Mortgage ยท Cash-Out Refinance
Cash-Out Refinance Calculator
Turn part of your home equity into cash and see exactly what the new loan looks like — new balance, loan-to-value, and the payment that comes with it.
Mortgage ยท Cash-Out Refinance
Turn part of your home equity into cash and see exactly what the new loan looks like — new balance, loan-to-value, and the payment that comes with it.
A cash-out refinance replaces your existing mortgage with a new, larger one. The new loan pays off what you currently owe, covers closing costs if you choose to finance them, and hands you the difference in cash. The trade-off is a bigger balance and, if rates have moved since you closed, a different monthly payment.
No. A cash-out refinance replaces your first mortgage entirely with one new loan. A home equity loan or HELOC sits alongside your existing mortgage as a second loan.
Rolling costs in keeps more cash in your pocket today but increases your balance and the interest you pay over time. Paying them upfront reduces your net cash out but keeps the loan smaller.
Above roughly 80% loan-to-value, many conventional lenders either decline cash-out refinances or require mortgage insurance, so this calculator flags that threshold.