Make a Decision with a Mortgage Calculator

Thinking about refurnishing the house, sending your kids to college, or just paying off those credit cards, well if you own a house then why not? How? You have two options re-mortgaging or cashing-out. You still have a mortgage loan on your house? That is ok. First find out your equity value in comparison to the loan amount; that is the value of the house now, minus your outstanding loan excluding the interest. For example, you owe the bank $100,000, and your house value is now $350,000, that makes your equity $200,000. Now use the mortgage calculator to find out which is the better deal, a cash-out refinance or a second mortgage calculators. The difference between the two is, in a cash-out refinance you are clubbing the existing mortgage with your cash loan, paying off your mortgage loan and starting a new loan. In a second mortgage you would have two separate loans independent of each other, maybe even with another financer. So plug in the interest rates and the loan values and let the calculator do the math for you.