Estimating cash from an FHA cash-out refinance, line by line
After: the new monthly cost
How the math works
After closing you pay principal and interest on the full new balance, the annual mortgage insurance premium in monthly installments, and taxes and insurance through escrow. Because cash-out loans start with less equity, the annual premium usually lasts many years. Compare the new total payment with your current one before deciding the cash is worth it.
Last reviewed against the primary sources listed below.
Monthly parts
- Principal and interest on the total loan.
- Annual premium, paid monthly.
- Escrow for taxes and insurance.
Calculator questions
Will my FHA cash-out payment include MIP?
Yes. FHA loans carry an annual premium paid monthly.