Handeware
Money

Monthly payment

$1,984.71
New loan amount
$306,000.00
Loan as share of home value
68%
Most cash the loan-to-value share allows
$104,000.00

This is arithmetic for general information, not financial advice.

Cash-Out Refinance Calculator

A cash-out refinance replaces your current mortgage with a larger one, and the difference comes back to you in cash. This shows the new loan, its monthly payment, and the most cash your loan-to-value share would allow.

How it works

The new loan is what you still owe on the mortgage, plus the cash you want, plus the closing costs, which this calculator assumes are rolled into the loan. The loan as a share of home value is the new loan divided by the home value.

The most cash allowed is the home value times the highest loan-to-value share you enter, minus what you still owe and the closing costs. Lenders set their own limits, so change that share to match what you are given.

The monthly payment uses the standard loan formula: loan times r divided by one minus (1 plus r) to the power of minus n, where r is the yearly rate divided by 12 and n is the number of months. It covers principal and interest only.

Worked example

On a $450,000.00 home that still has $250,000.00 owed, asking for $50,000.00 in cash with $6,000.00 of closing costs gives a new loan of $306,000.00. At 6.75% over 30 years, the payment is $1,984.71 a month.

Questions

Is the cash I receive taxed?

Cash from a refinance is borrowed money, and it is usually not counted as income. Ask a tax professional how it applies to your own situation.

Are closing costs included?

This calculator adds closing costs to the new loan. A written loan estimate from a lender shows the exact figure for your case.

Does the payment include taxes and insurance?

No. It is principal and interest only. Property tax and home insurance come on top of this amount.

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