Estimate the new payment and cash you can take out of home equity.
Please do not make financial decisions based on these results.
What is the Cash-Out Refinance Calculator?
Estimate the new payment and cash you can take out of home equity. To use the Cash-Out Refinance Calculator, enter home value, mortgage balance, max ltv, closing costs, new rate, new term; it returns cash you receive, new loan amount, new monthly payment, and shows them instantly as you type.
Where the Cash-Out Refinance Calculator fits
Estimate the new payment and cash you can take out of home equity. The main figure it returns is the Cash you receive, worked out from the values you enter.
It belongs with the other loans & debt tools. If you are comparing options or checking a result from another angle, try the Refinance Break-Even Calculator, Car Refinance Calculator or the Home Improvement Loan Calculator.
How to use the Cash-Out Refinance Calculator
- Enter your numbers. Start with Home value ($), Mortgage balance ($), Max LTV (%), then fill in Closing costs (%), New rate (%), New term (years). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Cash you receive, and the cards below show New loan amount, New monthly payment. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Cash-Out Refinance Calculator using the default values shown in the calculator above:
Inputs
| Home value ($) | 450,000 |
|---|---|
| Mortgage balance ($) | 240,000 |
| Max LTV (%) | 80 |
| Closing costs (%) | 3 |
| New rate (%) | 6.75 |
| New term (years) | 30 |
Results
| Cash you receive | $109,200.00 |
|---|---|
| New loan amount | $360,000.00 |
| New monthly payment | $2,334.95 |
With these inputs the calculator returns Cash you receive: $109,200.00. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Home value ($) from 450,000 to 540,000 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Cash you receive | $109,200.00 | $179,040.00 | +64% |
| New loan amount | $360,000.00 | $432,000.00 | +20% |
| New monthly payment | $2,334.95 | $2,801.94 | +20% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Cash-Out Refinance Calculator reports Cash you receive, new loan amount and new monthly payment. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
How much can I borrow in a cash-out refinance?
Typically up to 80% of the home’s value, including the existing loan.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
How can I pay off a loan faster?
Pay more than the required amount, add extra yearly or one-time payments, or switch to biweekly payments. Make sure extra payments go to principal.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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