Cash-Out Refinance Calculator
Equity only becomes useful once you know how much of it converts to cash — and what the conversion does to your payment.
What This Calculator Does
Give the calculator what the property is worth today and what remains on the mortgage. It applies your lender's loan-to-value ceiling, sizes the maximum new loan, deducts the existing balance and the closing costs, and what is left is the cash that actually reaches you at the table.
Who Is This For
Owners whose Miami property has climbed far past the balance still owed, investors releasing capital for the next acquisition, and homeowners paying for renovations, retiring higher-rate debt, or building a reserve.
How It Works
Supply the estimated value of the home, the mortgage balance outstanding, the loan-to-value limit you expect to clear, and the new rate and term. Calculate returns the new loan size, the net cash proceeds, and the revised monthly payment.
Frequently Asked Questions
How much equity is available to me?
Conventional cash-out refinances generally stop at 80% loan-to-value: the lender sizes the new loan up to 80% of appraised value, and your existing balance is paid out of that. Government-backed programs, second homes, and investment property each follow their own limits, and those are usually tighter.
Do I owe tax on the cash?
Borrowed money is not income, so the refinance is not by itself a taxable event. What shifts is interest deductibility — the rules tie that to how the funds are spent, and money used for anything other than improving the home is treated differently. Have a tax professional confirm your case.
Cash-out refinance or HELOC?
A cash-out refinance retires your entire first mortgage and replaces it with a larger one at a single new rate. A HELOC leaves the original loan alone and layers a second lien you draw against. Where your current rate is low, refinancing the whole balance purely to reach equity is often the pricier route.
What are the costs?
Closing costs land in the familiar 2-6% of loan amount band, with the wrinkle that the percentage now applies to a bigger balance. Lenders also price cash-out loans a notch above a straight rate-and-term refinance, because the risk is greater.
Can a foreign owner take cash out?
Non-resident owners of South Florida property do have access, generally through foreign-national programs that ask for more equity, charge higher rates, and require heavier documentation than a conventional loan. Choose a lender who handles these files as a matter of routine.