How to use this calculator
A cash-out refinance replaces your current mortgage with a new, larger loan and gives you the difference in cash after payoff and closing costs. Common uses include renovations, debt consolidation, reserves, education costs, or buying an investment property.
The tradeoff is that you may reset the amortization clock, pay closing costs, and change your interest rate. If your existing rate is low and you only need a smaller amount, a HELOC may be worth comparing because it can leave the first mortgage untouched. HELOCs usually have variable rates and different repayment structures.
This calculator estimates maximum cash out using your home value, current balance, target LTV, and new loan terms. Final eligibility depends on appraisal, occupancy, property type, credit, reserves, and program rules.
For illustration purposes only. Not a rate quote, loan offer, or commitment to lend. Contact us for a personalized quote.