The numbers filled in are examples only. Enter your own.
Paying off
Keep things as they are
Second lien
Lowest monthly payment
Second lien + keep paying today's amount
Put the monthly savings toward the second lien
Cash-out refinance
Replaces your low-rate first mortgage
For comparison and education only, using the numbers you enter. This is not a rate quote, loan offer or commitment to lend, and it doesn't account for taxes, fees beyond those entered, or rate changes on variable-rate loans. Qualification depends on credit, income, property value and lender guidelines. All loans are subject to credit approval.
How to read the results
Lowest payment isn't always lowest cost. Rolling credit cards into a 15-year home equity loan can cut your monthly bill a lot, but if you just pocket the savings, you may pay more interest over time than you would by paying the cards off aggressively.
The strongest move is often the third card: consolidate into the second lien, then keep paying what you pay today. The extra goes straight to principal, and the debt can be gone in a few years.
A cash-out refinance re-prices your whole mortgage, not just the new money. When your first mortgage rate is low, that usually costs the most.
The right answer depends on your rate, your equity, your income and how disciplined the plan is. I'll run your real numbers across multiple lenders and show you every option, including when not to borrow at all.
Want me to run your real numbers?
No obligation. Tell me a little about your situation and I'll come back with options from multiple lenders.
Prefer to talk now? Call (201) 248-0776