Cash-Out Refinance Calculator
This cash-out refinance calculator estimates how much equity you can pull from your Florida home. It also shows what the new payment might look like.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
New Loan Breakdown
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.
These figures are estimates. For neutral, official guidance on mortgage costs and what lenders can charge, see the CFPB's Owning a Home guide.
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.
It estimates how much cash you can pull from your home's equity in a cash-out refinance. You also see your new loan amount and monthly payment.
Cash-Out Refinance Calculator in Florida
Florida homeowners who bought during the appreciation of recent years often hold substantial equity, which makes cash-out refinancing attractive for renovations or debt consolidation. Note that Florida's documentary stamp tax and intangible tax apply to the new mortgage, adding to closing costs on a cash-out refinance.
How the Cash-Out Refinance Calculator Works
The calculator multiplies your home value by the maximum loan-to-value ratio to find the largest new loan allowed, subtracts your existing balance and closing costs, and shows the cash left over plus the new payment on the larger loan.
The Cash-Out Refinance Formula, Explained
Cash out = (value × max LTV) − existing balance − closing costs
Most cash-out refinances on a primary residence cap the new loan at 80% of the home's value, so your accessible cash is the difference between that ceiling and what you still owe.
Because you are refinancing the entire balance, the new rate applies to the full loan, not just the cash withdrawn. The calculator shows the new payment so you can weigh the cash against the higher monthly cost.
The Complete Cash-Out Refinance Calculator Guide
A cash-out refinance replaces your existing mortgage with a larger one and hands you the difference in cash. It is a way to convert home equity into spendable funds, typically at a lower rate than personal loans or credit cards.
The trade-off is that you reset your loan and pay the new rate on the entire balance. If your current rate is well below today's market, a cash-out refinance can be expensive; a HELOC that leaves your first mortgage intact may cost less.
Use the calculator to see both the cash available and the new payment side by side. The right choice depends on how much cash you need, how the new rate compares to your old one, and what you plan to do with the funds.
Cash-Out Refinance Calculator FAQ
How much equity can I cash out?
Most lenders cap a primary-residence cash-out refinance at 80% loan-to-value, so your cash is the gap between that ceiling and your current balance, minus closing costs.
Cash-out refinance or HELOC?
A cash-out refinance replaces your whole mortgage at the new rate, while a HELOC adds a second loan and leaves your first mortgage untouched. If your existing rate is low, a HELOC often costs less.