Tools

Cash-Out Refinance Calculator

How much cash a refinance could free up, what the new loan costs each month, and how that compares with the payment you have now.

Cash available$0

Your home and current loan

Home value Current loan balance Current monthly principal and interest (optional) Largest loan to value allowed

Lenders cap a cash-out refinance at a share of the home's value, and the cap depends on the loan program, the property and your credit. 80% is a common ceiling for conventional loans; use your lender's number.

The new loan

Cash you want out (leave blank for the most you can take) Interest rate Loan term Closing costs Add the closing costs to the new loan (otherwise they come out of the cash you receive)

Taxes, insurance and dues

Property tax, per year Homeowner's insurance, per year HOA or condo dues, per month Mortgage insurance (PMI), % of loan per year

PMI is added only when the new loan is above 80% of the home's value. 0.50% is an illustration; use your lender's quote.

Amortization schedule for the new loan Mortgage calculator Loan comparison Affordability

How this is figured

The most cash you can take is the home value times the loan-to-value limit, less what you owe (and less the closing costs if you roll them into the loan). The new loan is your current balance plus the cash you take plus any financed closing costs. Its payment uses the standard level-payment formula, and taxes, insurance and dues are added to show the full monthly cost. If you enter your current principal and interest, the change shows what the refinance does to that part of the payment; it does not account for the years already paid on the old loan or any prepayment penalty.