Cash-Out Refinance Calculator: Net Cash and New Payment
A cash-out refinance calculator estimates cash available after replacing your mortgage, paying off included liens and covering closing charges. It also estimates the new monthly principal-and-interest payment. Enter your property value, payoff amounts, rate, term and lender-supplied borrowing limit; the result is a funding scenario, not an approval.
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Report a calculation issue Cash-Out Refinance Calculator: Net Cash and New Payment: purpose and method
A cash-out refinance calculator estimates cash available after replacing your mortgage, paying off included liens and covering closing charges. It also estimates the new monthly principal-and-interest payment. Enter your property value, payoff amounts, rate, term and lender-supplied borrowing limit; the result is a funding scenario, not an approval.
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Method and test recordFormula v1.0.1
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- CalculatorGeek
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- CalculatorGeek Editorial Team
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- Definition fixtures
- 2 configured scenarios
- Published examples
- 2 shown below
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No tool-specific review method has been recorded.
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Latest model update
2026-10-28 - Created from finished package copy and deterministic contract.
Reference inputs and expected results
Up to 12 examples from the configured definition fixtures are shown. Expected values use the stated output units; invalid inputs are intended to be rejected.
| Case | Inputs | Expected result |
|---|---|---|
| Maximum cash and chosen target | Value: 450000; Payoff: 270000; Ltv Pct: 80; Retained Liens: 0; Funded Cost: 6000; Rate: 6; Months: 360; Target Cash: 50000 | Max Loan: 360000; Max Net Cash: 84000; Max Payment: 2158.3818905499; Target Loan: 326000; Target Payment: 1954.534711998; Target Ltv Pct: 72.4444444444 (allowed numeric tolerance: 1.0E-6) |
| Insufficient equity after costs | Value: 200000; Payoff: 170000; Ltv Pct: 80; Funded Cost: 3000; Rate: 0; Months: 120 | Max Loan: 160000; Raw Net Cash: -13000; Available Cash: 0; Funding Shortfall: 13000 (allowed numeric tolerance: 1.0E-6) |
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Cash released is additional borrowing
A cash-out refinance replaces an existing mortgage with a larger loan and releases part of the difference as cash. The CFPB describes this structure and explains why the rate on the replacement mortgage matters. Your new rate applies to the refinanced principal, not just the extra cash.
This calculator answers two focused questions: how much net cash a selected loan could release, and how large a loan would be needed for a cash target. It does not call the borrowed cash income, profit or savings.
To compare obtaining the same funds through a separate loan instead, use the Home Equity Loan vs. Cash-Out Refinance Calculator. That comparison keeps the cost of your existing mortgage in view.
Enter the complete closing ledger
Start with a property value supported by the information available to you. An estimate is not a lender appraisal. Enter the payoff of the current mortgage and any other liens that would be repaid at closing. Identify any lien that would remain rather than silently treating it as discharged.
Add closing charges, points and lender credits. Separate costs deducted from the new loan proceeds from cash you will pay independently. Include only documented figures when making a decision comparison; hypothetical values are useful for planning but are not quotes.
Enter the maximum loan-to-value or combined-loan-to-value percentage supplied for the scenario. Product limits can differ. The calculator does not assume every borrower can access the same percentage of property value.
Finally, enter the replacement note rate and loan term. The result shows principal and interest. Taxes, homeowners insurance, association dues and mortgage insurance need separate budget lines if applicable.
How the cash amount is calculated
For a simple case with no retained second lien, the selected loan ceiling is home value × entered maximum LTV. Net cash from that loan is the new principal minus mortgage payoffs and closing charges withheld from proceeds, plus any applicable credits.
If a lien remains, the combined limit must also account for that debt. The calculator displays the retained amount instead of pretending the new mortgage is the only secured balance.
For a specific cash target, reverse the ledger: add the desired cash, required payoffs and costs to be funded by the loan, then subtract eligible credits. Check that the resulting principal fits the entered limits. A funding gap is not extra cash available.
Worked example: maximum cash versus a chosen target
Assume a $450,000 property, a $270,000 current payoff and an entered 80% limit. No other liens remain. The modeled new-loan ceiling is $360,000. If $6,000 of closing costs comes from the proceeds, maximum net cash is:
$360,000 − $270,000 − $6,000 = $84,000.
At an illustrative 6% note rate over thirty years, a $360,000 loan has a $2,158.38 monthly principal-and-interest payment. The rates and costs in this example are assumptions, not available offers.
If you need $50,000 instead, the required principal is $326,000: $270,000 payoff, $6,000 costs and $50,000 cash. Its modeled payment is $1,954.53 and LTV is approximately 72.44%. Borrowing the maximum is not required simply because a modeled limit permits it.
Check the effect on your whole mortgage
A new thirty-year loan can extend debt beyond the current payoff date. It may also price an existing low-rate balance at a higher rate. Compare those changes before concentrating on the cash you receive.
Use the Mortgage Refinance Calculator for a holding-period and remaining-balance comparison. Use the cash-out sizing result here as an input, while keeping additional borrowed principal separate from savings.
Closing costs still matter when financed. The CFPB's loan-cost guide explains that costs may be paid through a larger balance or a lender credit associated with a different rate. The cash received at closing does not make those costs disappear.
Frequently asked questions
Does an 80% scenario mean I qualify for 80% LTV?
No. It is only the assumption in the example. Loan programs, property type, credit, income, appraisal and other factors can change the available amount.
Are proceeds before or after fees?
The result labeled net cash subtracts the entered deductions from loan proceeds. Cash fees you pay independently appear separately, so you can also see the transaction's net liquidity effect.
What if my payoff is larger than the modeled limit?
The tool shows a shortfall and no available cash under those assumptions. It cannot solve that gap by assigning a negative cash-out amount as if it were spendable.
Does the tool calculate tax deductibility?
No. How borrowed money is used and the applicable tax rules can matter. The estimate includes no tax saving and does not determine whether interest qualifies for a deduction.
Enter both a realistic cash target and your selected limit, then compare the new payment and total secured debt before deciding what amount to request.