How the Cash-Out Refinance Calculator Works

It estimates how much cash you can pull from your home's equity in a cash-out refinance, along with your new loan amount and monthly payment.

How It Works, Step by Step

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.

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.

Want the underlying math? See the cash-out refinance formula page, or open the calculator to try it with your own figures.