Cash-Out Refinance Calculator
Compare a new loan, cash at closing and monthly principal-and-interest payments using your payoff, fees and lender LTV cap.
What This Calculator Does
Estimate additional borrowing, cash at closing and monthly principal-and-interest payments when replacing one existing mortgage with a fixed-rate loan. This tool separates outstanding principal from the payoff, requires an explicit closing-cost amount and shows whether the entire new loan fits your entered LTV cap. It is a planning comparison, not an approval.
Who Is This For
Homeowners considering a cash-out refinance and real estate professionals helping them compare quotes for a Florida property. Use the lender's applicable cap, an up-to-date payoff and explicit fees; eligibility depends on the lender's full review.
How It Works
Enter the property value and outstanding principal, then add a payoff quote and current P&I if available. Otherwise review the visible principal-only payoff assumption and supply the current rate and remaining whole years plus months. Enter the additional advance and closing fees, choose how fees are funded, and set the new rate, amortization term in years (10, 15, 20, 25 or 30) and LTV cap. Review cash received or due, separate fees, the new loan and payment, and any amount above the cap.
Frequently Asked Questions
Does the maximum cash amount mean the lender will approve it?
No. The cap is an entered scenario limit. The 80% default is a Fannie Mae reference for a standard one-unit primary-residence cash-out loan, not every property or program. Approval requires the lender's full review, and the cap applies to the whole new loan, including financed fees.
How do the three closing-cost options change the result?
With a $100,000 additional advance and $10,000 of entered fees, deducting fees gives $90,000 at closing. Financing fees gives $100,000 at closing but adds $10,000 to the loan. Paying separately gives $100,000 at closing and requires another $10,000 from your funds, leaving $90,000 net. These are illustrative entered amounts, not standard fees.
Why are principal and the payoff quote separate?
Current principal supports the old-payment estimate. A payoff quote can also include accrued interest and payoff charges, so it is the amount needed to replace the old debt. Without a quote, the tool visibly assumes principal only. Do not enter charges already in the payoff again as closing fees.
Can I use it if my mortgage principal is already paid off?
Yes. Enter current principal as 0; current P&I is then 0, and no old rate or remaining term is required. Confirm any remaining payoff charges. If principal is still outstanding, a supplied P&I-only payment can replace the reconstructed estimate. Neither payment includes taxes, insurance, HOA or PMI.
What does negative cash or an over-cap result mean?
Negative closing cash means the fees deducted from the advance require money from you. Separate fees are also a cash cost, shown once in net cash. An over-cap result means the entire new loan exceeds the entered limit. Even with no additional advance, existing debt above the cap is not made feasible by a zero cash-capacity figure.
Does a lower monthly payment mean refinancing costs less?
No. Extending the term can reduce monthly P&I while increasing total interest. The comparison uses a fixed nominal annual rate, not APR, and excludes other housing charges. It does not calculate lifetime savings or a break-even date; compare the lender's full costs and repayment terms before deciding.