Keyword focus: cash out refinance mortgage calculator
Cash-Out Refinance Mortgage Calculator
See how pulling equity changes your payment, loan balance, and long-term interest costs.
Enter your current balance, target cash amount, and new rate to size up the trade-offs.
A cash-out refi can fund renovations, tuition, or debt payoff, but it increases your mortgage balance. Use this page to run best- and worst-case scenarios before you sign.
What to review
- Compare your current payment to the proposed loan after adding cash-out proceeds.
- Track total equity used so you stay above 20% and avoid surprise PMI.
- Estimate payoff timelines if you earmark cash for high-interest debt.
Quick tips
- Budget for closing costs
- Cash-out loans often cost 3%–5% of the new balance. Include those fees in your model so net proceeds match expectations.
- Check seasoning rules
- Most lenders require you to own the home six months and leave at least 20% equity. Adjust inputs if you plan to draw more.
- Keep credit healthy
- Large equity withdrawals can lower your credit score if debt-to-income rises. Evaluate debt consolidation impacts before committing.
Common questions
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How much equity can I tap?
Conventional lenders typically cap cash-out loans at 80% loan-to-value. VA borrowers may access more. Enter home value and desired cash to confirm limits.
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Will my payment always increase?
Not always. If rates dropped since your original loan, the payment could stay flat. Run both rate scenarios to compare.
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Is cash-out better than a HELOC?
If you prefer a single fixed payment, cash-out fits. For short-term borrowing, a HELOC might cost less. Model both to see the difference.