Home values have moved a lot since most people got their current mortgage. This calculator gives you a quick look at what a cash-out refinance could do for you: a new estimated payment, a new loan amount, and roughly how much cash you could walk away with at closing.
To get an estimate, you’ll need three numbers: your current mortgage balance, what you think your home is worth today, and how much cash you’re hoping to take out. If you’re not sure about your home’s value, a recent appraisal or a local agent’s estimate both work as a starting point.
It depends on your home’s current value, what you still owe, and the loan program you use. Most conventional cash-out refinances let you borrow up to 80% of your home’s value, though that limit shifts depending on your credit score, loan type, and the state you’re in. The calculator above gives you a starting estimate based on the numbers you enter.
Yes. A cash-out refinance replaces your current mortgage with a new one, so you get a new rate based on today’s market instead of the rate you locked in years ago. That new rate could be higher or lower than what you have now, which is worth checking before you decide to move forward.
A cash-out refinance replaces your existing mortgage with one new, larger loan at a fixed rate. A HELOC leaves your first mortgage in place and adds a second loan on top of it, usually with a variable rate. Which one makes more sense depends on your current rate, how much you need, and whether you’d rather have one payment or two.
