Cash-Out Refinance Calculator

Written by Great Medico

Updated September 25, 2026 •3 min read

Share Print Save

Small changes in rates, timing, or balances can change a finance result quickly. Cash-Out Refinance Calculator compares an existing loan or mortgage with a new financing scenario using the rates, terms, balance, new-loan amount, or closing-cost fields shown, so you can test the scenario instead of relying on a vague rule of thumb.

What this calculator does

Cash-Out Refinance Calculator compares an existing loan or mortgage with a new financing scenario using the rates, terms, balance, new-loan amount, or closing-cost fields shown. The form asks for current home value, current mortgage balance, new loan amount, new mortgage rate, new loan term, and closing costs. The result should therefore be read as a calculation from those displayed assumptions, not as live market, lender, tax, or government-program data unless the page explicitly supplies such a feed.

How to use it

Enter Current home value, Current mortgage balance, New loan amount, New mortgage rate, New loan term, and Closing costs. Keep monetary inputs in one currency; the currency selector formats results and does not convert exchange rates. Enter rates and percentages on the scale shown by the field label; do not silently switch between a decimal and a percent. Keep time values in the period shown on the form so a monthly figure is not accidentally entered as an annual one or vice versa. Before calculating, recheck Current home value, Current mortgage balance, New loan amount against the source values you intend to model. If a default value is already filled in, confirm that it matches the scenario you actually want to test rather than assuming the preset is current or personally appropriate.

How the calculation works

Estimated cash out = new loan amount − current mortgage balance − closing costs. The calculator also estimates principal-and-interest on the new loan and reports new loan-to-value = new loan amount ÷ current home value. This is the calculation method to use when checking the result from Cash-Out Refinance Calculator; values not represented by a visible input should not be inferred as part of the model.

Example

With a $450,000 home, $300,000 current mortgage balance, $360,000 new loan, and $6,000 closing costs, estimated cash out is $54,000 before any other payoff or escrow adjustments.

How to interpret the result

A lower new monthly payment does not automatically mean a lower lifetime cost; extending the term can reduce payment while increasing total interest. Cash-out results also represent new debt secured by the asset. If the number changes sharply, trace that change to the rate, balance, time horizon, or threshold that changed.

Limitations and notes

Quotes can include points, lender credits, taxes, title costs, escrow changes, prepayment penalties, appraisal, cash-to-close rules, and rate-lock terms. Compare total cost and break-even horizon, not only monthly payment. For a real transaction, compare the estimate with the contract, lender disclosure, plan document, tax guidance, or official program rule that governs it.