Cash-Out Refinance Calculator
See how much equity converts to cash, and what it does to your payment.
What This Calculator Does
Applies a loan-to-value limit to your home's value, subtracts your existing balance, and shows the maximum cash available along with the new loan amount and payment.
Who Is This For
Owners whose property has appreciated relative to their loan balance, investors freeing up capital for another purchase, and homeowners funding renovations or consolidating other debt.
How It Works
Enter your estimated home value, current mortgage balance, current rate and remaining term, the cash you want to take out, the new rate and term, and your lender's loan-to-value limit to see your new loan amount, the maximum cash available, and how the payment changes.
Frequently Asked Questions
How much equity can typically be accessed?
Loan-to-value limits vary by loan program and property type, with different caps for a primary residence, second home, or investment property; confirm the applicable limit with your lender.
Is the cash from a cash-out refinance taxable?
Loan proceeds are generally not treated as taxable income, though the deductibility of the interest can depend on how the funds are used; confirm the specifics with a tax professional.
How does this differ from a HELOC?
A cash-out refinance replaces your entire first mortgage with a new, larger one at a single rate, while a HELOC adds a separate line of credit behind your existing mortgage.
Can non-resident owners use a cash-out refinance?
Specialized loan programs exist for non-resident owners of US property, often with different equity, rate, and documentation requirements from those on a standard conventional loan.