A HOMEOWNER DECISION WORKSPACE

Keep my mortgage?
See the trade-offs.

Protect the terms you already have, understand the cost of new borrowing, and give doing nothing a fair place in the comparison.

Illustrative fixed-rate scenarios. Example rates are not current offers. Inputs stay in this page’s memory and clear on reload; nothing is submitted to a lender.

1. Your starting point

2. Keep the first + add a second

3. Replace the first mortgage

Use principal-and-interest terms, not an escrow-inclusive payment. This version assumes a fully amortizing fixed-rate first mortgage and fixed second loan. It does not model HELOCs, adjustable rates, other existing liens or debt consolidation.

SAME TIME PERIOD. DIFFERENT CHOICES.

Your comparison

Test a different future

Change the planning period to see an earlier sale or payoff. The rate test below recalculates a new hypothetical refinance from day one; it is not an adjustable-rate payment forecast.

Questions to take to a lender

  • Can I keep my existing first mortgage and still meet my goal?
  • What are the written fees, APR, payment and cash-to-close for each offer?
  • How much will I still owe if I sell or repay in my planning period?
  • Are there prepayment penalties, balloon payments or fees missing here?
  • What happens if I wait, reduce the amount borrowed, or use another source of funds?

What the numbers include

Monthly payment is principal and interest only. At the selected horizon, the model totals scheduled payments, interest paid and remaining principal. “Interest + fees” includes new fees once, whether paid upfront or financed; financed fees also accrue interest. It excludes principal repayments from borrowing cost because they reduce what you owe. It is not APR or a present-value calculation.

The two borrowing options provide the same additional funds before any fees paid upfront. Keeping the loan provides no additional funds, so it is a baseline rather than an equivalent way to fund the goal. Loan terms stop at payoff; the horizon may extend beyond payoff.

Not included: taxes, insurance, mortgage insurance, escrow funding or refunds, tax effects, investment returns, payoff per-diem interest, other debts, lender credits, variable rates, qualification or property-value limits. Borrowing against a home puts the home at risk if payments cannot be made. Review actual written offers and your full household budget before deciding.

Public guidance: CFPB: home equity loans ↗ · Compare Loan Estimates ↗

Have written offers? Decode them and prepare a decision brief →

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