Cash-Out Refinance Calculator
How much cash you can pull, and what it costs.
Enter your values
ⓘ Live results
Results
- Cash you receive
- $110,560.00
- New loan amount
- $384,000.00
- New monthly payment
- $2,490.62
- Payment increase
- $1,010.62
- Closing costs
- $13,440.00
- Total interest over the new loan
- $512,622.01
- Equity remaining
- $96,000.00
Quick answer
Cash out = (home value × maximum LTV) − current balance − closing costs, and the true cost is the payment increase spread over the new loan term.
Cash out = value × LTV − balance − costs
How to use the Cash-Out Refinance Calculator
- 1Enter your home's value and current mortgage balance.
- 2Set the maximum LTV your lender allows — usually 80%.
- 3Enter the new rate, term and closing cost percentage.
Worked example
Using the values the calculator loads with:
Inputs
- Home value480000 $
- Current mortgage balance260000 $
- Maximum loan-to-value80 %
- New interest rate6.75 %
- New term30 yr
- Closing costs3.5 %
- Current monthly payment (P&I)1480 $
Results
- Cash you receive$110,560.00
- New loan amount$384,000.00
- New monthly payment$2,490.62
- Payment increase$1,010.62
- Closing costs$13,440.00
- Total interest over the new loan$512,622.01
- Equity remaining$96,000.00
Frequently asked questions
Is cash-out refinancing cheaper than a personal loan?
The rate is much lower, but you are securing the debt against your home and stretching it over 30 years, which can cost more in total interest.
How much equity must I keep?
Conventional lenders require 20% equity after the cash-out; VA loans allow up to 100% LTV in some cases.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.