Do you have to pay back a cash-out refinance?

The proceeds from a cash-out refinance allows you to pay these debts off and pay the loan back with one, lower-cost monthly payment instead. If your home loan is currently on a fixed interest rate, you can expect break fees to come with your cash out refinance. Because a cash-out refinance is essentially a new mortgage, you'll have 15 to 30 years to repay it. With a longer repayment term, you'll have more affordable monthly payments than you would with a credit card or personal loan, which usually have shorter terms.