Cash-Out Refinance Calculator
Calculate your cash-out refinance options. Estimate new monthly payments, cash received, and compare with your current mortgage terms.
Step 1: Current Mortgage Details
Understanding Home Equity
Home equity is the difference between your home’s value and your mortgage balance. Cash-out refinancing allows you to access this equity by taking out a new, larger mortgage.
Step 2: New Loan Details
About Cash-Out Refinancing
Cash-out refinancing replaces your current mortgage with a new, larger loan. You receive the difference in cash, which can be used for home improvements, debt consolidation, or other financial needs.
Refinance Results
Estimated Cash Received
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Cash Received |
|---|
Payment Breakdown
Cash-Out Refinance Formula
New Loan = Current Balance + Cash-Out Amount
Cash-out refinancing involves replacing your current mortgage with a new loan that’s larger than your existing balance. The difference between the new loan amount and your current balance is paid to you in cash. LTV = (New Loan Amount / Home Value) × 100%.
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