Questions regarding cash-out refinancing

[Scott Gillis]

Question #1: Say I had a property that was valued at $400k, the mortgage balance remaining was $270k and so with the 80:20 LTV requirements, I could pull out $50k (80% x $400k = $320k….$320k-$270k = $50k). If I were to do that, the new loan would then be for $320k, is that correct?
Question #2: If I had a interest rate on the previous mortgage of 3.5% and a mortgage payment of $1500/month, that would increase with a new loan of $320k, assuming the interest rate remained 3.5%….am I correct in assuming that?