Cash-out refinance calculator
This cash-out refinance calculator estimates how much equity you could take out and what the new loan would cost each month. Enter your home's value, what you owe, the lender's maximum loan-to-value, the rate you have been quoted and a term. Results are illustrative only, not a quote or an offer to lend.
Last updated: October 2026
Current loan-to-value 60.0%. Include any HELOC or second mortgage being paid off.
Set by the program and lender. Commonly 80% on a conventional primary home, lower on rentals.
Enter the rate you have been quoted or want to test. We do not pre-fill one.
Leave at zero to see the gross figure.
- New loan amount
- $400,000
- Current balance paid off
- $300,000
- Gross cash out
- $100,000
- Closing costs from proceeds
- Not included
Illustrative only. Principal and interest only; taxes, insurance and mortgage insurance are not included. Not a quote, a rate lock or an offer to lend. Maximum loan-to-value, pricing and costs vary by program, lender and file.
See what you qualify forHow this cash-out refinance calculator works
Lenders size a cash-out refinance with one cap: the new loan cannot exceed a set share of the appraised value. The calculator multiplies your home value by that maximum loan-to-value to get the largest new loan, pays off your current balance from it, and shows what is left as cash. If you enter closing costs, it takes them out of the cash too. The payment is principal and interest on the full new loan at the rate and term you choose. Taking less cash than the maximum lowers both the loan and the payment, and usually improves pricing.
The cap you enter matters more than any other number. A conventional cash-out on a home you live in commonly stops at 80%. An FHA cash-out is also capped at 80%. A VA cash-out refinance can go higher for eligible borrowers. Rentals are lower, commonly 70% to 75%, whether through a conventional investment property refinance or a DSCR cash-out refinance.
Round numbers, chosen to show the math rather than to reflect any particular lender or file. Your figures, program and pricing will differ.
| Home value | $500,000 |
|---|---|
| Maximum loan-to-value | 80% |
| Largest new loan | $400,000 |
| Current balance paid off | $300,000 |
| Gross cash out | $100,000 |
| Closing costs from proceeds (example) | -$8,000 |
| Estimated cash to you | $92,000 |
The payment depends entirely on the rate and term, which is why the calculator asks for yours instead of assuming one.
For illustration only. Not a commitment to lend, a rate lock or an offer of credit. Terms vary by lender, by property and by file.
Before you refinance the whole loan
If your current first-mortgage rate is lower than what a new loan would cost, refinancing the full balance to reach the equity can be expensive. A HELOC or a fixed home equity loan prices only the new money. The refinance calculator shows the break-even on a rate-and-term refinance, and our cash-out refinance guide covers the program itself.
Using the cash to pay off other balances?
The walkthrough below adds your credit cards and loans to the picture and compares what you pay each month today with a single new mortgage payment. For the full trade-offs, see our Cash-out to consolidate balances guide.
Paying off balances with a cash-out
Five quick steps. Enter your own numbers, including the rate you have been quoted, to see what paying off your balances with home equity could do to your monthly outgoings.
Tell us about your home
We use this to check your available equity. You need at least 20% equity.
Loan-to-value 75.0%
Your LTV of 75.0% is under the 80% maximum - about $20,000 is available for consolidation.
Common questions
How do I use a refinance mortgage calculator with cash out?+
Enter what the home is worth, what you owe, the maximum loan-to-value the program allows, the rate you want to test and a term. The calculator multiplies the value by the loan-to-value cap, subtracts your balance to show the cash available, and works out principal and interest on the new loan. Add closing costs if they will come out of the proceeds.
How much cash can I get from a cash-out refinance?+
Roughly: home value times the lender's maximum loan-to-value, minus your current balance, minus closing costs. On a conventional loan for a home you live in, the cap is commonly 80%. Rentals, second homes and some government programs use different caps.
Why doesn't the calculator show a rate?+
Because any rate we put there would be out of date by tomorrow and wrong for most people who see it. Pricing depends on your credit, loan-to-value, loan amount, property and the lender. Enter a rate you have been quoted, or test a few, and a fit check will show you real numbers.
Does the payment include taxes and insurance?+
No. It shows principal and interest only. Your full payment will also include property taxes, homeowners insurance, any HOA dues and, on some loans, mortgage insurance. Those are usually similar before and after a refinance, but check them on your loan estimate.
What maximum loan-to-value should I enter?+
Use 80% for a conventional cash-out on a primary home, 80% for an FHA cash-out, and up to 90% or more only if you are VA-eligible and the lender allows it. For a rental, 70% to 75% is common. If you are unsure, run 75% and 80% to see the range.
Is a cash-out refinance or a HELOC better?+
If your current rate is lower than what a new loan would cost, a HELOC or home equity loan usually wins, because it leaves the first mortgage alone. If your current rate is similar to or above today's market, a cash-out refinance can make more sense. Run both on total cost.
Want real numbers?
A soft-credit fit check shows what your equity actually supports across our lender network, with pricing for your own file. 8Twelve is a mortgage broker: we arrange the loan and a lender partner makes it.
