Free Calculator · Updated October 2026
See how much cash a cash-out refinance can put in your pocket, what your new payment would be, and how much of the payment increase comes from re-pricing the loan you already have.
Estimates only, not a loan offer or commitment. Rates, terms and eligibility depend on credit, property, income and lender guidelines. Save Financial, NMLS #377740, DRE #01875766.
A cash-out refinance replaces your current mortgage with a larger one and pays you the difference. Lenders limit the new loan to a maximum loan-to-value (LTV):
Cash out ≈ (home value × max LTV) − current balance − closing costs
The calculator also shows a number most calculators hide: how much of your new payment comes from moving your existing balance to a new, higher rate. If that figure is large, a HELOC or home equity loan may cost less, because they leave your first mortgage alone.
| Item | Amount |
|---|---|
| Home value | $1,100,000 |
| Current balance / rate | $500,000 at 3.25%, 25 years left → $2,437/month |
| New loan at 80% LTV | $880,000 at an assumed 6.75%, 30 years → $5,708/month |
| Closing costs at 2% | $17,600 |
| Cash to you | About $362,400 |
The rate is an example, not a quote. Here, re-pricing the old $500,000 balance alone adds roughly $800 a month. That is why owners with low pandemic-era rates often keep their first loan and use a second lien instead, while owners whose current rate is near today's rates often do better with one new loan.
| Loan type | Typical max LTV | Notes |
|---|---|---|
| Conventional, 1-unit primary | 80% | Existing loan generally must be seasoned about 12 months |
| Conventional, investment or 2-4 units | 70%–75% | Rental income may help qualify |
| FHA cash-out | 80% | Owner-occupied; mortgage insurance applies |
| VA cash-out | Up to 90%, sometimes higher | Eligible veterans; VA funding fee unless exempt |
| Jumbo | Often 60%–80% | Depends on loan size and reserves |
| Bank statement / non-QM | Often 70%–80% | For self-employed borrowers without tax-return income |
| DSCR (rental) | Often 70%–75% | Qualifies on the property's rent, not your income |
Self-employed? You can do a cash-out refinance on bank statements instead of tax returns. Rental owners can use a DSCR loan that qualifies on rent.
Multiply your home value by the maximum LTV for your loan type (often 80% for a conventional or FHA primary residence), subtract your current balance and closing costs. On a $1,100,000 home with $500,000 owed, 80% LTV allows an $880,000 loan and roughly $362,000 cash after 2% costs.
It depends mostly on your current rate. If your existing rate is far below today's rates, a HELOC or home equity loan usually costs less because only the new money is priced at current rates. If your rate is close to current rates, one new loan is often simpler and cheaper.
For most conventional loans the existing mortgage generally needs to be about 12 months old. FHA, VA and non-QM programs have their own seasoning rules.
Yes. Besides full-documentation loans, bank statement and P&L programs let business owners qualify without tax-return income, usually up to 70% to 80% LTV.
Loan proceeds are generally not income, but whether interest is deductible depends on how the money is used. Ask your CPA.
No. It is an estimate. Your real loan amount, rate and payment depend on credit, income, appraisal and lender guidelines.
We compare cash-out refinance, HELOC and home equity loan pricing side by side so you pick the cheapest way to tap your equity.