See how much cash you can take out when you replace your mortgage with a bigger one. Enter the home value, your balance and the lender's loan-to-value limit to get the maximum cash out, the new loan, the new payment next to your current one and the break-even point.
Last updated:
Home & current loan
$
$
%
years
New loan
%
Conventional cash-out loans usually allow 80%.
$
Blank = take the maximum.
%
$
Often 2%–5% of the new loan.
Enter your values to see the result.
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How to use the Cash Out Refinance Calculator
Enter the home value and current balance, plus your current rate and years left to compare payments.
Enter the lender's maximum LTV; 80% is typical for conventional cash-out loans.
Leave 'cash you want' blank to see the maximum, or type the amount you need.
Set the new rate, term and closing costs and choose whether to roll the costs into the loan.
Calculate and check the new payment, break-even and the LTV table.
Cash-out refinance formulas
Maximum loan = home value × maximum LTV
Maximum cash out = maximum loan − current balance − closing costs (if rolled into the loan)
New loan = current balance + cash out + rolled-in closing costs
New payment = L × r ÷ (1 − (1 + r)−n), with r = new rate ÷ 12 ÷ 100 and n = term in months
Break-even months = closing costs ÷ (old payment − new payment), only when the payment falls
Example: a $500,000 home, $260,000 balance and an 80% limit allow a $400,000 loan. With $9,000 of closing costs rolled in, the maximum cash out is $400,000 − $260,000 − $9,000 = $131,000.
Typical maximum LTV for a cash-out refinance
Loan type
Typical max LTV
Notes
Conventional, primary home
80%
Single-unit home; lower for 2–4 units
Conventional, second home
75%
Varies by lender
Conventional, investment property
70%–75%
Often higher rates and reserves
FHA cash-out
80%
Includes mortgage insurance premium
VA cash-out
Up to 90%–100%
Eligible veterans and service members; lender rules vary
Lender overlays, credit score and the property type can lower these limits. Check your loan estimate for the exact numbers.
When a cash-out refinance makes sense
The new rate is near or below your current rate, so you are not repricing the whole balance higher.
The cash replaces more expensive debt such as credit cards, and you will not run the balances back up.
The project adds value, like a renovation that raises the home's worth.
If your current rate is low, compare a home equity loan or a HELOC, which leave your first mortgage untouched.
Frequently asked questions
How much cash can I get from a cash-out refinance?
Multiply the home value by the lender's maximum loan-to-value and subtract your current balance (and closing costs if you roll them in). For a $500,000 home at 80% LTV with a $260,000 balance, the new loan can be up to $400,000, so up to $140,000 before closing costs.
What LTV limits apply to cash-out refinances?
Conventional (Fannie Mae and Freddie Mac) cash-out loans on a primary home are usually limited to 80% LTV, FHA cash-out loans to 80%, and VA cash-out loans can go up to 90% or more depending on the lender. Investment properties are often capped lower, around 70% to 75%.
How is the break-even point calculated?
Break-even months = closing costs ÷ monthly payment savings. It only applies when the new payment is lower than the current one. If the payment rises, there is no break-even: you are paying for the cash with a higher payment and more total interest.
Is a cash-out refinance better than a home equity loan?
A cash-out refinance replaces your whole mortgage, so it usually makes sense when the new rate is close to or below your current rate. If your current rate is much lower, a home equity loan or HELOC that leaves the first mortgage alone is often cheaper overall.
Should I roll closing costs into the loan?
Rolling them in means less cash needed at closing but a larger loan, more interest and slightly less cash available under the LTV limit. Paying them upfront keeps the loan smaller.
What is the 'lifetime cost of the cash'?
It is all payments on the new loan, minus the payments you would still make on your current loan, minus the cash you receive. It shows roughly how much extra interest and fees the cash costs if you keep the new loan to the end, without discounting for time.
Is my data stored or sent anywhere?
No. Everything is calculated in your browser and nothing is uploaded.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.