Advanced Cash-Out Refinance Calculator
Analyze the costs, payments, and benefits of tapping into your home equity.
Your Property & Loan Details
Total Cash Received
$0.00
(After Closing Costs)
New Monthly Payment
$0.00
Change in Payment
-$0.00
Loan Balance Over Time
Cash-Out Refinance FAQ
What is a cash-out refinance?
A cash-out refinance replaces your existing mortgage with a new, larger loan. You use the new loan to pay off your old mortgage, and you receive the difference between the two loan amounts in cash. This allows you to tap into the equity you've built in your home.
How much cash can I take out?
Most lenders require you to maintain at least 20% equity in your home after the refinance. This means you can typically borrow up to 80% of your home's current appraised value. The maximum cash you can take is calculated as: (80% of Home Value) - Current Mortgage Balance - Closing Costs. Our calculator estimates this for you.
What are the pros and cons?
Pros: You can access a large amount of cash, often at a lower interest rate than personal loans or credit cards. This cash can be used for home improvements, debt consolidation, or other large expenses.
Cons: You are increasing your total mortgage debt. Your monthly payment may increase, and you will have to pay closing costs. It also resets your loan term, meaning it could take longer to pay off your home.
What are closing costs?
Closing costs are fees paid to the lender and third parties to finalize the refinance. They typically range from 2% to 5% of the new loan amount and can include appraisal fees, title insurance, attorney fees, and loan origination fees. These costs are usually paid out of the cash you receive.