Cash-Out Refinance Calculator
See how much cash you can pull out of your home’s equity through a refinance, and what your new payment looks like at the resulting loan-to-value ratio. Lenders cap cash-out refinances at a maximum LTV — typically 80% for conventional loans — which limits how much you can access.
Just lowering your rate, no cash out? See our Refinance Mortgage Calculator, or all our calculators.
Glossary
Your loan amount divided by your home’s value. Cash-out refinances typically cap LTV lower than rate-and-term refinances (often 80% vs. 95-97%) because pulling cash out increases the lender’s risk.
You’re extracting equity rather than just changing loan terms, which reduces your ownership stake and increases the lender’s exposure if home values fall. VA cash-out refinances allow higher LTV (up to 90-100% in some cases) than conventional loans.
Only the portion used to buy, build, or substantially improve the home may qualify for mortgage interest deductibility under current federal rules. Cash used for other purposes (debt consolidation, tuition, etc.) generally does not qualify — consult your accountant.
A home equity line of credit (HELOC) or home equity loan lets you tap equity without touching your existing first mortgage rate — often a better choice if your current rate is well below current market rates.