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Cash-Out Refinance Calculator
Find out how much cash you can get from your home equity, what your new payment will be, and what it will cost you over the life of the loan.
Current avg. 30-year fixed rate: 6.51%
Your Home & Mortgage
How much cash you want to take out
Months left on your current loan
Rates
Pre-filled with current 30-yr avg (6.51%)
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This calculator provides estimates for educational purposes only. Actual rates, payments, and savings will vary based on your specific financial situation, credit profile, lender fees, and current market conditions. These results do not constitute a loan offer, pre-qualification, or financial advice. Wirly is not a lender, broker, or financial advisor. Consult a licensed mortgage professional before making any refinancing decision.
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Cash-Out Refi vs HELOC vs Personal Loan
| Feature | Cash-Out Refi | HELOC | Personal Loan |
|---|---|---|---|
| Rate Type | Fixed | Variable | Fixed |
| Typical Rate | 6-8% | 8-10% | 10-20% |
| Closing Costs | 2-5% | 0-2% | 0-5% |
| Best For | Large one-time needs | Ongoing access to funds | Smaller amounts, no equity |
| Risk to Home | Yes (secured by home) | Yes (secured by home) | No (unsecured) |
Cash-Out Refinance FAQ
What is a cash-out refinance?
A cash-out refinance replaces your existing mortgage with a larger one, letting you take the difference in cash. You borrow against the equity you've built in your home.
How much cash can I take out?
Most lenders allow you to borrow up to 80% of your home's value (80% LTV). For example, if your home is worth $400,000, you could borrow up to $320,000 minus your current balance.
Cash-out refinance vs HELOC: which is better?
A cash-out refi gives you a fixed rate and single payment, but you restart your mortgage term. A HELOC is a revolving line of credit with a variable rate. Choose cash-out for large one-time needs and HELOCs for ongoing access to funds.
What are closing costs on a cash-out refinance?
Closing costs are typically 2-5% of the new loan amount. On a $300,000 cash-out refi, expect $6,000-$15,000 in fees including appraisal, title insurance, and origination charges.
Is cash-out refinance interest tax deductible?
Interest on a cash-out refinance may be tax deductible if the funds are used for home improvements. Consult a tax professional for advice specific to your situation.