Cash-Out Refinance Calculator (Cash, Payment & Closing Costs)

Estimate how much cash you could take from your home equity with a cash-out refinance and how your monthly payment changes. Most lenders let you borrow up to 80% of the home value. Example: a $450,000 home with a $250,000 balance can support a $360,000 loan, which after 3% closing costs puts about $99,000 in your pocket.

How to use the Cash-Out Refinance Calculator

1. Enter your home value, current mortgage balance, rate and years left.
2. Enter the new interest rate, loan term, maximum LTV and closing costs from your lender quote.
3. Leave cash wanted at 0 to see the maximum, or enter the amount you need.
4. Press Calculate to compare your current and new payments and see how much cash you receive.

Formula and method

Cash out = New loan − Current balance − Closing costs, where New loan ≤ Home value × Max LTV. Payments use P × r / (1 − (1 + r)⁻ⁿ).

Frequently asked questions

How much cash can I take out?

Typically up to 80% of your home value minus what you owe. VA loans can allow up to 90% or 100% for eligible borrowers.

Is a cash-out refinance a good idea?

It can make sense when the new rate is close to or lower than your current rate. If your current rate is much lower, a home equity loan or HELOC may cost less overall.

Is the cash taxable?

Cash from a refinance is borrowed money, not income, so it is generally not taxed. Interest deductibility depends on how you use the funds.

Sources

• CFPB: Refinancing your home

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• Refinance Calculator
• Home Equity Loan Calculator
• Mortgage Calculator
• Mortgage Payoff Calculator
• Closing Cost Calculator

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