Cash-Out or Cash Back Refinance
This plan allows you to refinance your mortgage for more than you currently owe. The difference and the equity is converted into cash for the homeowner.
Check out if refinancing makes sense for you by using our Mortgage Refinance Comparision Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
$
each month
$
in interest over the life of the loan
Savings over time
(total interest saved - cost of refinancing)
Year 1 $0
Breakeven in
Current Mortgage
Current Balance
Current Interest Rate
Monthly Payment
Payoff Date
Total Interest
New Mortgage
Refinanced Loan Amount
Refinanced Interest Rate
Monthly Payment
Payoff Date
Total Interest
Interest Savings
Refinance Fees
New Monthly Payment:
Loan amount
Cash out
Cash in
Refinance fees
Roll Fees Into New Loan?
Total loan amount
Interest rate
Loan term
Monthly savings
Timeframe
Total Interest Savings
This is the sum of all the interest you will save over the life of the loan after refinancing.
Year 1 $0
Monthly Savings Breakdown
Current
New
Savings
$1,703
-
$3,065
=
-$1,362
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: (the amount borrowed)
- Interest payments: (the cost of borrowing)
Is refinancing right for you?
Here are the most common reasons for refinancing:
- You have a fixed-rate mortgage with a high interest rate, and are looking to get a lower interest rate
- You have an adjustable rate mortgage (ARM) and are looking to get a fixed rate
- You have two mortgages and would like to consolidate them into one
- You have a long-term loan and would like a shorter-term loan so you can pay it off and build equity more quickly
- You have a short-term loan and would like a longer-term loan so as to reduce your monthly payments
- You want to move from an interest-only mortgage to a loan that pays down the principal
- You want some extra cash to make a purchase or to pay off other debt
Benefits of refinancing
Refinancing makes sense if you fit into one of the categories listed above. If you’re curious about your specific scenario, reach out today and we’ll take a look!
Four common refinancing options:
Lower Fixed-Rate Loan
If you currently have a high fixed-rate mortgage and the rates have dropped due to market conditions, then you may want to refinance to a low fixed-rate loan. Also, if you have an ARM, you might consider this option in order to get the security of a fixed rate. Even if your adjustable rate is low now, it is not guaranteed to remain that way; but if you get a low fixed-rate loan, then you lock that low rate in for the life of the loan. This option is a good choice if you are not planning on moving within the next five years.
Shorter-Term Loan
If your main goal is to quickly build up equity and to pay off your mortgage sooner, then the shorter-term loan is probably your best choice. A lot of times, if you refinance to this type of loan, your monthly payments will be higher, but you will pay substantially less interest and your mortgage will be paid off sooner. Also, you would benefit from a larger tax deduction on interest if you move from a 30-year fixed to a 15-year fixed loan. There are some cases, however, in which you may be able to refinance to a shorter-term loan without raising your monthly payment -if you’ve had your current mortgage for enough years.
Longer-Term Loan
If your current monthly payments are higher than is comfortable for your financial situation, then you might want to consider refinancing to a longer-term loan. This will result in a decrease in your monthly payments, since you will have more time to repay the loan. Examining your current mortgage and knowing how you would like to improve it are the first steps you need to take when starting the refinancing process. Once you know this, you can choose the option that will best help you achieve your goals.
Kozel Mortgage Team powered by GoRascal
NMLS #2072896
The Drew Kozel Team is built on one simple belief. Mortgages should make sense.
Led by Drew Kozel, our team focuses on clear education, honest guidance, and real plans. No sales pressure. No industry jargon. And no mystery math that leaves you guessing.
We specialize in helping borrowers with complex situations, especially self-employed borrowers with write-offs, retirees exploring reverse mortgage options, and individuals navigating home financing during or after divorce. These are the scenarios where most lenders get uncomfortable. This is where we do our best work.
That said, we also help buyers using conventional, FHA, and VA loan programs. Whether your situation is straightforward or layered, our process stays the same. Explain the options. Clarify the trade-offs. Build a plan that actually fits your life.
If you can’t qualify today, we don’t shut the door. We map out a clear path forward so you know exactly what needs to happen next.
Our approach is simple and transparent. We break everything down in plain English, focus on what actually matters, and guide you step by step so you stay in control of the process. Clients often tell us they feel calmer, more confident, and finally understand their financing after just one conversation.
At the end of the day, our job is simple.
Help you understand your choices.
Avoid costly mistakes.
And move forward with clarity.
No hype.
No confusion.
Just a smarter way to approach home financing.
Drew Kozel
Mortgage Broker // Â NMLS #1595185
We’re here to help you make finding a mortgage, refinancing your home, navigating the VA loan process and much more painless! Centered on service and building relationships you can expect responsiveness and a partner in this process who has your back. Whether you need advice on rebuilding credit or purchasing your first investment property, we are positioned to help you be successful.
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