Cash-Out Refinance Calculator
Calculate how much equity you can access through a cash-out refinance.
New Loan Amount
$350,000
New Monthly Payment
$2,212
Loan-to-Value Ratio
70.0%
Related Calculators
Refinance Calculator
Compare your current mortgage with refinancing options to find potential savings.
Break-Even Refinance Calculator
Find out how long it takes for refinance savings to exceed closing costs.
Mortgage Payment Calculator
Calculate your estimated monthly mortgage payment including principal, interest, taxes, and insurance.
PMI Calculator
Calculate your private mortgage insurance cost based on down payment and loan amount.
Related Articles
How Refinancing Works
Learn the step-by-step process of refinancing your mortgage, when it makes sense, and how to calculate your savings.
7 min readUnderstanding Closing Costs
A comprehensive breakdown of all the fees and expenses you can expect to pay when closing on a home purchase.
9 min readHow Mortgage Rates Work
Understand the factors that influence mortgage rates and how they affect your monthly payment and total cost of homeownership.
7 min readUnderstanding This Calculator
What it does: Calculates how much cash you can take out of your home equity through a cash-out refinance, along with your new loan amount and loan-to-value ratio.
When to use: Use this when you want to access your home equity as cash for major expenses like home improvements, debt consolidation, or education.
How to use: Enter your home value, current mortgage balance, desired cash-out amount, and the new interest rate. The calculator shows your new loan amount, monthly payment, and LTV ratio.
Key Inputs Explained
Worked Example
Home worth $500,000, current balance $300,000, cash-out $50,000. New loan = $350,000, LTV = 70%. At 6.5% for 30 years, new payment = $2,212.
Assumptions & limitations: Most lenders cap cash-out refinances at 80% LTV on conventional loans. This calculator does not include closing costs (2-5% of the loan amount) or the impact of a higher rate on the full balance.
Calculator FAQs
What is the maximum I can cash out?
Most conventional lenders allow up to 80% LTV. FHA allows up to 80%. VA allows up to 100% (90% by many lenders). Your available equity = (Home Value x Max LTV) - Current Balance.
Is a cash-out refinance better than a HELOC?
It depends. If your current rate is higher than today, a cash-out refi can lower your rate while accessing equity. If your current rate is low, a HELOC preserves your first mortgage. See our cash-out vs. HELOC guide.
Are cash-out refinance proceeds taxable?
No. Loan proceeds are not income and are not taxed. However, mortgage interest may only be deductible if the funds are used for home improvements.
Can I use cash-out for anything?
Yes, but using it for depreciating assets (cars, vacations) is risky — you are securing the debt with your home. Best used for home improvements, debt consolidation, or education.