Free Cash-Out Refinance Calculator
Compare your current mortgage payment to a new cash-out refinance to see if extracting equity makes financial sense.
USD
USD
%
years
USD
%
years
USD
Net Cash Received
$50,000
New Monthly Payment$2,368.48
Current Monthly Payment$2,025.62
Monthly Payment Change$342.86
New Total Loan Amount$356,000
New LTV Ratio71.2%
Net Cash Received vs Remaining Years on Current Loan
Cash-Out Refinance Overview
A cash-out refinance replaces your existing mortgage with a new, larger loan. The difference between the new loan and your old balance is paid to you as cash.
How It Works
1. New Loan Amount = Current Balance + Cash-Out + Closing Costs 2. You receive the cash-out amount at closing 3. Your payment is recalculated on the new, larger balance
When It Makes Sense
Risks
Example Calculation
A $500,000 home with $300,000 balance at 6.5% (25 years remaining). Cash out $50,000 with a new 30-year loan at 7% with $6,000 closing costs.
- 01New loan amount: $300,000 + $50,000 + $6,000 = $356,000
- 02New LTV: $356,000 / $500,000 = 71.2%
- 03Current payment: $300,000 over 25 years at 6.5% = $2,028.28/month
- 04New payment: $356,000 over 30 years at 7% = $2,368.44/month
- 05Payment increase: $2,368.44 - $2,028.28 = $340.16/month
- 06You receive $50,000 cash at closing