Three ways to pull cash out of your home — compared on total financing cost over the years you keep the debt.
Estimates for educational purposes only. Figures are based on the inputs above and general assumptions. This is not a quote, not a commitment to lend, and not financial, tax, or legal advice. Your actual rates, fees, and eligibility depend on your lender, credit, income, and property.
What's counted. "Total cost" is the interest paid on every loan you'd still be carrying (including your existing first mortgage where it stays in place) plus any financed fees, from today through your horizon. It excludes taxes and insurance (escrow) — this compares financing cost only, not your full payment.
Not modeled: ongoing mortgage insurance. A conventional refinance above 80% LTV typically adds PMI, and FHA adds an ongoing MIP (~0.55%/yr) — neither is included here, so higher-LTV refinances would cost more than shown. The upfront fee is figured on the base balance (old balance + cash) to avoid circular math.
HELOC rate is variable and assumed constant unless you run the stress test; a real HELOC rate will move with the market. Payments jump when the interest-only draw period ends. Rates, terms, and limits vary by lender and program.