**Introduction:** The Cash Out Mortgage Refinance Calculator helps you assess the potential impact of refinancing your mortgage with a cash-out option. It calculates the new monthly payment based on factors like the current loan balance, cash-out amount, new loan term, and interest rate.

**Formula:** The calculator uses the standard amortization formula to calculate the new monthly payment after a cash-out refinance. It considers the new loan amount, monthly interest rate, and the number of monthly payments for the new loan.

**How to Use:**

- Enter the current loan balance (default is $150,000).
- Specify the cash-out amount you are considering.
- Enter the new loan term in years.
- Provide the new interest rate for the refinanced mortgage.
- Click the “Calculate” button.
- View the estimated new monthly payment after the cash-out refinance.

**Example:** For example, if your current loan balance is $150,000, you are considering a cash-out amount of $50,000, opting for a 15-year refinance term, and securing a new interest rate of 3.5%, you can use the Cash Out Mortgage Refinance Calculator to estimate the new monthly payment.

**FAQs:**

*What is a cash-out mortgage refinance?*- A cash-out mortgage refinance allows you to refinance your existing mortgage and take out additional cash, which is added to the new loan balance.

*How does a cash-out refinance affect monthly payments?*- The new monthly payment may increase if you borrow additional cash, extend the loan term, or secure a higher interest rate.

*Can I use the cash-out amount for any purpose?*- Yes, you can use the cash-out funds for various purposes, such as home improvements, debt consolidation, or other financial needs.

*Is the new loan term fixed for the entire term?*- Yes, the calculator assumes a fixed new loan term for the entire duration.

*Are there any closing costs associated with a cash-out refinance?*- Yes, there are closing costs involved in a cash-out refinance, which may include fees for appraisal, title search, and loan origination.

*Can I refinance if my home has increased in value?*- Yes, an increase in home value may provide an opportunity for a cash-out refinance, allowing you to access a portion of the increased equity.

*What factors should I consider before opting for a cash-out refinance?*- Consider your financial goals, the impact on monthly payments, interest rates, and closing costs before deciding on a cash-out refinance.

*Can I use this calculator for a second mortgage or home equity loan?*- No, this calculator is specifically designed for estimating payments after a cash-out mortgage refinance.

*Can I compare multiple refinance options using this calculator?*- No, the calculator provides estimates for a single refinance scenario. You may need to run separate calculations for different options.

*Is the interest rate for the new loan fixed?*- Yes, the calculator assumes a fixed interest rate for the new loan.

**Conclusion:** The Cash Out Mortgage Refinance Calculator is a valuable tool for assessing the potential impact of a cash-out refinance on your monthly payments. Use it to make informed decisions about refinancing options based on your financial objectives. Keep in mind that this is an estimate, and actual terms may vary based on specific loan conditions and lender requirements.