Cash-out refinance calculator.

See how much cash a new, larger mortgage could free up, what your new payment would be, and how it compares with keeping your current loan and adding a HELOC for the same amount. Results show as you type, with no email.

Your home and current loan
The cash-out refinance

Example: 7.40% is the 30-year fixed Freddie Mac average for the week of Oct 15, 2026 (15-year: 6.71%). Use the rate a lender quotes you for a cash-out loan.

New term
Closing costs

Freddie Mac says refinancing typically costs 3% to 6% of the loan.

3% of the new loan is $9,897.

Common with cash-out loans. Unchecked, you pay them at closing.

80% is a common limit for conventional and FHA cash-out refinances. VA cash-out loans can go up to 100% of the home's value.

Compare: keep your loan and add a HELOC

Example rate: the prime rate as of Oct 20, 2026, 7.00%, plus a 1.00% margin; your lender sets the margin. Some lenders waive up-front HELOC costs and others charge appraisal and closing fees (CFPB). The line is drawn in full, interest only for 10 years, then repaid over 20.

Your cash-out refinance

Most cash at the 80% limit

$89,200

New monthly payment

$2,284.14

  • Current payment$1,232.95
  • After the cash-out refinance$2,284.14
New loan amount$329,897
New loan-to-value73.3%
Closing costs$9,897
Payment change+$1,051.19
Interest left on your loan (25 years)$109,885
Interest on the new loan (30 years)$492,393
The same $60,000, two ways
MeasureCash-out refiKeep loan + HELOC
Monthly payment now$2,284$1,633
Monthly payment in year 11$2,284$1,735
Average rate on what you owe7.40%3.94%
Interest, closing costs and fees$502,290$218,332

Taking $60,000 out raises your payment from $1,232.95 to $2,284.14 a month, because your whole balance moves to 7.40%. Keeping your 3.00% loan and drawing $60,000 on a HELOC at 8.00% would cost about $1,632.95 a month while the line is interest only. The cash-out refinance has the lower average rate only if your current rate is above about 7.26%.

See the HELOC payment in detail or read cash-out refinance vs HELOC.

These figures are estimates for planning only and are not an offer or a quote. Payments are principal and interest, before taxes and insurance, and the HELOC rate is held steady although real HELOC rates usually change. See our disclosures.

How this is calculated

A cash-out refinance replaces your mortgage with a bigger one. The new loan pays off what you owe, pays you the cash, and can also carry the closing costs.

  • Most cash you could take out

    home value × max LTV × (1 − cost %) − balance

    With costs as a percent added to the loan: $450,000 × 80% = $360,000; less 3% for costs is $349,200; minus the $260,000 you owe leaves $89,200. With a dollar amount, subtract it instead. If you pay costs at closing, nothing comes out of the loan for them.

  • New loan amount

    (balance + cash) ÷ (1 − cost %)

    ($260,000 + $60,000) ÷ 0.97 = $329,897, of which $9,897 is closing costs. With a dollar amount added to the loan: balance + cash + costs.

  • Monthly payments

    L × i ÷ (1 − (1 + i)−n)

    The same formula for your current loan (balance over the years left) and the new one (new loan over the new term). $329,897 at 7.40% over 360 months is $2,284.14.

  • The HELOC path

    current payment + cash × HELOC rate ÷ 12

    $1,232.95 + $60,000 × 8.00% ÷ 12 ($400.00) = $1,632.95 during a 10-year interest-only draw period. In year 11 the line is repaid over 20 years: $501.86 a month at 8.00%.

  • Average rate and the break-even rate

    (balance × current rate + cash × HELOC rate) ÷ (balance + cash)

    ($260,000 × 3.00% + $60,000 × 8.00%) ÷ $320,000 = 3.94%. Set that equal to the new rate and solve for the current rate to find where the cash-out refinance starts to win on rate: 7.26% here, before closing costs.

  • Fixed rates. Both mortgages are fixed. The HELOC rate is held at what you enter, although HELOC rates are usually variable (CFPB).
  • Interest and costs over the life of each path. The comparison adds the interest you would pay if each loan ran its full term, plus closing costs and HELOC fees. Paying off early or selling changes both.
  • Limits vary. 80% is common for conventional (Fannie Mae) and FHA cash-out loans on a one-unit primary home; VA allows up to 100%. Lenders can set lower limits and review your credit and income.

Sources

  • Freddie Mac, Primary Mortgage Market Survey: 30-year fixed 7.40% and 15-year fixed 6.71%, week of October 15, 2026.
  • Federal Reserve, H.15 Selected Interest Rates: bank prime loan rate 7.00%, as of October 20, 2026.
  • Freddie Mac My Home, “Understanding the costs of refinancing” (accessed October 21, 2026).
  • Fannie Mae Selling Guide B2-1.3-03, Cash-Out Refinance Transactions, and Eligibility Matrix.
  • HUD press release 19-114 (August 1, 2019): FHA cash-out limit of 80%.
  • U.S. Department of Veterans Affairs, “Purchase and Cash-Out Refinance Loans” (accessed October 21, 2026).
  • CFPB, “What you should know about home equity lines of credit” and “Is there such a thing as a no-cost or no-closing loan or refinancing?” (last reviewed April 3, 2024).

Last reviewed October 22, 2026.

Questions about cash-out refinancing

How much cash can I get from a cash-out refinance?

Multiply your home's value by the lender's maximum loan-to-value, then subtract what you owe and the closing costs you add to the loan. For a one-unit primary home, the usual cap is 80% for conventional loans sold to Fannie Mae and for FHA loans, and up to 100% of the appraised value for VA loans. On a $450,000 home with $260,000 owed, 80% leaves about $100,000 before closing costs.

How much are cash-out refinance closing costs?

Freddie Mac says you can expect to spend 3% to 6% of the loan principal to refinance, depending on your lender, credit score and location. Because the percentage applies to the whole new loan, taking $60,000 out through a $320,000 refinance means paying costs on $320,000. The CFPB notes that no-closing-cost offers usually cover the costs with a higher rate or a bigger balance.

Can I do a cash-out refinance and keep my current rate?

No. A cash-out refinance pays off your mortgage and replaces it with a new, larger loan at a new rate, so the whole balance moves to that rate. To borrow against your home and keep your current rate, you would use a HELOC or a home equity loan, which sit behind your first mortgage.

Is a cash-out refinance better than a HELOC?

It depends mostly on your current rate. If it is well below today's 30-year average (7.40% for the week of October 15, 2026, per Freddie Mac), keeping it and adding a HELOC usually costs less. If your rate is at or above the market, a cash-out refinance can lower your rate and give you cash in one fixed-rate loan. The comparison in this calculator shows where your numbers fall.

Do I have to give my email or phone number to see results?

No. This calculator runs in your browser and shows every result as you type. Nothing you enter is sent to LenderMatch. If you later want offers from lenders, the refinance form is a separate step you choose to take.

Keep reading

See your payment while the line is open and what it becomes once repayment starts.

Estimate your HELOC payment

See what lenders would offer on a cash-out refinance.

One short form, about 2 minutes, and lenders in your state reach out with their rates and closing costs.

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