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Cash Out Refinance Calculator
Calculate your cash out refinance payment, estimate how much cash you can access from your home equity, and compare refinancing options. Get instant results for your cash out refi scenario.
Cash Out Refinance Benefits:
- • Access your home equity as cash
- • Potentially lower interest rate
- • Consolidate high-interest debt
- • Fund home improvements
- • Tax-deductible interest (consult advisor)
- • Single monthly payment
- • Build credit through debt consolidation
- • Invest in property value improvements
Cash-Out Refinance Analysis
$50,000
Cash at Closing
$300,000
New Loan Amount
$1896.20
New Monthly Payment
New LTV:60.00%
Max Cash Out Available:$150,000
How Cash Out Refinancing Works
1
Apply for New Loan
Apply for a loan larger than your current mortgage balance
2
Pay Off Current Loan
New loan pays off your existing mortgage
3
Receive Cash
Get the difference as cash at closing
Cash Out Refinance Requirements
Qualification Criteria:
- • Credit score typically 620+ (varies by lender)
- • Debt-to-income ratio under 43%
- • Stable employment history (2+ years)
- • Home appraisal required
Equity Requirements:
- • Conventional loans: Keep 20% equity (80% LTV max)
- • FHA loans: Keep 20% equity (80% LTV max)
- • VA loans: Can go up to 100% LTV
- • Jumbo loans: Keep 25-30% equity
Cash Out vs Rate-and-Term Refinance
| Feature | Cash Out Refi | Rate-and-Term Refi |
|---|---|---|
| Loan Amount | Higher than current balance | Same or lower than current balance |
| Cash at Closing | Yes - receive cash | No cash received |
| Interest Rates | Slightly higher rates | Best available rates |
| Best For | Accessing equity, debt consolidation | Lower rates, shorter terms |