Is it worth it to refi my house and take $10,000 cash out but have same payment or less?

I can refi and cashout about $10,000 and add the loan costs to my loan and still have same payment, or less, as now with same type loan just lower interest. I'd owe about $17,000 more than before though and start a new 30 yr period. My current loan I've only had for 14 mo's. Is it worth it to do? Is there a formula that tells you when it pays to do this?

Is it worth it to refi my house and take $10,000 cash out but have same payment or less?

Try this calculator:

http://cgi.money.cnn.com/tools/cutmortga...

My thought is that I wouldn't do it unless you need the $10k. If I understand correctly this implies $7k in refinance fees and that seems steep to me.

Is it worth it to refi my house and take $10,000 cash out but have same payment or less?

It is worth if you use the money to invest and make some profit out of it. But if you use the the money for your own expenditure then you will be in debt forever. The faster you are out of debt, you will be better off.

Is it worth it to refi my house and take $10,000 cash out but have same payment or less?

why do you need the Cash? Do you want to be upside down?

http://www.breakingbubble.com/

IF you do this you will not be able to sell except for a loss in the next seven years.

Is it worth it to refi my house and take $10,000 cash out but have same payment or less?

The housing %26quot;bubble%26quot; is a reality in SOME markets. In others (like mine) RE is appreciating at a nice clip (5-9%/yr) and is projected to do so for at least another 10 years. Don't assume you'l be upside down. Your house may well be worth more if your market is stable.

Is it worth it to refi my house and take $10,000 cash out but have same payment or less?

You might want to compare costs of a Home Equity Loan to what you are doing.

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