Should you refinance and take cash out? Calculate it here.
What is this? This calculator shows the true cost and benefit of a cash-out refinance — comparing your current mortgage to a new one with extra cash taken out. It reveals the net cash you'll receive after closing costs, your new payment, and most importantly: how long it takes to break even.
Who it's for: Homeowners with significant equity who need cash for home improvements, debt consolidation, or investments — and want to know if refinancing makes financial sense.
Current Mortgage
New Loan Terms
Monthly Payment Comparison
Current Payment—
New Payment—
Monthly Increase—
Loan Term Extension—
Financial Analysis
New Loan Amount
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Closing Costs
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Net Cash Received
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Break-Even
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months to recoup costs
Total Interest
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over new loan term
Interest Delta
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vs staying put
Calculating...
When Cash-Out Refi Makes Sense
✅ Good uses of cash-out refi:
Home improvements that increase property value (kitchen, bathroom, additions)
Debt consolidation at lower rate than current debt
Investing in rental property or business
Buying out a partner in shared ownership
❌ Poor uses of cash-out refi:
Vacations, cars, or consumer purchases
Extending term just to lower payment (payment therapy)
Rates are higher than your current rate
Breaking a low fixed rate for a higher one
Shop Multiple Lenders for Your Cash-Out Refi
Compare rates from multiple lenders to find the best cash-out refinance deal. Different lenders offer different rates and closing costs — it pays to comparison shop:
Estimates are approximations. Actual closing costs vary by lender, state, and loan terms. Consult a mortgage professional for personalized advice including implications for your tax situation (mortgage interest deduction).