HELOC vs Cash-Out Refi Calculator
Two ways to pull equity. The right answer usually comes down to one number: your current rate.
- 1 Home + mortgage
- 2 Cash needed
- 3 HELOC option
- 4 Cash-out option
- 5 Your results
Your home and current mortgage
We need these to calculate how much equity you have and whether your locked rate is worth protecting. Ballpark numbers are fine at this stage.
How much cash do you need?
Enter the amount you want to pull out of your home. This is the equity you're borrowing against -- not the total loan size.
HELOC option details
HELOCs have two phases: a draw period (interest-only payments) followed by a repayment period (fully amortizing). The rate is variable -- it tracks prime plus a margin.
Cash-out refi option details
A cash-out refi replaces your entire existing mortgage with a larger one. Your old rate goes away -- your entire balance moves to the new rate.
Your refinance numbers
Here's what the math says. Below that, real lenders compete for your loan if you want quotes.
- 10-year winner
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- HELOC initial monthly
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- Cash-out new monthly
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- HELOC 10-yr total
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- Cash-out 10-yr total
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- HELOC 5-yr total
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- Cash-out 5-yr total
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- Lifetime cost difference
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Want personalized rate quotes from up to 5 vetted lenders?
Lenders compete for your refi. No credit pull. No upfront fees. Your math above is yours to keep either way.
You're in.
Up to 5 lenders will reach out within 1 business day with their best refi rate for your scenario. No credit pull required for quotes. Reply STOP anytime to opt out. Your math above is yours to keep.
While you wait — read upNumbers above are estimates from standard mortgage math and 2026 program rules. Your actual rate depends on your credit, debt-to-income, property type, and lender pricing. RobotRefi is not a lender and does not originate loans.
How RobotRefi compares HELOC vs cash-out
The locked-rate trap
A cash-out refi does not let you borrow just the new cash at a higher rate -- it replaces your entire mortgage. If your balance is $270k and you need $60k, you're paying today's rate on all $330k, not just the $60k. A HELOC leaves the low rate untouched.
HELOC: draw period then repayment
During the draw period, minimum payments are interest-only: balance x rate / 12. After the draw period ends, the outstanding balance fully amortizes over the repayment period. The variable rate is held flat in this model -- treat it as a floor, not a ceiling.
Cash-out: new loan replaces the old one
New loan = current balance + cash needed + closing costs. Monthly payment uses standard amortization. Closing costs on cash-out refis run $6,000-$12,000 typically. We compare both options at the 5-year and 10-year marks where most homeowners actually sell or refi again.