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Compare whether it makes sense to finance a major purchase such as college tuition or buying a car with a cash-out refinance or to use a separate loan to finance the purchase. Analyze the combined cost of your existing monthly mortgage payment plus a separate payment for a major purchase loan as compared to the monthly payment for a new, refinanced mortgage. Assess if you have enough equity in your property to do a cash-out refinancing of your existing mortgage to make a major purchase
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While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.