Result
30-yr fixed avg ~7.40% (Freddie Mac PMMS, 2026-10-08)
How to use this calculator
Enter your current mortgage balance, your home's estimated value, the new rate and term you'd refinance into, and the cash amount you want to take out. The calculator builds the new loan (old balance + cash out), checks the loan-to-value ratio, and shows the new monthly principal-and-interest payment. Share a pre-filled link like ?balance=320000&value=500000&rate=6.75&term=30&cashout=50000.
The formula
New loan = current balance + cash out. LTV = new loan ÷ home value. Monthly payment uses the standard amortization formula M = L × r(1+r)^n ÷ ((1+r)^n − 1), with r = annual rate ÷ 12. Closing costs (typically 2–5% of the loan) are not financed in this estimate.
Example: $320,000 balance, $500,000 home, $50,000 cash out
New loan = $370,000 → LTV = 74%. At 6.75% for 30 years the payment is about $2,399.81 per month in principal and interest, plus you receive $50,000 at closing.
FAQ
Cash-out refinance vs HELOC — which is better?
A cash-out refinance replaces your whole mortgage at one rate — best when your current rate is close to market. A HELOC is a second lien that keeps your first mortgage untouched — often better if your existing rate is much lower than today's. Compare total monthly cost both ways.
How much cash can I take out?
Most lenders allow up to 80% loan-to-value. On a $500,000 home with a $320,000 balance, that is about $80,000 minus closing costs — the 80% cap in this calculator's LTV row shows whether your requested cash fits.
What do closing costs include?
Typically 2–5% of the loan amount: origination, appraisal, title, recording, and points. Some lenders offer no-closing-cost refinancing in exchange for a higher rate — compare the lifetime cost, not just the upfront number.