432.79 for your new first mortgage and a monthly mortgage payment of $1,171.06 for your new second mortgage. Ultimately, refinancing with a new first mortgage will save you $2,540.44. This calculator gives you an idea of the impact a cash out refinance will have financially for you, including a picture of total costs and tax savings.