HELOC vs cash-out calculator

Two ways to pull the same cash: keep the mortgage you have and add a second lien, or replace the whole first lien. Read the HELOC vs cash-out guide first. Quotes, not a loan estimate.

Quick answer: This calculator compares keeping your current mortgage and adding a HELOC with replacing the mortgage in a cash-out refinance. It shows the monthly payment, cash paid over the window, remaining debt, and a higher-rate HELOC shock you can read as a what-if.

Home value Current mortgage balance Current rate % Years left on current loan Cash you need Use of funds

HELOC / HELOAN rate % HELOC payment Cash-out new rate % Cash-out new term (years) Cash-out closing costs HELOC closing costs Roll cash-out costs into the new loan Years you will keep this setup

Cheaper path over the hold window

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2026 acquisition-debt cap $750,000 ($375,000 MFS). HELOC interest is deductible only if proceeds improve this house and you itemize. CLTV flags at 80%. State tax, points, prepayment penalties, and lender overlays are out of scope. Paid sequence: HELOC playbook. Rate-and-term only: refi break-even.

What this means for you

What this means for you: a HELOC leaves the first mortgage's rate alone and puts the new debt at the HELOC rate. A cash-out rewrites the whole balance at the new rate. The shock line is the HELOC rate plus the bump the page describes, not a lender's cap.

How to use this calculator

Open the HELOC vs cash-out calculator and keep the sample numbers or replace them with your own. The result updates as you type.
Read the headline figure first, then the breakdown or chart under it.
Use Copy share link if you want those inputs in the URL. The page is an educational estimate, not a filing, approval, or recommendation.

FAQ

What is the difference between a HELOC and a cash-out refinance?

A HELOC is a second lien on top of the current mortgage. A cash-out refinance replaces the mortgage with a larger one.

Why does the HELOC payment jump in the shock?

The page reruns the HELOC at a higher rate so you can see payment sensitivity. It is not your note's maximum.

Does this include closing costs?

Only the costs the fields ask for. Read the cash-paid line, not just the monthly payment.

Educational, not financial advice. Page updated October 24, 2026 — no tax, limit, or rate figure was changed in this review.