Home and current mortgage
New refinance assumptions
This calculator estimates principal and interest only. Property taxes, homeowners insurance, HOA dues, mortgage insurance, escrow changes, and prepayment penalties are excluded unless you add them to costs separately.
| Line item | Amount | What it means |
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For this first-lien refinance, LTV and CLTV are the same unless you have other liens. If you keep a second mortgage or HELOC open, add that balance to the new loan before relying on CLTV.
Methodology notes
Cash available
Maximum cash is home value multiplied by maximum LTV, minus the current mortgage payoff and any costs rolled into the refinance.
Payment and interest
The new payment is the amortizing principal-and-interest payment on the new loan amount. Current mortgage cost uses your entered payment, or an estimated payment if you enter 0.
Break-even
Break-even is shown only when the refinance lowers the monthly P&I payment. If the payment rises, the decision is a cash-access tradeoff rather than a savings break-even.
This calculator is educational and is not a loan approval, appraisal, underwriting decision, legal advice, or tax advice. Interest deductibility depends on how funds are used and current tax rules. See full disclosure.
Cash-out refinance FAQ
What is a cash-out refinance?
A cash-out refinance pays off your existing mortgage with a larger new mortgage and returns part of the difference to you as cash after costs and payoff adjustments.
What LTV is common?
Many conventional cash-out refinance scenarios use an 80% maximum LTV for a primary residence, but limits vary by program, property type, occupancy, credit, and investor overlays.
Are taxes and insurance included?
No. Results are principal and interest only. Taxes and insurance may stay similar, but escrow deposits, premiums, assessments, and lender rules can change cash to close.