Our cash-out refinance calculator can help you estimate what your new monthly mortgage payments will be on your new home loan. Start by inputting your home’s current value and outstanding mortgage balance. You’ll also need to share your credit score range, how much cash you plan to take from the new loan (if any) and your anticipated mortgage interest rate. You can get look up current refinance rates here.
There are other advanced details you can input into the calculator, including:
- Homeowners association dues
- Homeowners insurance premium
- Loan type
- Property taxes
- Property type
The more information you share, the better your mortgage payment estimate. Once you’ve calculated your payment amount, take some time to compare cash-out refinance offers from multiple lenders.
What is a cash-out refinance?
A cash-out refinance involves refinancing with a new loan that is larger than your current loan balance. This allows you to take the difference between your old loan and new loan in cash. The cash you receive can be used for any purpose, such as debt consolidation or home renovations.
For an in-depth explanation of cash-out refis and how they work, read our guide on why you should consider a cash-out refinance.