Enter how much cash you need and the rate each option quoted you. See the payment, fees and total cost side by side. Free, and nothing to sign up for.
The rates, fees and terms above are placeholders so the page works. Replace them with the quotes you have received.
| HELOC | Personal loan | Cash-out refinance | |
|---|---|---|---|
| Secured by your home? | Yes | No | Yes |
| Rate type | Usually variable | Usually fixed | Usually fixed |
| Monthly payment | – | – | – |
| Upfront fees | – | – | – |
| Total interest | – | – | – |
| Total cost of borrowing | – | – | – |
| Time to repay | – | – | – |
| Combined LTV after | – | – | – |
Enter the cash you need to see the comparison.
How to read this. The personal loan row shows what you would borrow to receive the cash after its fee. The refinance payment is the extra you would pay each month compared with your current mortgage payment, and its total cost is the extra interest over the life of the loans plus closing costs. A negative number means the refinance would cost less than keeping your current mortgage, which only happens if the new rate is lower. Assumes you borrow the full amount at once, fixed rates (including the HELOC), and only the required payments. The lowest total cost is not always the best fit, since terms, risk and monthly budget differ.
A HELOC and a cash-out refinance are secured by your home, so falling behind could put the home at risk. A personal loan is usually unsecured, but the rate is often higher and the term shorter.
It replaces your whole mortgage, not just the cash you take out. If the new rate is higher than your current rate, the higher rate applies to the entire balance. This page shows that extra cost.
During the draw period most HELOCs only require interest, then the payment rises when repayment starts. We show both. See the HELOC calculator for more detail.
It is an estimate based on what you enter. Lenders set their own rates, fees, limits and home valuation. The lender's offer is the number that counts.
This calculator is for education only and is not an offer of credit or financial advice. Results are estimates and are not guaranteed. We are not a lender, broker or financial advisor. See our advertiser disclosure.
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