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Cash Out Refinance Calculator
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Calculate Your Cash-Out Refinancing and Connect with Top Lenders

Use the FREEandCLEAR Cash-Out Mortgage Refinance Calculator to determine if you have enough equity in your property to do a cash-out refinancing of your existing mortgage.  When you submit your information we connect you with up to four leading lenders so that you can compare mortgages and find the mortgage that is right for you.  We also offer a version of this calculator that does not require personal information

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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
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Monthly mortgage payment based on new mortgage terms
 
Total interest expense you will pay over the life of your new mortgage based on the terms of your refinancing
 
 
Depending on the your existing mortgage balance, the amount of your new mortgage and closing costs, you may be able to keep some of the proceeds when you refinance your mortgage. Your property value and LTV ratio also determine your ability to take cash out when you refinance. In some cases, you may be required to contribute money to cover closing costs
 
Minimum required value of property you are refinancing in order to qualify for your new mortgage amount. Based on a maximum Loan-to-Value (LTV) ratio of 80% (the ratio of mortgage amount plus recurring and non-recurring closing costs to the value of the property). Lenders typically require an LTV of 80% or less if you are taking cash out when refinancing your mortgage
 
Savings from Refinancing
The amount of money you save (or additional expense you incur) per month by refinancing your mortgage to finance a major purchase as compared to keeping your existing mortgage and obtaining a separate loan to finance a major purchase
 
The amount of time it will take you to recover the non-recurring closing costs required to refinance your mortgage based on your savings per month
 
 
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

What Borrowers Should Know About a Cash-Out Refinance

1

Make Sure You Have Sufficient Equity in Your Property

You must have enough equity in your property to take cash out of it.  Equity is the difference between the value of your property and the amount of debt on a property.  For example, if your property value is $100,000 and your mortgage balance is $70,000 then you have $30,000 in home equity -- $100,000 (property value) - $70,000 (mortgage balance) = $30,000 (home equity).  Most lenders apply a maximum loan-value (LTV) ratio of 80% for a cash-out refinance and some lenders apply a lower LTV ratio of 60% - 70% for larger mortgage amounts (jumbo loans) or if you are taking a significant amount of money out of your home.  Before you apply for a cash-out refinance make sure that your property is valued high enough to support the mortgage amount you are seeking.  If the value of your property has declined or you have a significant mortgage balance you may not have sufficient equity to do a cash-out refinance.     

2

Your Interest Rate May Be Higher

Lenders typically charge a higher interest rate for a cash-out refinance as compared to a regular mortgage refinance.  In some cases your interest rate may be .250% to .750% higher for a cash-out refinance depending on  your credit score, loan-to-value (LTV) ratio and other factors.  Lenders charge a higher interest rate because the risk for a cash-out refinance is generally perceived to be higher than other mortgages.  Borrowers should be sure to shop multiple lenders to find the best terms for a cash-out refinance.

3

Consider All Your Home Financing Options

While a cash-out refinance offers significant financial benefits borrowers should consider other home financing options as well.  In some cases borrowers are better off using a separate loan such as a home equity loan or home equity line of credit (HELOC) to access the equity in their home.  Additionally, if borrowers are using the proceeds from a cash-out refinance for expenditures such as college tuition it may make more sense to take out a separate college tuition loan.  A second mortgage or separate loan may charge a lower interest rate than a cash-out refinance or have a shorter term, which reduces your total interest expense over the life of your mortgage.  Unless you are able to reduce your interest rate or shorten your mortgage term with a cash-out refinance then not refinancing and using a second loan may save you money in the long run.   

4

How Borrowers Can Use Proceeds from a Cash-Out Refinance

Most lenders do not restrict how borrowers use proceeds from a cash-out refinance which means you can use the money for any number of purposes such as home renovations or remodeling, college tuition, buying a second home, investments or traveling.  Because you can use your loan proceeds however you want, a cash-out refinance provides borrowers with significant financial flexibility.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

Cash-Out Refinance Overview

Review our comprehensive explanation of how a cash-out refinance works including key borrower considerations and an informative example of a cash-out refinance

Resources

Comparing a Cash-Out Refinance to a Separate Loan

Borrowers should compare a cash-out refinance to a separate loan such as a home equity loan or line of credit. In some cases it makes more financial sense to obtain a second loan or mortgage instead of doing a cash-out refinance

Resources

Mortgage Refinance Rates

Compare mortgage refinance rates for leading lenders near you.  Comparing mortgage proposals from multiple lenders is the best way to save money when you refinance

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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.