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Cash Out Refinance Calculator

Cash-Out Refinance Calculator

Compare whether it makes sense to finance a major purchase such as college tuition or buying a car with a cash-out refinance or to use a separate loan to finance the purchase. Analyze the combined cost of your existing monthly mortgage payment plus a separate payment for a major purchase loan as compared to the monthly payment for a new, refinanced mortgage. Assess if you have enough equity in your property to do a cash-out refinancing of your existing mortgage to make a major purchase

Watch our Cash-Out Refinance Calculator "How To" video

Inputs

The amount of your current monthly mortgage payment
Please Enter Current Mortgage Payment
Your current mortgage balance. You can find this figure on your most recent monthly mortgage statement or by calling your lender
Please Enter Current Mortgage Balance
Estimated value of the property
Please Enter Estimated Value of Property
Amount of new mortgage
Please Enter Amount of New (Refinanced) Mortgage
Your new mortgage type. The most common mortgage type is fixed rate
Please Select New Mortgage Type
The current interest rate for a 30 year fixed rate mortgage is approximately 3.875%
Please Select Rate of New Mortgage
The length, in years, of your new mortgage. The most common mortgage term is 30 years
Please Select Term (Years)
One-time costs such as lender fees and points, title insurance, appraisal fee and attorney fees (in the South)
Non-Recurring Refinancing Closing Costs
The type of mortgage your looking to obtain
Please Select Mortgage Type
Submit Valid Info to Compare Lenders and Save Money!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 calculator for a version of this calculator that does not require personal info
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score

Outputs

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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Current Mortgage Rates as of July 16, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click 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.