Home > Mortgage Calculators > Cash-Out Refinance vs Home Equity
CALCULATOR
Cash-Out Refinance vs Home Equity Line of Credit
Compare your options for accessing home equity.
Key Considerations
HELOC rates are often variable while refinance rates are typically fixed. Refinancing resets your loan term, potentially extending your payment period. HELOCs typically have faster approval than refinancing. Consider mortgage interest deduction limits and tax benefits*. This calculator is for educational purposes only. Your actual rate, payment, and costs could be higher.
Cash Needed
Cash-Out Refinance and Home Equity Comparison
Cash-Out Payment
$2,495
Mortgage + HELOC Payment
$2,316
Payment Details
Disclosures
* Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.
** PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.
Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
Additional Disclosures
Calculators display default values. Information and interactive calculators are for educational purposes only and are not intended to provide financial or tax advice. Consult a tax advisor for further information regarding the deductibility of interest and charges. Loan terms and mortgage interest rates will depend on your individual circumstances. Results do not indicate approval of financing, contact a Mortgage Loan Officer to discuss your specific details.
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