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Cash-Out Refinance

Need access to cash from your home equity? The Cash-Out Refinance Calculator helps you estimate how much money you can take out, how it affects your new loan terms, and whether it’s a financially smart move based on your goals.



Cash-Out Refinance Calculator

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What is Cash-Out Refinance Calculator

A Cash-Out Refinance Calculator is a financial tool that helps homeowners estimate how much cash they can receive by refinancing their mortgage for more than they currently owe. In a cash-out refinance, you replace your existing mortgage with a new, larger loan and withdraw the difference in cash. This option is often used for home improvements, debt consolidation, education expenses, or other large financial needs.

This calculator is essential for anyone considering tapping into their home equity, as it shows not just the amount of cash available, but also the impact on your monthly mortgage payment, loan term, and overall interest costs. It helps you weigh short-term gains against long-term financial responsibilities.




How it works

Cash-Out Refinance Calculator Works

The Cash-Out Refinance Calculator works by taking your home’s current value, your remaining mortgage balance, the maximum loan-to-value (LTV) ratio allowed by lenders, and your desired new interest rate and loan term. Based on these inputs, it estimates the total loan you could qualify for and subtracts the existing balance to calculate your available cash-out amount.

Next, it recalculates your new monthly payment based on the new loan amount, rate, and term—so you can see how the refinance will change your housing expenses. The calculator may also include estimated closing costs to give you a net cash-out amount after fees. With this full financial picture, you can decide if the increased loan amount and future payments are worth the immediate liquidity and whether it aligns with your broader financial strategy.



Frequently Asked Questions

How much cash can I take out in a cash-out refinance Toggle
Typically, lenders allow you to borrow up to 80% of your home’s appraised value, minus your remaining mortgage balance.
What can I use the cash for Toggle
The funds can be used for almost anything—home renovations, debt consolidation, education costs, or even investing—though using it wisely is crucial.
Will my mortgage payment increase after a cash-out refinance Toggle
Yes, in most cases, your payment will increase since you’re borrowing more money—though a lower interest rate may offset part of that.
Are there closing costs with a cash-out refinance Toggle
Yes, like any refinance, you’ll pay closing costs—typically 2% to 5% of the loan amount—which are factored into your net cash received
Does a cash-out refinance affect my equity Toggle
Absolutely. You’re converting home equity into cash, so your remaining equity will decrease after the refinance.