Cash-Out Refinance Calculator

Enter your home value, balance and the cash you want to see the new loan, the payment and the loan-to-value.

How to use ↓

Cash-out refinance

Starting values are examples, not current rates or averages. Replace them with yours.

Step 1 Home and current loan

Optional. With the years left, shows how your payment changes.

Step 2 New loan
Closing costs are

Your setting. Lenders and programs set their own limits.

Step 3 Calculate

How to use

  1. Enter your home value, mortgage balance and the cash you want.
  2. Enter the new rate, term and closing costs.
  3. Set the maximum loan-to-value you want to test against.
  4. Press Calculate to see the new loan and payment.

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How a cash-out refinance works

A cash-out refinance replaces your mortgage with a larger one and pays you the difference in cash. The new loan is your current balance plus the cash, plus closing costs if they are added to the loan.

Lenders limit the new loan as a share of the home value, called loan-to-value. The limit here is a setting you control, starting at 80%, because lenders and loan programs set their own limits. A loan above 80% of the value may need mortgage insurance.

Because the new loan replaces the old one, the new rate applies to the whole balance. Enter your current rate and years left to compare the payment before and after.

Worked example

A home worth $450,000 with $250,000 owed, taking $50,000 in cash at 6.75% for 30 years with $8,000 of closing costs added to the loan. The new loan is $308,000.00, which is 68.45% of the home value. The payment is $1,997.69 a month, compared with $1,319.60 on a 4% loan with 25 years left: $678.09 more.

At an 80% limit the most that could be taken out with these costs is $102,000. The limit is your setting. Example numbers only, not current rates.

FAQ

How much cash can I take out?

At most the home value times your limit, minus what you owe (and minus the costs if they are added to the loan). The result shows it for the limit you set.

Are closing costs added to the loan?

They can be added to the loan or taken from the cash you receive. Pick either option to compare.

Does the new rate apply to my whole balance?

Yes. A cash-out refinance replaces your current mortgage, so the new rate applies to the whole new loan.

Is the home value an appraisal?

No. It is your own estimate. A lender's appraisal sets the value they use.