Cash Out Refinance Interest

[Brandon Jones]

Hey everyone. I have a second property that my parents live in so I am not making money on this house. I am looking to buy another long term rental property for wealth generation. I have enough equity to take out 150k out of the home and refi from a 15 year to 30 year for only and extra $600 dollars/ month. Which seems like a good idea to start BRRRR ing some more properties. But as I look at the amoritization of the new loan, I see that I would pay 200k more in interest payments than my current loan has me paying. I am not sure how to evaluate paying the extra interest charges versus what that 150K would give me. Does any one have any resources to think this out correctly? Calculators I should be looking at? Or am I thinking about this all wrong? Thanks