Cash-Out Refinance Calculator: How Much Cash You Can Take
Enter your payoff, fees and the lender's LTV ceiling; this cash out refinance calculator shows new loan, closing cash and monthly P&I in one view.
What This Calculator Does
This tool shows how much more you'd borrow, what reaches you at closing and what the new monthly P&I comes to. It assumes one existing mortgage replaced by a fixed-rate loan; any other setup falls outside it. Payoff and remaining principal are separate entries, closing costs go in as a stated amount, and a flag checks the full new loan against the LTV limit you set. It compares options for planning and never approves anything.
Who Is This For
Own a home in Florida and weighing a cash-out refinance? Or a real estate pro comparing quotes for a client? Apply the ceiling your lender uses, enter the current payoff and state the fees outright. Whether you qualify is the lender's call after a full review.
How It Works
Step one is the home's value and the principal you still owe. Got a payoff quote and your current P&I handy? Add them. If not, the screen shows a payoff assumption based on principal alone, so check it, then enter your current rate and the whole years and months left on the loan. Next come the extra advance, the closing fees and how you'll fund those fees. Finish with the new rate, an amortization of 10, 15, 20, 25 or 30 years and your LTV cap. The results show cash you receive or owe, fees counted apart, the new loan with its payment, and any amount above the cap.
Frequently Asked Questions
Does the maximum cash figure mean a lender will approve it?
No. Only the lender can approve, after a complete review. The ceiling here is a number you type in for your scenario, and the 80% it starts with is borrowed from Fannie Mae's guidance for a standard cash-out on a primary residence with a single unit. That 80% doesn't apply to every property or program. Whatever the ceiling, it applies to the entire new loan, financed fees included.
How do the three closing-cost options change my cash and loan amount?
Picture a $100,000 extra advance with $10,000 in fees entered. Take the fees out of the advance and you leave closing with $90,000. Roll them into the loan instead, and $100,000 lands at closing while the balance climbs by $10,000. Pay them from your own pocket, and $100,000 still arrives, but your $10,000 goes out, so the net is $90,000. Illustrative inputs, not typical fees.
Why keep principal and payoff in different fields?
Principal alone drives the estimate of your old payment. Closing out that loan can cost more, since the lender's quote may carry interest built up since your last payment, plus charges for paying off. That quote is what the calculator uses to clear the old balance. Without one, you'll see an assumption on screen: payoff equals principal. Charges the payoff already contains shouldn't be typed in a second time as closing costs.
Can I use this if my mortgage principal is paid off?
Yes. With nothing owed, you skip the old rate and the remaining term entirely: put 0 in the principal field and the calculator treats P&I as 0 too. Look over any payoff charges that might still be attached. Still owe some principal? Type in your actual P&I-only payment and it replaces the estimate the calculator rebuilds. Neither payment includes taxes, insurance, HOA or PMI.
What's behind a negative cash figure or an over-the-cap flag?
A negative number at closing means the fees taken out of your advance call for money from your own pocket. Fees you pay separately cost cash as well, but they show up a single time, in net cash. An over-cap flag means the full new loan is above the limit you set. If the existing debt is already over the cap, a zero advance with zero cash capacity does not fix it.
If the monthly payment goes down, is the refinance actually cheaper?
No. Stretch the loan over more years and the monthly P&I falls, but you pay interest for longer, so the total climbs. The rate you enter is a nominal annual fixed rate, which is not an APR. Other housing charges aren't in the numbers. There's no lifetime-savings figure and no break-even date here either. Before you pick, get the lender's total costs and repayment terms.