Your Property & Current Loan
New Loan Terms
New Loan Amount
—
New Monthly Payment
—
Equity Remaining
—
All calculations run locally in your browser. No personal data is transmitted.
Enter your home value, current loan balance, and desired cash amount — instantly see your new loan, monthly payment, remaining equity, and LTV ratio.
All calculations run locally in your browser. No personal data is transmitted.
A cash-out refinance is one of the most flexible financial tools available to homeowners — and one of the most frequently misused. It works by replacing your existing mortgage with a larger loan, using the difference between the two to put cash in your pocket. The eligibility ceiling for most conventional loans is 80% LTV, meaning you must retain at least 20% equity after the cash-out.
Say your home is worth $420,000 and you owe $230,000 on your current mortgage — giving you $190,000 in equity. The 80% LTV ceiling on your home value caps your new loan at $336,000. After paying off your current $230,000 balance, you can receive up to $106,000 in cash (before closing costs). If you take $70,000 at a new rate of 6.75% on a 30-year term, your new payment is approximately $1,817/month. That's likely higher than your current payment, so confirm the extra cost fits your budget.
Home renovation or improvement projects are the most financially sound use — they can increase the home's value and the interest may be tax-deductible. Debt consolidation is another common use: rolling credit card balances at 20%+ APR into a 6–7% mortgage rate generates immediate savings, though it converts unsecured debt to secured debt backed by your home. Avoid cash-out refinances to fund lifestyle expenses or depreciating purchases. For a straight rate-and-term scenario without equity withdrawal, our mortgage refinance calculator is the better starting point.
Conventional loans cap cash-out at 80% LTV. FHA cash-out refinances also allow up to 80% LTV. VA loans permit cash-out up to 100% LTV for eligible veterans — our VA refinance calculator covers that scenario. Jumbo loans may have tighter restrictions (70–75% LTV). Always verify current LTV limits with your lender, as guidelines shift with market conditions.