Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Mortgages Cash-Out Refinance Calculator: How Much Could You Get? Updated Jun 23, 2023 3-min read Written by Christy Rakoczy Written by Christy Rakoczy Expertise: Student loans, mortgages, insurance Christy Rakoczy has been a personal finance and legal writer since 2008. She has a Juris Doctor degree from UCLA School of Law and was a college instructor before she began writing for the web. Learn more about Christy Rakoczy 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 APR New Loan Term (Years) Calculator Results Old Monthly Payment Original Total Loan Cost Original Remaining Principal New Monthly Payment New Total Loan Cost LTV % The highest tolerable LTV may differ by lender. Lenders typically require owner-occupied homes to have no more than 80% LTV and investment properties or second homes to have no more than 75%. 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. On this page: Is a cash-out refinancing right for me?Mortgage refinance options 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. Reali Learn MoreHonest home loans. Completely online.Get a rate in seconds and apply in minutesRefinance quickly and hassle-free$0 lender fee Reali loans are convenient for qualified borrowers to obtain because the entire borrowing process can be done online. The lender promises no fees and a fast turnaround time because its technology allows for a quick review of your financial information. Here’s what you need to know about cash-out refinance loans from Reali: LendEDU rating: 5.00 / 5.00Minimum credit score: 580Maximum loan to value (LTV): 97% New American Funding Learn MoreYour Mortgage, Your Terms.Get pre-approved in as little as 48 hoursComplete the entire application process onlineChoose from a wide variety of mortgage options 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. Here’s what you need to know about cash-out refinance loans from New American Funding: LendEDU rating: 4.96 / 5.00Minimum credit score: Not disclosed Maximum loan to value: 97% SoFi Learn MoreNo Hidden Fees, No CatchGet a competitive rate without any hidden feesHelp when you need it- Mortgage Loan Officers (MLOs) to guide you through the processExclusive member discounts SoFi is an online lender that was best known for student loans but now 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. Here’s what you need to know about cash out refinance loans from SoFi: LendEDU rating: 4.70 / 5.00Minimum credit score: Not disclosed Maximum loan to value: 80%