How to calculate cash out refi

[Ryan Keenan]

hello bp,

What's the best way to accurately estimate what your new loan payment will be after a cash out refi?  

Also are closing costs for a new purchase the same as closing cost for a refinance ?

Thanks for any input!

[John Leavelle]

@Ryan Keenan

Here's my napkin number crunching:

$100,000 Purchase price 

$25,000 Down payment 

$75,000 loan amount (terms?)

$750 1st Mortgage monthly payment

$$ Rehab costs ? Cash or financed?

$175,000 ARV

$122,500 New loan amount (70% LTV) Terms?

4.5% APR/30 years payment would be $621 monthly

What kind of loan terms were you using to get $200 more per month?

$47,500 Cash back after paying off $75,000 loan (not including Holding and Closing costs)

From what you have provided and if you get a 30 year term loan I think you will have a lower mortgage payment.