Cash-Out Refinance Calculator — Home Equity Extraction & Break-Even Analysis

Cash-Out Refinance Calculator

Should you refinance and take cash out? Calculate it here.

What is this? This calculator shows the true cost and benefit of a cash-out refinance — comparing your current mortgage to a new one with extra cash taken out. It reveals the net cash you'll receive after closing costs, your new payment, and most importantly: how long it takes to break even.

Who it's for: Homeowners with significant equity who need cash for home improvements, debt consolidation, or investments — and want to know if refinancing makes financial sense.

Current Mortgage

Current Loan Balance ($)

Current Interest Rate (%)

Current Monthly Payment ($)

Years Left on Mortgage

New Loan Terms

New Interest Rate (%)

New Loan Term (years)

Cash-Out Amount ($)

Closing Costs (%)

Monthly Payment Comparison

Current Payment—

New Payment—

Monthly Increase—

Loan Term Extension—

Financial Analysis

New Loan Amount

—

Closing Costs

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Net Cash Received

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Break-Even

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months to recoup costs

Total Interest

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over new loan term

Interest Delta

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vs staying put

Calculating...

When Cash-Out Refi Makes Sense

✅ Good uses of cash-out refi:

Home improvements that increase property value (kitchen, bathroom, additions)
Debt consolidation at lower rate than current debt
Investing in rental property or business
Buying out a partner in shared ownership

❌ Poor uses of cash-out refi:

Vacations, cars, or consumer purchases
Extending term just to lower payment (payment therapy)
Rates are higher than your current rate
Breaking a low fixed rate for a higher one

Shop Multiple Lenders for Your Cash-Out Refi

Compare rates from multiple lenders to find the best cash-out refinance deal. Different lenders offer different rates and closing costs — it pays to comparison shop:

Compare Refinance Rates →

Estimates are approximations. Actual closing costs vary by lender, state, and loan terms. Consult a mortgage professional for personalized advice including implications for your tax situation (mortgage interest deduction).

Cash-Out Refinance & Mortgage Tools

Tools that pair well with this calculator — selected by our team.

NerdWallet →

Compare cash-out refi rates — $6–$10/lead

Rocket Mortgage →

$15–$20/lead — cash-out refinance

Tool	Best For	Network
NerdWallet	Compare cash-out refi rates	FlexOffers
Rocket Mortgage	$15–$20/lead	FlexOffers

We may earn a commission if you click above. Calculator is free to use.

Frequently Asked Questions

What is a cash-out refinance?

Replacing your existing mortgage with a larger one and pocketing the difference in cash. If your home is worth $400K and you owe $200K, you might refinance for $300K and receive $100K cash at closing.

How much can I cash out?

Most lenders allow up to 80% LTV (loan-to-value). You need at least 20% equity remaining. Some allow 85-90% LTV with higher rates. Calculate: Max cash-out = (0.80 × Home Value) - Current Mortgage Balance.

Is cash-out refinancing a good idea?

It makes sense for: home improvements (keeps money in real estate), high-interest debt consolidation, or investment property purchases. It doesn't make sense for: lifestyle spending or vacations. You're converting home equity to debt.