Cash-Out Refinance Calculator
Calculate new mortgage payment and cash received from a cash-out refinance.
By Konstantin Iakovlev · Updated September 2026 · Source: Fannie Mae Eligibility Matrix — cash-out refinance LTV limits
New Monthly Payment
$2,140.37
Cash Received
$50,000.00
New LTV
73.3%
Refinance Details
| New Loan Amount | $330,000.00 |
| Max Loan (80% LTV) | $360,000.00 |
| Eligible | Yes |
| Total Interest | $440,534.54 |
| Total Cost | $770,534.54 |
Use the Cash-Out Refinance Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
How It Works
A cash-out refinance replaces your existing mortgage with a larger one and hands you the difference in cash drawn from your home equity. The size of that new payment depends heavily on the rate you lock (Freddie Mac's weekly survey put the average 30-year fixed rate at 6.95% on September 17, 2026), so it pays to model the trade-off before committing equity you have spent years building.
To find your new loan amount, the tool adds the cash you want to pull out to your current mortgage balance, then applies the rate and term you enter to produce a fresh monthly principal-and-interest figure. It also divides the new loan by the home's value and flags a loan above 80% of that value, the cap Fannie Mae sets for a cash-out refinance on a one-unit primary home. Closing costs, which usually run 2% to 5% of the loan, are not part of the calculation; if you fold them into the new loan, add them to the cash-out amount and remember that the cash you actually receive is smaller by that much.
Two details trip up many borrowers. Closing costs are easy to underestimate, yet they directly shrink the net cash that actually reaches you. And because a cash-out refinance resets the clock on your loan term, you may pay more total interest over the life of the mortgage even after years of on-time payments. Weighing both is the only way to judge whether the cash is worth its long-run price.
Example: Home Renovation Refinance
- 1 Input your home's value ($400,000), your current mortgage balance ($250,000), the cash you want out ($50,000 for a kitchen renovation), a 6.5% rate and a 30-year term.
- 2 New loan: $250,000 + $50,000 = $300,000. New LTV: $300,000 ÷ $400,000 = 75.0%, below the $320,000 maximum at 80% LTV, so the calculator marks it eligible.
- 3 New payment: $300,000 at 6.5% for 30 years is $1,896.20 a month in principal and interest, with $382,633.47 of interest over the full term.
- 4 Closing costs come on top. If you roll $9,000 of them into the loan, enter $59,000 as the cash-out amount: the loan becomes $309,000 (77.3% LTV) and the payment $1,953.09, while the cash left for the kitchen is still $50,000. Compare the new payment with your current one before deciding.
Source: Fannie Mae Eligibility Matrix — cash-out refinance LTV limits · Last updated: September 2026
Frequently Asked Questions
How does a cash-out refinance work?
Is a cash-out refinance a good idea?
How much cash can I get from a cash-out refinance?
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