Cash-Out Refinance Calculator: Equity You Can Take
See the new loan, cash at closing and monthly P&I side by side in this cash-out refinance calculator, built on your payoff, fees and lender's LTV cap.
What This Calculator Does
This calculator projects how much more you'd borrow with a cash-out refinance, the cash you'd get at closing and your new monthly P&I. The math holds only when your sole current mortgage is paid off and replaced by a fixed-rate loan. Your payoff goes in apart from the remaining principal, and closing costs go in as an exact amount. The tool also tells you whether the full new loan fits within the LTV limit you set. Use the results to plan and compare. They are not an approval.
Who Is This For
It's built for Florida homeowners weighing a cash-out refinance, and for the real estate pros helping them compare lender quotes. Use the ceiling your lender actually applies, a current payoff number and every fee written out as a figure. Qualifying is a separate matter. The lender settles it after a full review.
How It Works
Begin with what the property is worth and the principal you still owe. Then add your payoff quote and current P&I, if you have them on hand. If you don't have them, review the on-screen assumption, which treats principal alone as the payoff, and enter your current rate plus the remaining full years and months. Add the extra cash you want and the closing fees, and choose how those fees are covered. Set the new rate, choose how many years to amortize over (10, 15, 20, 25 or 30) and enter the LTV cap. Finally, check the results: the cash you get or owe, any fees paid separately, the new loan with its monthly payment, and whatever exceeds the cap.
Frequently Asked Questions
Is the maximum cash amount the same as a lender approval?
No, the maximum cash figure is not a lender approval. The cap is a limit you enter for your own scenario. Its 80% default follows Fannie Mae's standard cash-out refinance on a single-unit primary residence, and that figure doesn't fit every property or program. The cap covers the entire new loan, including financed fees. Approval needs the lender's full review.
How does the result change with each of the three closing-cost options?
Say you want $100,000 of extra cash and enter $10,000 in closing costs; these are sample inputs, not typical fees. Deduct the costs and $90,000 reaches you at closing. Finance them and you receive $100,000, while the new loan rises by $10,000. Pay them out of pocket and closing hands you $100,000, but after the $10,000 out of pocket you net $90,000.
Why do principal and the payoff quote go in separately?
They do different jobs. The principal lets the tool estimate your old payment, while the payoff quote can add interest that has built up and fees to close out the loan, so it is the figure that actually clears the existing mortgage. If you have no quote, the tool assumes the payoff equals principal and displays that assumption. Charges that are already part of the payoff should not be entered a second time as closing fees.
Can I use the calculator if my principal is fully paid off?
Yes. Enter 0 as the current principal; the old P&I then shows 0, and you can skip the old rate and remaining term. Check whether any payoff charges still apply. If you still owe some principal, you can type your own P&I-only payment in place of the estimate the tool rebuilds. Taxes, insurance, HOA dues and PMI are left out of both payments.
What does negative cash or a result over the cap mean?
When cash at closing turns negative, the deducted fees call for your own money. Paying fees on the side takes cash as well. The tool counts that cost a single time, inside net cash. An over-cap flag says your entire new loan exceeds the limit you chose. Dropping the extra advance to zero can't cure it if your existing debt is already past the cap, because having no room for cash leaves that debt where it is.
Does a lower monthly payment mean a cheaper refinance?
No. A longer term trims the monthly P&I but piles up more interest overall. The rate you enter is a fixed nominal annual rate, not the APR, and other housing costs stay out of the math. The tool doesn't work out lifetime savings or a break-even date. Before you choose, compare each lender's full costs and repayment terms.