Cash-out refinance calculator.
See how much cash you could take out, what the new loan would be, and the new monthly payment, by loan program.
How much cash can you take out?
- Maximum loan-to-value
- 80%
- Maximum new loan (before fees)
- $400,000
- Pays off current mortgage
- $250,000
- Cash before closing costs
- $150,000
- Total new loan
- $400,000
- New principal & interest
- $2,594/mo
Estimate only, using standard program limits. Lenders can set lower limits, and the final amount depends on your appraisal, credit and income. Taxes and insurance not included.
How the cash-out estimate works
A cash-out refinance replaces your mortgage with a bigger one and pays you the difference. The most you can borrow is a percentage of your home's appraised value, called the loan-to-value (LTV) limit. The calculator takes that maximum loan, subtracts what you owe today, then subtracts closing costs to show the cash you'd walk away with.
Maximum loan-to-value by program
| Program | Property | Max cash-out LTV |
|---|---|---|
| Conventional | Primary home, 1 unit | 80% |
| Conventional | Primary home, 2–4 units | 75% |
| Conventional | Second home | 75% |
| Conventional | Investment, 1 unit / 2–4 units | 75% / 70% |
| FHA | Primary home only | 80% |
| VA | Primary home only | 100% (including the funding fee) |
| DSCR | Rental property | Set by each lender; 75% is a common maximum |
Conventional limits come from Fannie Mae's eligibility matrix (Freddie Mac's match). FHA's 80% limit and fees come from HUD Handbook 4000.1, and VA's 100% limit comes from 38 CFR 36.4306. Individual lenders can set lower limits.
Fees the calculator adds
- FHA: 1.75% upfront mortgage insurance is added to the loan. Annual MIP on a 30-year FHA cash-out is 0.50% for loans up to $726,200 (0.70% above that) and lasts 11 years at 80% LTV or less.
- VA: the cash-out funding fee is 2.15% the first time you use your VA benefit and 3.3% after that. Veterans getting VA disability compensation, and some others, are exempt. VA caps the loan, fee included, at 100% of the home's value.
Example
Your home is worth $500,000 and you owe $250,000. A conventional cash-out at 80% allows a $400,000 loan. That pays off the $250,000 and leaves $150,000. After $8,000 in closing costs, you'd take home about $142,000. At an example 6.75% rate over 30 years, principal and interest on $400,000 is about $2,594 a month.
Before you apply
- Conventional cash-outs need the mortgage you're paying off to be at least 12 months old, and you need to have been on title for 6 months.
- FHA cash-outs need 12 months of living in the home and 12 months of on-time payments.
- FHA loans can't go over your county's FHA limit — Colorado · Florida.
Related: Cash-out refinance guide · Requirements · Cash-out vs. HELOC · Refinance break-even calculator
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Real numbers from a licensed Colorado & Florida mortgage broker.