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Cash-Out Refinance Calculator: How Much Could You Get?

Current Loan Information

Current APR

Current Loan Amount

Current Loan Term (Years)

Remaining Loan Term (Months)

Cash Out Refinance Loan Information

Cash Out Amount

Home Value


New Loan Term (Years)

Calculator Results

Old Monthly Payment
Original Total Loan Cost
Original Remaining Principal
New Monthly Payment
New Total Loan Cost

A cash-out refinance loan is a new mortgage you can use to pay off your existing loan balance and tap into the equity in your home. You’ll take the new mortgage for a larger loan amount than your current mortgage,  pay off your existing loan, and keep the extra cash.

A cash-out refinance loan lets you access the equity in your home without taking out a second loan, such as a home equity loan, second mortgage, or personal loan. It also lets you change the terms of your mortgage, ideally reducing your interest rate. 

This cash-out refinance calculator will help you decide whether this is the right course of action for you. 

How to use the cash-out refinancing calculator?

Deciding whether a cash-out refinance is the right move can be complex, but our cash-out refinancing calculator simplifies the process. Here’s how you can use the calculator to make an informed decision:

1. Enter your current mortgage information

Input your current loan balance, interest rate, and monthly payment. Include your home’s current market value to determine your available equity.

2. Specify the new loan details

Enter the desired cash-out amount, which is the extra cash you wish to receive.

Provide the expected interest rate and term (in years) for the new loan.

3. Review the results

The calculator will display your new monthly payment, total interest paid over the life of the loan, and the amount of cash you’ll receive.

It will also show the impact on your overall mortgage balance and how much equity you’ll have left.

4. Compare scenarios

Consider running multiple scenarios with different cash-out amounts, interest rates, and loan terms to see how each option affects your finances.

Compare these results to your current mortgage to understand potential savings or additional costs.

5. Assess financial goals and risks

Determine if the new loan will lower your monthly payments or save on total interest.

Evaluate if the cash-out amount will help achieve your financial goals, such as home improvements or debt consolidation.

Be cautious about increasing your mortgage balance, as it could result in higher monthly payments and extended loan terms.

Using this calculator helps you visualize the financial impact of a cash-out refinance and guides you in deciding if it aligns with your financial objectives. Always consider consulting with a financial advisor to ensure it’s the best decision for your situation.

Is a cash-out refinancing right for me?

A cash-out refinance loan could be a good option if you want to both change the terms of your existing mortgage and tap into the equity in your home simultaneously. 

If you are a homeowner with equity and can qualify for a new loan at a lower interest rate than your current mortgage then a regular mortgage refinance loan could be a good idea. You can calculate how much you could save with our mortgage refinance calculator.

But if you also want to access cash for things like home improvements or paying down high-interest debts, then a cash-out refinance loan may be a better option. 

If you can’t get a lower rate, though, a cash-out refinance loan would only make paying off your home more expensive. And you should also always be cautious about borrowing against your home’s equity, as you put your home at risk of foreclosure if you can’t repay your debt. 

Reasons to get a cash-out refi

  • You can lower your mortgage rates by refinancing. This can help you save on total interest payments and potentially get a lower monthly payment.
  • You want to tap into the equity in your home but have just one loan. This could appeal to you more than keeping your current loan and taking out a home equity loan or a home equity line of credit (HELOC).
  • You want to use the equity in your home for other financial goals. These might include repaying higher-interest debt, and you want just one mortgage loan.
  • You itemize tax deductions and want to ensure the mortgage interest you’re paying is tax-deductible. Interest on a home equity loan or line of credit might not be deductible, but interest on a refinanced loan up to $750,000 is.

Reasons not to get a cash-out refi

  • You plan to move soon. The closing costs and the work involved in refinancing could make it not worth it—unless you need the money from the cash-out refi to buy your new home. In this case, a bridge loan may be another option.
  • You can’t qualify for a new mortgage at a lower rate. If your refinanced rates aren’t lower than your current mortgage rates, you may make your mortgage more expensive.
  • You don’t plan to use the cash to improve your home or for other financial goals. You could end up owing more than the home is worth or struggle to make higher mortgage payments and put your home at risk.

Mortgage refinance options

You can take a cash-out refinance loan with many lenders, including local banks, credit unions, and online lenders. Here are a few good options. 

New American Funding

  • Minimum credit score: Not disclosed 
  • Maximum loan to value: 97%

New American has made more than $28 billion in home loans, and it offers personalized lending solutions as well as assistance with the process of finding the right loan type for your situation. 

  • Minimum credit score: Not disclosed 
  • Maximum loan to value: 80%

SoFi is an online lender that was best known for student loans, it offers mortgage loans and other types of financing, as well. The lender offers financial tools to members, discounts for taking out multiple loans, and an easy and straightforward qualifying process.