Cashout Calculator
Use our calculator to determine how much cash you can receive by refinancing your existing mortgage into a larger loan. Compare your new monthly payments, analyze updated interest rates, and see how much liquid capital you can access for home improvements, debt consolidation, or other major expenses.
How This Calculator Works
Our mortgage paymant is designed to provide you with accurate and quick estimates, helping you make informed financial decisions. Here’s how it works:Input Your Details:
Enter the required information, such as loan amount, interest rate, and loan term, into the calculator fields
Instant Calculation:
The calculator processes your data in real-time, using advanced algorithms to provide precise results.
View Your Results:
Instantly see your estimated monthly payments, total interest, and repayment schedule.
Adjust and Compare:
Modify the inputs to explore different scenarios and find the loan option that works best for you.
Got Questions?
How much equity can I take out with a cash-out refinance?
Most lenders allow you to borrow up to 80% of your home’s current appraised value. This is known as the Loan-to-Value (LTV) ratio. For example, if your home is worth $400,000, your total loan amount (old debt + cash out) typically cannot exceed $320,000.
What are the most common uses for a cash-out refinance?
Homeowners frequently use these funds for high-ROI home renovations, consolidating high-interest credit card debt, paying for education, or making large investments. Because mortgage interest rates are often lower than personal loan rates, it can be a cost-effective way to access large sums of money.
How does a cash-out refinance differ from a Home Equity Loan?
A cash-out refinance replaces your original mortgage with a completely new one, meaning you have only one monthly payment. A Home Equity Loan (or HELOC) is a “second mortgage” that sits on top of your original loan, requiring you to make two separate monthly payments.
What are the requirements to qualify for a cash-out refinance?
Requirements vary by lender, but generally, you need a credit score of at least 620, a Debt-to-Income (DTI) ratio below 45%, and at least 20% equity remaining in your home after the cash is taken out.
Are there closing costs for a cash-out refinance?
Yes. Since you are taking out a brand-new mortgage, you will pay standard closing costs, which range from 2% to 5% of the new loan amount. These costs cover appraisals, title insurance, and lender origination fees. You can often “roll” these costs into the total loan amount.
