**Introduction:** The Refinance Cash Out Mortgage Calculator allows you to explore the potential impact of refinancing your mortgage with a cash-out option. By entering your current loan details, desired cash-out amount, and new loan term, you can estimate your new monthly payment.

**Formula:** The calculator uses the standard mortgage payment formula to calculate the monthly payment. The refinance cash-out formula considers the additional cash-out amount and adjusts the loan amount accordingly.

**How to Use:**

- Enter your current loan amount in US Dollars ($).
- Input the current annual interest rate (e.g., 3.5 for 3.5%) as a percentage.
- Specify the current loan term in years.
- Enter the desired cash-out amount in US Dollars ($).
- Input the new loan term in years.
- Click the “Calculate” button.
- View the estimated new monthly payment after refinancing with cash-out.

**Example:** Suppose you have a current mortgage loan of $250,000 with an interest rate of 4% and a 30-year term. If you want to refinance with a cash-out amount of $20,000 and choose a new 15-year term, you can use the Refinance Cash Out Mortgage Calculator to estimate your new monthly payment.

**FAQs:**

*What is cash-out refinancing?*- Cash-out refinancing involves refinancing your mortgage for a higher amount than your current loan balance, allowing you to receive the difference in cash.

*How does cash-out refinancing affect my monthly payment?*- Cash-out refinancing may increase your monthly payment as you are borrowing additional funds. The new monthly payment depends on the cash-out amount and the new loan terms.

*Can I use the calculator for different cash-out amounts?*- Yes, you can input various cash-out amounts to see how they affect your new monthly payment after refinancing.

*What is the advantage of cash-out refinancing?*- Cash-out refinancing allows you to access the equity in your home for various purposes, such as home improvements or debt consolidation.

*Does the calculator consider closing costs associated with refinancing?*- No, the calculator provides estimates for principal and interest. Closing costs are additional expenses that should be considered separately.

*Can I refinance with cash-out multiple times?*- Refinancing with cash-out multiple times is possible, but it’s important to consider the associated costs and financial implications.

*Is there a limit to the cash-out amount I can request?*- Lenders typically have limits on the percentage of your home’s value that you can cash out. Check with your lender for specific guidelines.

*How does the new loan term impact my monthly payment?*- A shorter loan term may result in a higher monthly payment, but you may pay less interest over the life of the loan. A longer term may reduce the monthly payment but increase total interest.

*Does cash-out refinancing affect my credit score?*- Cash-out refinancing itself may not significantly impact your credit score, but it’s important to manage the new loan responsibly.

*Can I use the calculator for different loan terms?*- Yes, you can input various new loan terms to see how they affect your new monthly payment after refinancing with cash-out.

**Conclusion:** Explore the possibilities of refinancing with a cash-out option using our Refinance Cash Out Mortgage Calculator. Understand how different loan terms and cash-out amounts may impact your new monthly payment, allowing you to make informed financial decisions.