Cash out refinance calculator
Enter the home value, the current balance, the cash out and the new loan terms to see the new loan amount, LTV, monthly payment and net cash, for your review of the loan file.
Runs in your browser. What you type isn't sent or stored.
Calculate a cash out refinance
Home and current loan
Or leave blank and enter the current rate and years left.
New loan
Treated as paid from the cash out.
There is no default rate.
Your input, starting at 80. Change it to the figure the lender gives you; it isn't a lender rule.
How a cash out refinance is calculated
New loan amount = current mortgage balance + cash out. New LTV = new loan amount ÷ current home value.
New monthly P&I is the standard amortization of the new loan at the rate and term you enter. The change in payment compares it with the current P&I, if you enter one.
Cash received = cash out − closing costs, since the closing costs are treated as paid from the cash out.
Worked example
- Home value $500,000, current balance $250,000, current P&I $1,500.00.
- Cash out $100,000: new loan $250,000 + $100,000 = $350,000.
- New LTV: $350,000 ÷ $500,000 = 70.00%.
- At a 7% rate entered over 30 years: $2,328.56 a month, +$828.56 vs current.
- Closing costs $6,000: cash received $94,000.
Round numbers for illustration only; the rate, term and max LTV are inputs, not defaults from any lender.
The max LTV check
The max LTV field starts at 80 so the check has a figure to compare against. Change it to the figure the lender gives you for the property and program; the calculator only flags when the new LTV is above what you entered. For CLTV with a second lien, use the LTV and CLTV calculator.
Cash out and bank statement income
For a self-employed borrower, the new payment feeds the debt side; put it into the mortgage DTI calculator. The income side can come from the bank statement income calculator. Comparing with a second lien instead? Try the HELOC payment calculator.
What this calculator doesn't do
- It's an estimate. It leaves out taxes, insurance, mortgage insurance, prepaid items, payoffs of other debts and lender credits.
- It doesn't say what LTV, cash out or rate a lender allows. The max LTV is a figure you set.
- It doesn't make a lending decision. Every figure is the one you type.
Questions
How is the new loan amount calculated?
New loan amount = the current mortgage balance + the cash out you enter. Closing costs are treated as paid from the cash out, so they reduce the cash received rather than raise the loan.
How is the new LTV calculated?
New LTV = the new loan amount ÷ the current home value, as a percent rounded to two decimals. Lenders and programs may define the value differently; confirm with the lender.
What is the max LTV field?
A figure you set to check the new LTV against. It starts at 80 so the check has something to compare, and you can change it. It isn't a lender's limit; enter the figure the lender gives you for the loan.
How is the new monthly payment calculated?
Principal and interest on the new loan amount at the rate and term you enter, with a standard amortization formula. At a 0% rate the loan is divided evenly by the months. Taxes, insurance and mortgage insurance aren't included.
How is the change in payment worked out?
The new principal and interest minus the current one. Enter the current monthly payment, or the current rate and the years left so the calculator can work it out. Leave both blank to skip the comparison.
What does cash received mean here?
The cash out minus the closing costs you enter. It's an estimate before prepaid items, payoffs of other debts and any lender credits.
Is anything I type saved?
No. The figures are calculated in your browser, and what you type isn't sent or stored.
Not legal or tax advice.
Ready for the real statements?
Upload 12 or 24 months of PDFs. StatementReady checks whether each statement's transactions add up to its printed balances.
This tool assists your review of the loan file. The lender makes all underwriting decisions.
StatementReady isn't affiliated with or endorsed by Fannie Mae or any lender named here.