Cash-Out Refinance Calculator

Estimate how much cash you could take out by refinancing, your new loan balance and the new monthly payment.

Estimate your cash-out refinance

Home value ($)

Current mortgage balance ($)

Max LTV allowed (%)

Cash-out refis usually cap at 80%

New mortgage rate (%)

New term (years)

Estimated cash you could take out

New loan amount$0

New estimated monthly payment$0

Max borrowing at your LTV cap$0

Estimate only. A cash-out refinance replaces your whole mortgage; closing costs, your existing rate and break-even matter. Not a loan offer.

How a cash-out refinance works

A cash-out refinance replaces your existing mortgage with a bigger one and hands you the difference in cash. If your home is worth $450,000, lenders cap the new loan around 80% of value ($360,000); subtract your current $260,000 balance and you could take roughly $100,000 out (before costs). Unlike a HELOC or home equity loan, it changes the rate and term on your entire mortgage — great if today's rates are lower than yours, costly if they're higher.

Weigh it against a second mortgage in HELOC vs. cash-out refinance.

Frequently asked questions

How much can I cash out?

Usually up to 80% of your home's value minus your current balance. VA loans sometimes allow more.

Does it reset my mortgage?

Yes. You get a brand-new loan with a new rate and term, so compare the total interest carefully.