Mortgage calculator

Cash-Out Refinance Calculator

Add your current balance, the cash you want, and closing costs into one new loan, then read the new loan-to-value and the new payment at a rate and term you enter.

Run your numbers

Assumptions this tool makes

The maximum loan-to-value is a modeling input you set, not a program promise. Real cash-out limits depend on the loan program, the property type, and occupancy, and the tool rejects a maximum above 100%.
The new rate is a hypothetical example rate you enter, not an offer. The new loan replaces the current loan in full; keeping any part of the old loan, second liens, and junior-lien payoffs beyond the balance you enter are not modeled.
Cash to you is the amount you enter, before any other payoffs you direct at closing. Taxes on the cash, and any effect on an existing mortgage insurance arrangement, are not modeled.
The home value is your estimate. An appraisal can land above or below it, and every figure here moves with the value.

The formula

New loan = current balance + cash wanted + closing costs. Loan-to-value = new loan ÷ home value × 100. The tool refuses the combination when the new loan exceeds home value × the maximum loan-to-value you set. New payment uses the amortization formula: payment = new loan × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r = rate ÷ 100 ÷ 12 and n = term × 12.

A worked example

Home value $1,050,000, current balance $480,000, cash wanted $75,000, closing costs $6,000, hypothetical example rate 6.8%, 30-year term, maximum loan-to-value 80%.

New loan: $480,000 + $75,000 + $6,000 = $561,000.
Loan-to-value: $561,000 ÷ $1,050,000 × 100 = 53.43% — under the 80% maximum, so the combination is allowed by the model. The largest loan the model allows at these inputs is $1,050,000 × 80% = $840,000.
New payment: $561,000 at 6.8% over 360 months = $3,657.30.
Total interest on the new loan: $755,628.11 over the full 30-year term — total paid of $1,316,628.11 (the unrounded payment × 360 months) minus the $561,000 principal, assuming the loan runs to term with no early payoff.
Equity left after the new loan: $1,050,000 − $561,000 = $489,000.

How to read your result

Read the new payment against the payment on the balance alone: the difference between $3,657.30 and the payment on $480,000 at the same rate is the monthly price of the $75,000 of cash and the $6,000 of costs, paid over the full new term.
If the tool refuses your combination, the binding constraint is the loan-to-value maximum you set — lower the cash amount or raise the maximum and rerun, then check the real program limit for your property type before relying on either.
Cash taken out at a mortgage rate is cheap per month and expensive per decade: multiply the payment increase by the months you expect to carry the loan before deciding the cash is a bargain.
Compare the total interest on the new loan with a home equity line or loan for the same cash amount when the rest of your current loan is worth keeping — replacing a low-rate first loan to reach equity can cost more than a second lien.