Turn home equity into cash — and see exactly what it does to your payment, rate, and ownership stake.
Enter home value, balance, and cash-out amount.
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A cash-out refinance replaces your current mortgage with a bigger one and hands you the difference in cash at closing, subject to lender LTV caps (usually 80%). This calculator sizes the new loan including rolled-in closing costs, recomputes your payment, checks LTV, and shows equity retained. Compare a rate-only refi with our refinance break-even calculator.
Homeowners needing liquidity for renovations, high-APR debt consolidation, education, or investments; owners whose property appreciated substantially since purchase; and anyone weighing cash-out versus HELOC alternatives.
Example Input
Home value: $550,000. Balance: $280,000 at 4.1% with 22 years left. Take $60,000 at 6.4% over 30 years, 2% closing costs.
Sample Output
New loan ~$350,600. Payment rises from ~$1,723 to ~$2,199. Equity retained ~$199,400, LTV ~64%. The calculator surfaces the rate give-up on your existing balance, the classic cash-out trade-off.
Example Input
Same home but taking $40,000 to clear 22% APR cards.
Sample Output
Even at a higher mortgage rate, swapping 22% revolving debt into ~6-7% secured debt can save hundreds monthly; the tool shows both payment impact and interest-rate arbitrage clearly.
Funding a remodel whose value-add you can estimate; extinguishing credit card debt at 20%+ APR; covering tuition; verifying you stay under 80% LTV to avoid PMI; and stress-testing whether the new rate justifies restarting the amortization clock.
Use a conservative home value (recent comps, not Zestimate peaks), your servicer's exact payoff quote, realistic closing costs of 2-5%, and the full new term. Watch the embedded trade-off: your entire balance reprices from possibly-low legacy rates to today's rate.
Chasing maximum cash to 80% LTV leaves no cushion against price dips and can trigger PMI anyway if appraisal disappoints. Restarting a 30-year term on a loan you were 15 years into silently adds a decade of interest. Spending the cash on depreciating liabilities converts safe home equity into consumption.
Most conventional programs cap combined LTV at 80%, meaning you keep 20% equity. VA loans allow up to 100% LTV cash-out, while FHA permits roughly 80% after seasoning. Your credit profile and DTI further constrain approval.
Interest is generally deductible only if funds are used to buy, build, or substantially improve the home securing the loan, and only if you itemize under current TCJA-era limits. Cash used for cars, tuition, or vacations is typically not deductible. Confirm with a CPA.
Cash-out refi converts your whole balance to one fixed rate, best when today's rate is close to or below your existing rate. A HELOC keeps your low first-lien rate untouched and charges variable rates only on the drawn portion, better when your current rate is far below market. Model the refi here, then price HELOCs locally.
Private, instant math in your browser across all modern browsers and screen sizes, with no lender lead-gen forms behind the results. Test LTV ceilings, term lengths, and cash amounts until the structure fits your plan, then validate pricing with actual lender quotes.
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