Loading the tool. If this message stays, scripts are not running on this network or browser, so results cannot be shown here. Try another network or device.

Compare Your Equity Offers

Have quotes from lenders for a cash-out refinance, a home equity loan, or a HELOC? Enter them here to see which one really costs less over the years you expect to keep your loans. Results update as you type.

What you enter is not saved. We do not collect it. It stays in your browser and disappears when you refresh or leave this page.

Your current mortgage
$
%
years
$
What you want to do
$
years
Add credit cards or other debt to pay off
BalanceInterest rateMonthly payment
$
%
$
$
%
$
$
%
$

Leave a row at 0 if you do not have it. Whatever you list is paid off at closing, in every offer, and added to the loan amount.

The offers
Offer AOffer BOffer C
%
%
%
years
years
years
$
$
$
years
years
years
The answer

Side by side
How it changes with time

“Interest and costs” adds up the interest you pay on every loan in the offer, plus the fees and closing costs. It does not include property taxes or homeowners insurance, which are the same either way. The tool assumes the fees are added to the new loan, that a home equity loan or HELOC is paid out in full, and that you make every payment on time. A HELOC’s rate can change, so treat its numbers as an estimate.

Where to find the numbers

  • Interest rate and term: on the first page of each Loan Estimate or offer letter. For a HELOC, use the starting rate and the length of the interest-only (draw) period and the full term.
  • Lender fees and closing costs: add up the lender and title fees and any government fees. Leave out prepaid items like property taxes and homeowners insurance, since you would pay those anyway.
  • Type of offer: a cash-out refinance replaces your whole mortgage. A home equity loan or HELOC is a second mortgage that leaves your first mortgage as it is.

What to watch for

  • HELOC payments can jump. Many HELOCs only charge interest at first, then the payment rises when repayment starts. The tool shows both amounts.
  • HELOC rates are usually variable. If rates rise, your payment and cost rise too.
  • The lowest rate is not always the lowest cost. Fees, loan size, and how fast the balance falls all matter, which is why the tool adds everything up.
  • Compare offers on the same day, for the same cash amount, and ask each lender what could change before closing.

Not sure which type to ask about? Try the equity options tool. To explore the cash-out refinance versus second mortgage question before you have quotes, use the refi vs. second mortgage calculator. For how each type works, read HELOC vs. home equity loan (HELOAN). A lender can give you actual numbers, and it is worth getting quotes from more than one.