Compare your current loan to a cash-out refinance structure including points, costs, fees, and equity access.
Cash-Out Refinance Calculator
Current Loan
New Loan
How to use this calculator
Enter your home's current value, current mortgage balance, current interest rate, and the cash amount you want to pull out. The calculator computes the new loan amount (existing balance + cash + closing costs), the resulting LTV, and confirms whether you fit conventional cash-out limits (typically 80% LTV max). Then enter the new rate you're being quoted on the cash-out refi. The output shows your new monthly payment, the total interest you'll pay over the life of the new loan vs. continuing your current loan, and break-even math against your current rate. If you have a low first-mortgage rate (sub-4% from 2020–2021), pay close attention to the lifetime interest impact — cash-out refi resets your entire balance to the new (higher) rate, which often makes a HELOC behind your existing mortgage the cheaper choice for the same equity access.
How the math works
Cash-out refi math compares two scenarios. New loan amount = current balance + cash out + closing costs (typically financed). New monthly P&I uses standard amortization on the new amount, rate, and term. The calculator solves both pieces using whatever rates you enter — current pricing changes daily and is published on the mortgage rates page. Structural framing: if your existing first-mortgage rate is meaningfully below current cash-out refi rates, the refi resets your full balance (not just the marginal cash) to the new higher rate. That can dramatically raise lifetime interest. The calculator surfaces the lifetime-interest difference between continuing your current loan and refinancing into the new one. Compare to a HELOC alternative: a HELOC keeps your existing first mortgage untouched and adds a separate, smaller variable-rate balance for just the cash you need. The interest-only draw-period payment scales with the drawn balance only — meaning the marginal cost of the cash is calculated on a smaller principal than the cash-out refi forces. For homeowners with low existing rates, the HELOC alternative often costs far less in lifetime interest even at a higher headline rate. Run both through their respective calculators to compare.
When to use this vs the others
Use this calculator when you've decided cash-out refi is the path and want to size the loan and forecast payment. If you haven't decided between cash-out and HELOC yet, the HELOC vs cash-out refinance comparison page is the right starting point — it lays out the structural tradeoffs (variable vs fixed, full balance vs marginal, closing costs, etc.). For a straight rate-and-term refinance with no cash out, the standard refinance calculator is the right tool.
Frequently asked questions
What's the maximum LTV on a cash-out refinance?
Conventional: 80% LTV max. FHA: 80% LTV max. VA: up to 90% LTV. USDA: cash-out is not standard. Above the LTV cap, you'd need a portfolio or specialty product, often with a rate premium and tighter credit requirements.
How is cash-out refinance interest taxed?
Interest on cash-out funds used to buy, build, or substantially improve the home securing the loan is generally deductible (subject to mortgage-interest cap). Cash used for other purposes (debt consolidation, education, investments, vacation) is typically not deductible. Talk to your tax professional.
Should I refinance to consolidate debt?
Sometimes. Rolling 18%+ credit card debt into a 7% mortgage payment lowers monthly cost dramatically — but it converts unsecured debt into debt secured by your home, and stretches it over 30 years. The total interest paid often grows even at the lower rate. Compare via this calculator before committing.
How much do cash-out refinances cost in closing fees?
2–5% of the new loan amount. On a $340,000 cash-out refi, expect $7,000–$15,000 in closing costs (appraisal, title, origination, recording, transfer tax). VA cash-out adds a funding fee. Most borrowers finance closing costs into the loan, but it raises the effective cost of the cash extracted.
Can I do a cash-out refinance on an investment property?
Yes, with tighter terms. LTV caps drop to 70–75% for investment properties, rates run 0.5–0.75% higher than primary-residence cash-out, and reserve requirements are stricter (6+ months PITI). DSCR cash-out refinances are also an option for investors qualifying on rental income.