Cash-Out Refinance Calculator
See how much cash you can take out of your home, your new payment, and what the cash really costs.
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Cash Out
- Max cash available
- New loan amount
- New LTV
- Current payment
- New payment
- Extra interest vs current loan
- Payment Change
Options
Items you add are saved in this browser.
| Option | Cash | New Loan | Rate | Payment | Remove |
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How a Cash-Out Refinance Works
A cash-out refinance replaces your mortgage with a bigger one and pays you the difference in cash. The new loan pays off the old balance, the closing costs (often rolled in) and your cash, up to the lender's maximum loan-to-value.
Max new loan = home value × max LTV
Max cash = max new loan − current balance − closing costs
New loan = current balance + cash + closing costs
Worked Example
Tips
If your current rate is low, a cash-out refi resets the whole balance to today's rate; a home equity loan or HELOC on just the new money can cost less. Compare the true cost of the cash: the extra interest over the new loan's life, not just the payment change.