Cash-Out Refinance Calculator
Estimate how much equity you can pull from your Florida home and what the new payment might look like.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
Most cash-out refinances on a primary home cap at 80% LTV. Closing costs reduce net proceeds. Estimate only — actual limits vary by program and credit.
A cash-out refinance replaces your existing mortgage with a larger one and hands you the difference in cash. The amount you can take depends on your home value and the lender loan-to-value limit.
Because the new loan is bigger, your payment usually rises. The trade is access to equity now, often at a lower rate than unsecured borrowing, in exchange for a higher balance and a fresh term.
How to Use This Calculator
- 1
Enter your current home value — an appraisal will confirm it later.
- 2
Enter the balance remaining on your existing mortgage.
- 3
Set the maximum loan-to-value your program allows; 80% is typical for a primary residence.
- 4
Add an illustrative new rate to see your estimated cash out and new payment.
The Formula & Assumptions
Max new loan = value × max LTV
Cash out = max new loan
− current balance
New P&I = payment on max new loan
Lenders limit how much you can borrow against your home as a percentage of its value. We multiply the value by that limit, then subtract your current balance to estimate available cash.
Most cash-out refinances on a primary residence cap at 80% LTV. Investment properties and second homes are usually lower, and some programs allow higher with stronger credit.
Closing costs — typically a few percent of the loan — come out of your proceeds or get rolled into the balance, so your net cash is somewhat lower than the figure shown.
Frequently Asked Questions
How much equity can I take out of my home?
On a primary residence, most lenders let you borrow up to 80% of the value, meaning you keep at least 20% equity. The cash you receive is that maximum loan minus your current balance and closing costs.
Is a cash-out refinance or a HELOC better?
A cash-out refinance replaces your whole mortgage with a new fixed payment, which suits a large one-time need. A HELOC is a revolving line on top of your existing loan and suits ongoing or flexible borrowing. Compare both.
Will my interest rate go up?
Possibly. If current rates are higher than your existing rate, refinancing the whole balance raises your rate on the entire loan. In that case a second-lien HELOC or home equity loan may be cheaper for the cash you need.
What can I use the cash for?
Common uses include home improvements, consolidating higher-rate debt, or funding a major expense. Because the loan is secured by your home, weigh the risk carefully before converting unsecured debt into mortgage debt.
Ready to Turn Your Estimate Into a Real Pre-Approval?
Get a personalized rate quote and pre-approval from a licensed Florida mortgage broker — no obligation.
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.