You need cash out of your house. One question: is a HELOC or a cash-out refinance cheaper for you? This runs the real amortization math on both and declares a winner.
1 · Tell itYour home, your mortgage, and how much cash you need.
2 · Price itEnter the HELOC offer and the refi offer, side by side.
3 · Judge itPick a time horizon. Get monthly payments, total cost, and a verdict.
Your situation
The starting point both offers get measured against.
The HELOC offer
A second loan on top of your current mortgage. Usually interest-only for a while, then it amortizes.
The cash-out refi offer
One new first mortgage that pays off the old one and hands you the cash. Closing costs are the catch.
Compare
How long will you actually hold this? And what if rates move?
Monthly payments
HELOC path
—
old mortgage + HELOC
Refi path
—
one new mortgage
Total extra cost over 15 years
What pulling this cash costs you versus doing nothing — payments above your current mortgage, plus fees.