MCPCalc

Cash-Out Refinance Comparison Calculator

Compare current mortgage vs cash-out refinance payment and long-term cost.

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What This Calculator Does

Compare current mortgage vs cash-out refinance payment and long-term cost.

It combines Current Balance, Current Rate, Years Remaining, Cash Out Amount to estimate Monthly Payment Change, Current Payment, Refinanced Payment.

Formula & Method

Core equations: New loan principal: P_{new} = B_{current} + \text{Cash Out} + \text{Closing Costs} Both old and new payments use: M = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1} Inputs are applied in base units, then derived metrics are computed from the same equations and rounded for display.

Notation used in the formulas: R = Monthly Payment Change; x_{1} = Current Balance; x_{2} = Current Rate; x_{3} = Years Remaining; x_{4} = Cash Out Amount; x_{5} = New Rate; x_{6} = New Term.

Method summary: inputs are normalized to consistent units, core equations are evaluated, then secondary values are derived and rounded for display.

Use this calculator for quick scenario analysis. Start with baseline values, change one driver at a time, and compare how sensitive the results are to each input shown above.

Inputs Used

  • Current Balance: Used directly in the calculation.
  • Current Rate: Used directly in the calculation.
  • Years Remaining: Used directly in the calculation.
  • Cash Out Amount: Used directly in the calculation.
  • New Rate: Used directly in the calculation.
  • New Term: Used directly in the calculation.
  • Closing Costs: Used directly in the calculation.

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Cash-Out Refinance Comparison Calculator: Formula & Use Cases | MCPCalc