Cash-Out Refinance Calculator
Find out how much equity you can convert to cash — and what it does to your monthly payment.
What This Calculator Does
Enter your home's current value and what you still owe. The calculator applies the loan-to-value ceiling your lender allows, shows the maximum new loan amount, subtracts your existing balance and closing costs, and leaves the cash you would actually receive at closing.
Who Is This For
Owners whose Miami property has appreciated well beyond their remaining balance, investors freeing up capital for the next purchase, and homeowners funding renovations, consolidating higher-rate debt, or building a reserve.
How It Works
Provide your estimated home value, current mortgage balance, the loan-to-value limit you expect to qualify for, and the new interest rate and term. Calculate to see your new loan amount, net cash proceeds, and revised monthly payment.
Frequently Asked Questions
How much equity can I take out?
Conventional cash-out refinances are generally capped at 80% loan-to-value, so a lender sizes the new loan at up to 80% of the appraised value and your existing balance comes out of that. Government-backed programs, second homes, and investment properties follow their own limits, which are usually tighter.
Is the cash I receive taxable?
Loan proceeds are not income, so a cash-out refinance is not a taxable event on its own. What changes is the deductibility of the interest: the rules tie that deduction to how the funds are used, and money spent on something other than improving the home is treated differently. Confirm the specifics with a tax professional.
How is this different from a HELOC?
A cash-out refinance replaces your entire first mortgage with a larger one at a single new rate. A HELOC leaves the original loan untouched and adds a second lien you can draw against. If your existing rate is low, refinancing the whole balance just to access equity can be the more expensive route.
What does a cash-out refinance cost?
Expect closing costs in the same 2-6% of the loan amount range as any refinance, and note that the percentage now applies to the larger balance. Lenders also price cash-out loans slightly above a straight rate-and-term refinance because of the added risk.
Can foreign owners do a cash-out refinance?
Non-resident owners of South Florida property can access cash-out financing, typically through foreign-national loan programs that require more equity, carry higher rates, and ask for more documentation than a conventional loan. Work with a lender who handles these files regularly.