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Cash-out refinance calculator

A cash-out refinance replaces your mortgage with a bigger one and you keep the difference. See your cash in hand and new monthly payment instantly.

Home value

Current mortgage

Cash you want

New rate (APR)

New term

yrs

Max LTVusually 80%

Cash in your pocket

$50,000

after replacing your $250,000 mortgage

New monthly payment

$1,896.20/mo

$300,000 loan · 30 yrs

New loan amount: $300,000
Max cash (80% LTV): $110,000
New loan-to-value: 67%

Compare cash-out refinance rates→

A cash-out refinance replaces your whole mortgage, so closing costs apply to the full loan.

How cash-out refinance is calculated

Lenders cap your new loan at a percentage of the home’s value. Your available cash is that cap minus what you still owe:

max loan   = home value × max LTV%
cash out   = max loan − current mortgage balance
new payment = (balance + cash) amortized at the new rate

Closing costs apply to the full new loan, so a refinance is usually worth it only when the new rate is at or below your current one, or you need a large amount of cash.

Compare cash-out refinance rates

Since you’re refinancing the whole balance, even a small rate difference moves your payment a lot. Comparing multiple lenders is the single biggest factor in your cost.

Lender comparison coming soon.

Frequently asked questions

How much cash can I get from a cash-out refinance?+

Most lenders let you refinance up to 80% of your home's value (the loan-to-value cap). Your cash equals that maximum loan minus your current mortgage balance. For example, on a $450,000 home at an 80% LTV cap, the maximum loan is $360,000; if you owe $250,000, you could take up to $110,000 in cash.

How does a cash-out refinance differ from a HELOC?+

A cash-out refinance replaces your entire mortgage with a new, larger one and you pocket the difference. A HELOC or home equity loan is a second loan on top of your existing mortgage. A refinance resets your rate and term on the whole balance, so it makes most sense when new rates are at or below your current rate.

What are the costs of a cash-out refinance?+

Because you refinance the full mortgage, closing costs (typically 2–5% of the new loan) apply to the entire balance, not just the cash you take. That's a key reason a HELOC can be cheaper when you only need a small amount.

Will a cash-out refinance raise my monthly payment?+

It can. You're borrowing more, so the payment depends on the new balance, rate and term. A lower rate or longer term can offset the larger balance — this calculator shows the new monthly payment so you can compare.