Cash-Out Refinance Calculator United States

What the cash-out refinance calculator does

The cash-out refinance calculator estimates how much of your home equity you can take as cash, the size of your new loan, and its monthly payment. You enter your home value, the balance you owe, the interest rate and term you expect on the new loan, and optionally your closing costs and a target cash amount. The tool returns the maximum loan allowed, the maximum cash available, the cash you take, the new loan balance, the net cash after costs, the new monthly payment and your new loan-to-value ratio.

A cash-out refinance borrows against equity you have built. Instead of taking a separate second loan, you replace your current mortgage with a bigger one and receive the difference. The whole balance is refinanced, so the new rate and term apply to everything you owe, not only the cash you take out. Look at the full new payment as well as the cash before you decide.

How the calculation works

• It multiplies your home value by the maximum loan-to-value cap to find the largest loan allowed.
• It subtracts your current balance from that maximum to find the most cash you could take.
• It uses a specific cash amount if you enter one, but never lets it exceed the cap.
• It adds the cash taken to the balance being paid off to get the new loan amount.
• It amortizes that new loan over your term at your rate for the monthly payment.
• It subtracts closing costs from your cash to show the net amount you receive.

The loan-to-value cap is the main limit. For most conventional cash-out refinances it is 80%, so the new loan cannot exceed 80% of the appraised value. The cap is stored as a parameter and updated if the standard changes.

Understanding loan-to-value

Loan-to-value, or LTV, is your loan divided by your home’s value. If your home is worth $400,000 and the cap is 80%, the largest loan is $320,000. If you owe $200,000, you can turn up to $120,000 of equity into cash. Your new LTV after the refinance shows how much of the home is financed and how much remains as equity.

Lenders limit cash-out LTV because a larger loan is riskier, and keeping some equity in the property protects you and the lender if home values fall. Crossing certain LTV thresholds can also affect your rate or require mortgage insurance on some programs.

Weighing the cost against the cash

A cash-out refinance gives you a large sum at a relatively low rate, secured by your home. People use it for renovations, consolidating higher-interest debt or major expenses. In return you take on a bigger mortgage, usually a higher payment, and closing costs that reduce the cash you receive.

The new rate also applies to the balance you were already paying off. If your old rate was lower than the new one, the extra interest on that existing balance is part of the cost of getting the cash. Compare the new payment and total interest over the term with the value of the cash, and consider whether a home equity loan or line of credit would cost less overall.

What you need to enter

• Your home’s current market value, as close as possible to what an appraisal would show.
• The remaining balance on your current mortgage.
• The interest rate and term you expect on the new loan.
• Your estimated closing costs, if you want the net cash figure.
• A target cash amount, if you want less than the maximum.

The home value and current balance matter most, because together they set how much equity is available under the cap.

Reading your result

The output leads with the maximum cash available and the net cash after closing costs. It also shows the new loan amount, the new monthly payment and your new loan-to-value. The donut chart splits the new balance into the part that pays off your old loan and the part you receive as cash.

Lenders apply their own requirements, and your actual cap, rate and costs depend on your credit, income and property. Treat this as a planning estimate, confirm the details with a loan officer, and recalculate if rates or your home value change.

This is general information only and not financial advice.

About This Cash-Out Refinance Calculator

Use this cash-out refinance calculator to get an instant, accurate estimate. The figures follow official guidance and every rate and threshold is kept up to date for 2026. Adjust the inputs above to match your situation, or browse all our calculators to plan your next step.