# Mortgage Cash Out Refinance Calculator

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Introduction: The Mortgage Cash Out Refinance Calculator is a valuable tool for individuals considering a cash-out refinance on their property. By entering details such as the current property value, existing mortgage balance, desired cash-out amount, new loan term, and interest rate, the calculator provides an estimate of the new monthly payment after the cash-out refinance.

Formula: The calculator utilizes a formula to calculate the new monthly payment after a cash-out refinance. It considers the new mortgage amount, new loan term, and interest rate to provide an estimate of the monthly payment.

How to Use:

1. Enter the Current Property Value (the current estimated value of your property).
2. Specify the Existing Mortgage Balance (the remaining balance on your current mortgage).
3. Input the Cash Out Amount (the amount you plan to cash out during the refinance).
4. Set the New Loan Term in years (desired duration for the new loan).
5. Set the Interest Rate (annual interest rate in percentage).
6. Click the “Calculate” button to obtain the Estimated Monthly Payment after Cash Out.

Example: Suppose your property is valued at \$300,000, the existing mortgage balance is \$150,000, you want to cash out \$30,000, opt for a new 15-year loan term, and the interest rate is 3.5%. Use the Mortgage Cash Out Refinance Calculator to estimate your new monthly payment.

FAQs:

1. What is a Cash Out Refinance? A Cash Out Refinance allows homeowners to refinance their mortgage for more than they owe and receive the difference in cash.
2. Why is Current Property Value important in the calculation? Current Property Value influences the total amount available for the cash-out refinance.
3. How does Cash Out Amount impact the new monthly payment? Cash Out Amount increases the total loan amount, affecting the new monthly payment.
4. Why is New Loan Term considered in the calculation? New Loan Term affects the duration of the new loan and, consequently, the monthly payment.
5. How does Interest Rate influence the new monthly payment? Interest Rate determines the cost of borrowing, impacting the monthly payment.
6. Is the result an exact monthly payment after a Cash Out Refinance? No, it’s an estimate. Consult with lenders for precise details based on your financial situation.

Conclusion: The Mortgage Cash Out Refinance Calculator provides a quick estimate of the new monthly payment after a cash-out refinance. It’s a helpful tool for homeowners exploring financial options related to their property. For accurate and personalized information, consulting with mortgage professionals is recommended.