Cash-Out Refinance Calculator
A cash-out refinance pays off your existing mortgage and replaces it with a larger one — the difference, minus closing costs, lands in your pocket. Conventional lenders cap most cash-out refis at 80% loan-to-value, which sets the ceiling on how much equity you can actually pull out.
Today's appraised market value.
What you still owe on your existing loan.
Rate on your existing mortgage.
How long you've been making payments on the current loan.
Capped at 80% LTV (loan-to-value); over-asks are trimmed automatically.
Rate quoted on the cash-out refi.
Typically 2–5% of the new loan balance.
Net cash to you
$41,000
After $9,000 closing costs.
- Current equity
- $200,000
- Current LTV (loan-to-value)
- 55.6%
- Max cash-out at 80% LTV (loan-to-value)
- $110,000
- Current monthly P&I (principal & interest)
- $1,767
- New monthly P&I
- $1,896
- Monthly change
- $129
- New loan balance
- $300,000
- Equity remaining
- $150,000
If lenders allowed higher LTV
For reference only. Conventional cash-out is generally capped at 80%; VA can go to 90%.
| LTV | Cash out | Monthly |
|---|---|---|
| 70% | $55,550 | $1,991 |
| 75% | $77,375 | $2,133 |
| 80% | $99,200 | $2,275 |
| 85% | $121,025 | $2,418 |
| 90% | $142,850 | $2,560 |
Free during pilot
How cash-out refinance works
Cash-out is capped by the lender's maximum LTV — conventionally 80%. We compute the maximum you can pull out as:
Max cash-out = (Home value × 80%) − Current balance
Your requested cash-out is trimmed if it exceeds that ceiling. The new loan amount is your current balance plus the (capped) cash-out, and closing costs are taken as a flat percent of that new balance. Net cash to you is what's left after closing costs.
Payment comparison
Current monthly P&I (principal and interest) is recalculated against the remaining term on your existing loan (original term minus years already paid). New monthly P&I is the standard amortization of the cash-out loan at the new rate and term. The monthly delta is the change in P&I — the actual all-in monthly payment also depends on tax and insurance escrows, which we don't model here.
Frequently asked questions
How much equity can I take out in a cash-out refinance?
Most conventional lenders cap cash-out refinances at 80% loan-to-value (LTV) — meaning the new loan can't exceed 80% of your home's current value. This calculator computes the maximum you can pull out at that limit based on your home value and current loan balance. FHA cash-out is also capped at 80%. VA cash-out refinances can go up to 90% for eligible veterans. The actual amount you're approved for also depends on your credit, income, and the lender's own requirements.
What is the difference between a cash-out refinance and a home equity loan?
A cash-out refinance replaces your entire existing mortgage with a new, larger loan — the difference between the two comes to you as cash. A home equity loan is a second loan on top of your existing mortgage, with its own separate payment. Both let you access equity, but they affect your total loan structure differently. A cash-out refi resets your mortgage term; a home equity loan doesn't change your primary mortgage.
Will a cash-out refinance lower my monthly payment?
Not necessarily — and often it won't. Because you're borrowing more money, your new loan balance is higher than your current one. If the new interest rate is also higher (cash-out refis typically carry higher rates than rate-and-term refis), the monthly payment can increase. This calculator shows the estimated monthly change so you can see the trade-off between accessing equity and your new payment.
Does resetting to a 30-year term save me money?
Resetting your loan to a new 30-year term typically lowers your monthly principal-and-interest payment — but it restarts the interest clock. Even if your monthly payment drops, you may pay substantially more in total interest over the life of the loan compared to staying on your current timeline. The calculator shows the estimated monthly change; compare that against the interest cost of extending the term before deciding.
Related calculators
Estimates only — not a lending decision. The 80% LTV (loan-to-value) cap is the conventional standard; FHA cash-out is also capped at 80% and VA cash-out can reach 90%. Cash-out refis carry higher rates than rate-and-term refis (a refinance that only changes the rate or term, with no cash taken out) because the loan is used for purposes other than buying the home. Closing costs are modeled as a flat percentage of the new loan balance and don't include discount points, prepaid interest, or escrow funding. Resetting the loan term to 30 years extends total interest paid even when the monthly payment drops. Methodology last reviewed: May 26, 2026.