Cash-out refinance calculator
Borrow against your home's equity by refinancing for more than you owe. See your new loan-to-value ratio and what the cash adds to every monthly payment.
Your current mortgage
todayCurrent payment (principal & interest): $1,428.79/mo
The refinance offer
newTotal still to pay, with the cash you receive subtracted from the refinance side
- New payment
- $1,705was $1,429
- Monthly change
- +$276more each month
- Break-even
- neversimple method: never
- After 10 yrs
- −$51,807behind
- Interest left, current
- $201,492
- Interest, new loan
- $346,879
- Loan-to-value after cash-out
- 63.6%new loan $267,000
Your net position, month by month
Counts refinance costs, the payment difference and the difference in what you still owe. Crossing zero is the true break-even.
Ask about these numbers
An AI analyst reads your inputs and results above and explains them. The calculator works without it.
How a cash-out refinance works
You take a new mortgage larger than your current balance. The new loan pays off the old one, pays the closing costs (if you roll them in) and hands you the difference in cash. You now owe more, at the new rate, for the new term.
Loan-to-value (LTV) = new loan ÷ home value. On a $420,000 home the 80% cap allows a $336,000 loan. With $210,000 owed and $7,000 of costs rolled in, about $119,000 is the ceiling.
The real price of the cash
The "cost of cash" figure in the results is how much more each monthly payment is because of the cash, compared with the same refinance without it. If your current rate is lower than the new one, you're also paying more on the money you already owed. That hidden cost is why a HELOC often wins when rates have risen since you bought.
If the cash is for clearing credit cards, run the debt consolidation calculator too, and remember you'd be turning unsecured debt into debt secured by your home.