Cash-Out Refinance Calculator
Calculate your new payment, available cash, and LTV for a cash-out refinance. See how much equity you can tap and the total cost of borrowing against your home.
How to Use This Cash-Out Refinance Calculator
Enter your Home Value (current appraised value), Current Loan Balance, and the Cash-Out Amount you want to receive. The calculator caps cash at the 80% LTV limit automatically. Add your New Interest Rate and Term to see the new monthly payment and total cost analysis.
A cash-out refinance replaces your entire existing mortgage with a new, larger loan. The difference between the new loan and your current balance is paid to you at closing.
Cash-Out Refinance Formula
Maximum Loan = Home Value × 80% (typical LTV limit)
Maximum Cash-Out = Home Value × 80% − Current Balance
New Monthly Payment = Monthly Payment(New Loan, New Rate, New Term)
Remaining Equity = Home Value − New Loan Amount
Example: Accessing $80,000 for Home Renovation
$500,000 Home, $280,000 Balance
| Home Value | $500,000 |
| Current Balance | $280,000 |
| Max Cash-Out (80% LTV) | $120,000 |
| Cash Requested | $80,000 |
| New Loan Amount | $360,000 |
| New Rate / Term | 6.75% / 30 years |
| New Monthly Payment | $2,335 |
| New LTV | 72% |
| Remaining Equity | $140,000 |
Using $80,000 cash-out for a kitchen and bathroom renovation may return 60–80% of cost in home value at resale, while the interest on the improvement portion may be tax deductible.