Cash-Out Refinance Calculator

A cash-out refinance replaces your existing mortgage with a larger loan and hands you the difference in cash. Your new loan balance is the existing balance plus the cash you withdraw plus any closing costs you roll in. You then make payments on that larger balance at the new rate and term, so the cash is borrowed against your home equity.

The calculator uses the standard amortization (PMT) formula on the new loan balance. The payment is P = L times c divided by (1 minus (1 plus c) to the power of negative n), where L is the new balance, c is the monthly rate (annual rate divided by 12), and n is the number of monthly payments (term in years times 12). At a 0% rate it is simply the balance divided by the number of months.

Loan-to-value (LTV) is your new loan balance divided by your home value, shown as a percent. Lenders cap cash-out refinances by LTV, often at 80% for a conventional loan on a primary residence. The calculator flags when your requested cash pushes the LTV above the cap so you can lower the cash withdrawn or rolled-in costs to fit.

The maximum cash available equals your home value times the lender's LTV cap, minus your existing mortgage balance. For example, on a $450,000 home at an 80% cap with a $250,000 balance, the most you could pull is $110,000. Taking less keeps your LTV lower and usually improves your rate.

Rolling closing costs into the new balance means you pay nothing out of pocket at closing, but you finance those costs over the full term and pay interest on them. Paying them up front keeps your loan balance and LTV lower. The calculator lets you test both by adjusting the rolled-in closing costs field.

No. This tool gives an estimate of your new payment, balance, and LTV based on the numbers you enter, and it does not include taxes, insurance, mortgage insurance, or lender-specific fees. It is not financial or tax advice. Confirm exact terms and eligibility with a licensed lender before refinancing.