Cash-Out Refinance Calculator
Cash extracted and new payment after refinance.
Calculate cash extracted and new monthly payment after a cash-out refinance. Enter home value and mortgage balance to see cash out and new payment.
What this tool does
Enter home value, current balance, new LTV, new rate, new term. The tool shows cash out and new payment.
Enter Values
Formula Used
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Disclaimer
Results are estimates for educational purposes only. They do not constitute financial advice. Consult a qualified professional before making financial decisions.
500,000 home, 200,000 current balance, refinancing to 70% LTV (350,000 new loan) at 5.5% over 30 years: 150,000 cash out, new monthly 1,987. Cash-out gives liquidity via home equity but extends debt and adds interest. Use for high-value purposes (renovation, investment).
Quick example
With home value of 500,000 and current mortgage balance of 200,000 (plus new ltv of 70% and new rate of 5.5%), the result is 150,000.00. Change any figure and watch the output shift — it's often more useful to see the pattern than to memorise the formula.
Which inputs matter most
You enter Home Value, Current Mortgage Balance, New LTV, New Rate, and New Term. Not every input has equal weight. Flip one at a time toward extreme values to feel which ones move the needle most for your situation.
What's happening under the hood
Standard refinance mechanics. The formula is listed in full below. If the number looks off, you can retrace the calculation by hand — that's the point of showing the working.
Stress-testing the plan
Run the calculation at your current rate, then run it again at a rate 2–3 percentage points higher. That's roughly what a product reset could bring at renewal, and it's a useful check on whether you can afford the mortgage in a higher-rate world, not just today's.
What this doesn't capture
The figure excludes arrangement fees, valuation costs, legal fees, insurance, and any early-repayment charges — those can add several thousand to the headline cost. Rate changes at renewal for fixed-term deals will shift the picture further. Use this for the core interest/principal math and add the other costs on top.
Where to go next
This calculation rarely sits alone in a planning exercise. If you're running these numbers, you'll probably also want the home equity calculator, the mortgage recast calculator, and the refinance breakeven date calculator — each one answers a different question in the same territory. Treating them as a set rather than in isolation usually produces a more honest picture.
Cash-out refinance produces cash and payment figures based on the inputs provided.
Inputs
This example uses typical values for illustration. Adjust the inputs above to match a specific situation and see how the result changes.
Sources & Methodology
Methodology
Standard refinance mechanics.
References
Frequently Asked Questions
When does cash-out make sense?
Closing costs?
Versus home equity loan?
Tax impact?
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