Independent calculation workspace
Cash-Out Refinance Calculator
See your new payment and the cash you can take out by refinancing your mortgage
- No signup
- No lender matching
- Runs in your browser
- Replace defaults with your quote
Current Mortgage
Current market value of your home
New Loan
Cash you want at closing
Rolled into the new loan
Before vs. After Refinance
Current Loan
New Cash-Out Loan
Your savings
Loan Details
A cash-out refinance replaces your whole mortgage at the new rate, so it works best when the new rate is close to your current one. If you have a much lower existing rate, a HELOC or a recast may cost far less. Estimates only — confirm terms and costs with your lender.
Use the tool
How to use this Cash-Out Refinance Calculator
Enter your home value, current balance and rate, the cash you want, and the new loan rate and term. The calculator shows your new payment, the cash you receive, and the loan-to-value ratio.
How the cash-out refinance estimate works
A cash-out refinance turns home equity into cash by increasing your loan. Because the whole mortgage is replaced, the new rate applies to the entire balance — so it matters most when rates are favorable.
Before you compare offers
Watch the loan-to-value ratio (aim to stay at or below 80% to avoid mortgage insurance) and compare the total interest, not just the monthly payment. If your current rate is much lower than today's, a HELOC or recast may be cheaper.
Frequently Asked Questions
You replace your existing mortgage with a larger new loan and take the difference as cash. The new loan equals your old balance plus the cash you pull out (and often the closing costs), at a new rate and term.