Yes – it’s likely that a cash out refinance will cost you more, as you’re increasing the size of your home loan and possibly extending the time you have to pay off that loan.  For example, if you wish to borrow an additional $50,000, you may also wish to increase your loan term from 25 years to 30 years so your monthly repayments are still within a range you’re able to afford on your current income.  However, you’ll need to compare this additional cost with the benefits of either having a lower interest rate overall or paying off far more expensive debt such as personal loans or credit cards.