Illustrative rate estimates as of June 2026. Your actual rate will vary. Get a real quote below.
| Product | Rate Range (est.) |
|---|---|
| 30-year fixed refi | 6.50%–7.25% |
| 15-year fixed refi | 5.90%–6.60% |
| 5/1 ARM | 5.75%–6.50% |
| HELOC (variable) | 7.00%–8.50% |
| Home equity loan (fixed) | 7.25%–8.75% |
| Fee | Typical Range |
|---|---|
| Loan origination | 0.5%–1.0% of loan |
| Appraisal | $350–$750 |
| Title search | $200–$400 |
| Title insurance (lender) | 0.4%–0.8% of loan |
| Attorney / settlement | $500–$1,200 |
| Credit report | $30–$75 |
| Recording fees | $50–$200 |
| Prepaid interest | Varies |
| Total estimate | 2%–6% of loan |
For the same cash in hand, here is your blended cost of capital each way — using your current loan above. Set the rate a cash-out refi would charge you:
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Refinancing your mortgage can lower your monthly payment, shorten your loan term, or tap your home's equity — but none of that is free. Lenders charge closing costs that typically run between 2% and 6% of your loan balance. Before you sign anything, the single most important number to understand is your break-even month: how long until your monthly savings fully repay those upfront costs.
The math is straightforward. If you save $200 per month and pay $5,000 in closing costs, you break even in 25 months — a little over two years. Stay in your home longer than that, and refinancing was profitable. Move sooner, and you lose money on the deal.
Here's a scenario almost every online calculator ignores: what happens when you refinance a loan you've already paid down for years? Suppose you're 8 years into a 30-year mortgage. You have 22 years (264 months) left. If you refinance into a fresh 30-year loan at a lower rate, your monthly payment drops — but you've added 8 years back onto your debt. Even with a better rate, you may pay tens of thousands more in total interest over your lifetime. This calculator shows you both the monthly savings and the lifetime interest cost so you can make a fully informed decision. A 15-year refinance is often the better choice for borrowers who have already built equity.
If your goal is accessing equity — not reducing your rate — you have two main tools. A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home, typically at a variable rate tied to the prime rate. A cash-out refinance replaces your entire mortgage with a larger one and delivers the difference as cash. HELOCs have lower upfront costs and more flexibility; cash-out refis can lock in a fixed rate on the full amount. This calculator handles both so you can compare your options side by side.
The HELOC borrowing power formula is: max credit line = (home value × CLTV limit) − outstanding mortgage balance. Most lenders set the CLTV limit at 80%–85%, meaning you can borrow up to 85 cents of every dollar of value, minus what you already owe.
Interest-only HELOC payments are calculated simply: draw amount × annual rate ÷ 12. On an $80,000 draw at 7.50%, that's $500 per month — only interest, no principal paydown during the draw period (typically 10 years). Plan for the repayment phase when both principal and interest are due.
If you locked in a low mortgage rate, a cash-out refinance can be a costly mistake — it replaces your entire cheap loan at today's higher rate. The alternative is to keep your first mortgage untouched and add a smaller second loan (a HELOC or home-equity loan) only for the cash you need. Your true cost of borrowing is then the blended rate: the balance-weighted average of both loans. Keeping a $300,000 mortgage at 6.5% and adding a $75,000 HELOC at 8.5% gives a blended rate of 6.90% — usually far cheaper than refinancing all $375,000 at a single higher rate. Switch to HELOC or Cash-Out mode above and this calculator shows the blended rate, combined monthly payment, and first-year interest for both paths, so you choose the cheaper cost of capital instead of guessing.
Planning the bigger picture? Pair this with our Rent vs Buy calculator, the Debt-Free Path planner to attack high-interest balances, and the Cost of Living comparison if a move is on the table. Browse the full AppVitamins store for downloadable, ad-free Pro versions.