Cash-Out Refinance Calculator

Use this cash-out refinance calculator to estimate how much equity you could access by replacing your existing mortgage with a new, larger home loan. Enter your home value, current mortgage payoff, maximum loan-to-value (LTV) ratio, interest rate, and closing costs to estimate your potential cash proceeds and new monthly principal and interest payment.

Your home equity is the difference between your property’s current market value and the amount you still owe on your mortgage. A cash-out refinance uses a new mortgage to pay off your existing loan and may let you access part of that equity as cash.

Enter your estimated home value and current mortgage payoff to see how much equity you have before refinancing. The amount you can withdraw depends on your lender’s maximum LTV, eligibility requirements, and any other liens or debts included in the transaction. You can also use the home equity calculator to estimate your equity.

The calculator estimates your maximum new loan using the home value and maximum LTV percentage you enter. For example, a lower maximum LTV generally means a smaller refinance loan and potentially less cash available after paying off your existing mortgage and other specified obligations.

This is an estimate of borrowing capacity, not a guarantee of approval. Lenders may also consider your credit score, income, debt-to-income ratio, property type, and other underwriting requirements. Your approved loan amount may be lower than the calculator’s estimate.

Your gross cash-out amount is the difference between the new loan amount and your existing mortgage payoff. The calculator then subtracts any additional debts or liens and estimated closing costs entered to estimate your net cash received.

For a more realistic estimate, include any other balances that must be paid from the refinance proceeds. Actual cash available at closing can differ because of lender fees, title charges, prepaid expenses, escrow adjustments, and the final approved loan amount. Review the lender’s Loan Estimate before making a refinancing decision.

Enter the expected interest rate and repayment term for your new mortgage to estimate the monthly principal and interest payment.

A longer term may lower the monthly payment but can increase the total interest paid over the life of the loan. A lower rate does not automatically mean refinancing will save money, especially if you increase the loan balance or restart the repayment period.

The calculator estimates principal and interest, not a complete housing payment. Property taxes, homeowners insurance, mortgage insurance, and HOA fees are not included. For a broader payment estimate, use the mortgage calculator with taxes and insurance.