In this paper, we analyze the cash-flow channel effectiveness in domestic monetary policy and quantify the change of consumption expenditure according to this channel. We find that both borrower and lender cash-flow channel are significant, and it is estimated that the effect of cash-flow channel on consumption expenditure is stronger for HtM borrower households than non-HtM. Although the change of consumption expenditure by borrower cash-flow channel(2.4%) was estimated to be higher than that of lender households(Δ0.9%), the change of consumption expenditure on the whole economy(0.06%) was not large when the interest rates reduced by 100bp. This is because the share of lender households(about 70%) is relatively higher than that of borrower households, which offset the effect of borrower cash-flow channel. However, if we limit this analysis to HtM households, the change of consumption expenditure on the whole economy is estimated to be 0.19%.