What is a cash-out refinance?

A cash-out refinance replaces your existing mortgage with a new, larger loan, allowing you to withdraw some of your home equity as cash at closing.

What can I use cash-out refinance funds for?

You can use the cash for almost any purpose common uses include home renovations, consolidating debt, paying for education, or funding major purchases.

Are there risks to cash-out refinancing?

Yes. You may increase your monthly payment, pay more interest over time, and reduce your home equity. If home values drop, you could owe more than your home is worth.

How do I know what to enter for closing costs?

Estimate 2–5% of your new loan amount for closing costs. You can ask your lender for a more precise quote.

Can I download my full payment schedule?

Yes. After calculating, you can export your full amortization schedule as a PDF or Excel file for the entire 30-year period.

What if I want a different loan term or rate?

Simply adjust the loan term and interest rate fields, then click “Calculate” again to see updated results.

Cash-Out Refinance Calculator

Easily estimate your cash-out refinance options

Inputs

Cash-out refinance (U.S.)

Home Value ($)

Current Mortgage Balance ($)

New Loan Amount ($)

Must be ≥ current balance for cash out

New Loan APR (%, 0–100)

New Loan Term (years, 1–50)

Closing Costs ($)

Typically 2–5% of loan in the U.S.; paid from cash to borrower in this estimate

Results

New payment and cash to borrower

New Loan Amount

$320,000

Monthly Payment

$2,023

Cash to Borrower

$64,000

Total Interest

$408,142

Balance Over Time

Remaining balance by year

Principal vs Interest by Year

All 30 years

Yearly Breakdown

First 15 years. Download full schedule for all 30 years.

Year	Principal	Interest	Balance
1	$3,577	$20,695	$316,423
2	$3,816	$20,455	$312,607
3	$4,072	$20,200	$308,535
4	$4,345	$19,927	$304,191
5	$4,636	$19,636	$299,555
6	$4,946	$19,325	$294,609
7	$5,277	$18,994	$289,332
8	$5,631	$18,641	$283,701
9	$6,008	$18,264	$277,694
10	$6,410	$17,861	$271,284
11	$6,839	$17,432	$264,444
12	$7,297	$16,974	$257,147
13	$7,786	$16,485	$249,361
14	$8,308	$15,964	$241,053
15	$8,864	$15,407	$232,189

Amortization Schedule

First 15 months. Download full schedule below for all 360 months.

Month	Payment	Principal	Interest	Balance
1	$2,023	$289	$1,733	$319,711
2	$2,023	$291	$1,732	$319,420
3	$2,023	$292	$1,730	$319,127
4	$2,023	$294	$1,729	$318,833
5	$2,023	$296	$1,727	$318,538
6	$2,023	$297	$1,725	$318,241
7	$2,023	$299	$1,724	$317,942
8	$2,023	$300	$1,722	$317,641
9	$2,023	$302	$1,721	$317,339
10	$2,023	$304	$1,719	$317,036
11	$2,023	$305	$1,717	$316,730
12	$2,023	$307	$1,716	$316,423
13	$2,023	$309	$1,714	$316,115
14	$2,023	$310	$1,712	$315,804
15	$2,023	$312	$1,711	$315,492

For educational and estimation purposes only; not financial or legal advice. U.S. context. Cash-out refinance is subject to LTV limits (e.g. 80% conventional) and lender criteria; rates and terms vary by loan type. Does not include property taxes, insurance, or PMI. Consult a qualified lender for actual terms.

How It Works

Step 1: Enter Your Details

Home Value ($): The current appraised value of your home.
Current Loan Balance ($): The remaining balance on your current mortgage.
Desired New Loan Amount ($): The amount you want to borrow with your new mortgage. This must be at least equal to your current balance to pay off your old loan and access additional cash.
Interest Rate (%): The expected annual interest rate for your new mortgage (for example, 6.5%).
Loan Term (years): The length of your new loan, typically 30 years.
Estimated Closing Costs ($): The upfront fees to process your refinance, often 2–5% of the new loan. The calculator deducts this from the cash you receive.

Step 2: View Your Results

After clicking “Calculate,” you’ll see:

New Loan Amount: Total amount of your new mortgage.
Monthly Payment: Your estimated new monthly mortgage payment based on the interest rate and loan term.
Cash to Borrower: The amount you’ll receive at closing, after paying off your old mortgage and deducting closing costs.
Total Interest: The total interest you’ll pay if you keep the new mortgage for the full term.

Step 3: Explore Visual Tools

Balance Over Time Chart: Visualizes how your loan balance shrinks each year.
Principal vs Interest Chart: Shows how much of each year’s payments go toward principal versus interest.
Yearly Breakdown: Table summarizing principal paid, interest paid, and remaining balance for each of the first 15 years (download full schedule for all years).
Amortization Schedule: Detailed month-by-month breakdown for the first 15 months (full schedule available for download).

Step 4: Export and Share

Copy: Quickly copy your results to share or save elsewhere.

Export PDF / Export Excel: Download your full amortization schedule in your preferred format for further analysis or record-keeping.

How This Calculator Helps

This cash-out refinance calculator is designed to give you a clear, practical estimate of your new loan terms and the cash you can receive. Here’s what you can do with it:

Enter your home’s value, current mortgage balance, and desired new loan amount. The calculator ensures your new loan is large enough to pay off your current balance and provide cash out.
Input your expected interest rate and loan term. These numbers help estimate your new payment.
Estimate your closing costs. This is typically 2–5% of your loan amount in the US and is deducted from the cash you receive.
Review clear outputs:
- New Loan Amount: the total amount you’ll borrow after refinancing.
- Monthly Payment: your estimated new monthly mortgage payment.
- Cash to Borrower: the net cash you’ll take home after paying off your current loan and covering closing costs.
- Total Interest: the projected interest paid over the life of the new loan.

Additionally, the calculator displays easy-to-read charts showing how your loan balance decreases over time and how your payments are split between principal and interest.

You can also download your full payment schedule for detailed planning.