Cash-Out Refinance Calculator
find your new monthly payment
California Mortgage Finder’s cash-out refinance calculator helps California homeowners estimate how much equity they may be able to access and determine what their new estimated mortgage payment might look like.
By entering your home value, current loan balance, interest rate, and loan terms, you can explore different cash-out refinance scenarios and see estimated payment changes in real time.
This calculator is designed for homeowners considering a cash-out refinance for debt consolidation, home improvements, or other financial goals, and who want to understand the potential impact before speaking with a lender.
Questions? Contact KevinCalifornia Mortgage Finder
Cash-Out Refinance Calculator
This cash-out refinance calculator updates automatically as you type!
Estimate your new loan amount, LTV, and monthly payment including principal & interest, property taxes, homeowners insurance, and HOA.
Loan & property details
Monthly payment breakdown
Taxes and insurance are shown as monthly equivalents for estimation.
Estimated cash-out refinance results
Estimate only. Actual payment and cash-to-close vary by escrow rules, prepaid interest, APR vs note rate, and lender/third-party fees.
Cash-out refinance benefits
- Access equity in cash: convert home equity into funds for large expenses or reserves.
- Consolidate high-interest debt: pay off credit cards or loans to simplify monthly payments.
- Potentially lower borrowing cost: mortgage rates may be lower than unsecured debt (varies by credit/LTV).
- Invest in your home: renovations can improve comfort and may increase long-term value.
Quick note
Your “cash out” shown is gross. Final cash-to-close depends on payoff, escrow/impounds, prepaid interest, and lender/third-party fees.
California Mortgage Finder’s calculators are for illustrative and informational purposes. They are not tax, investment, or financial advice. They do not provide quotes, and they are not a lending guarantee. Please consult with a licensed and qualified professional before making any decisions. If you want to explore the rates and costs of buying a home, please contact us directly to discuss.
How This Calculator Works
Key cash-out refinance calculator inputs explained
This calculator estimates cash-out refinance scenarios using standard mortgage formulas and the following inputs:
- Home Value – Estimated current market value of your home
- Current Loan Balance – Remaining balance on your existing mortgage
- Cash-Out Amount – Equity you wish to convert into cash
- New Interest Rate – Estimated rate for the new loan
- Loan Term – Common terms such as 15 or 30 years
- Property Taxes – Estimated annual property taxes
- Homeowners Insurance – Estimated annual insurance cost
- HOA Fees (if applicable) – Monthly association dues
- PMI (if applicable) – Estimated based on loan-to-value thresholds
Results update automatically as inputs change, allowing you to compare multiple scenarios quickly.
Understanding Your Results
What the cash-out refinance calculator results mean to California homeowners
After entering your information, the calculator provides estimates for:
- New Loan Amount – Original balance plus cash-out amount
- Principal & Interest – Estimated monthly loan payment
- Property Taxes – Monthly escrow estimate
- Homeowners Insurance – Monthly escrow estimate
- PMI (if applicable) – Based on remaining equity
- HOA Fees – Monthly association dues (if applicable)
- Total Monthly Payment – Estimated all-in housing cost
These figures help you understand how accessing equity may change your loan balance and monthly payment.
When Should You Use a Cash-Out Refinance Calculator?
When this calculator is useful
This cash-out refinance calculator is helpful for California homeowners if you are:
- Planning home renovations or repairs
- Consolidating high-interest debt
- Funding large expenses using home equity
- Comparing cash-out refinancing to other options
- Estimating payment changes before applying
Cash-Out Refinance Scenario
Example of a California cash-out refinance estimate
Home value: $1,000,000
Current loan balance: $580,000
Cash-out amount: $120,000
New interest rate: 5.00%
Loan term: 30 years
Using these inputs, the calculator estimates a new monthly payment of approximately $3,758 pincipal and interest (the calculator gives you the option to include property taxes and insurance with the payment). Adjusting the cash-out amount or loan term shows how borrowing more or less equity impacts your payment.
Important Assumptions & Limitations
Cash-out refinance calculator assumptions & what it does not include
This cash-out refinance calculator provides estimates based on common California mortgage assumptions. It does not account for:
- Lender-specific pricing or discount points
- Credit score adjustments
- Closing costs or prepaid items
- Rate locks or future market changes
- County-specific property tax variations
Actual loan terms and eligibility depend on lender guidelines and underwriting. For an exact loan quote, homeowners should consult directly with a licensed mortgage professional.
Frequently Asked Questions
Cash-out refinance calculator FAQs.
Does this calculator show how much cash I can actually receive?
The calculator estimates a potential cash-out amount based on home value, loan balance, and loan-to-value assumptions. Actual cash available depends on lender guidelines, loan program limits, and appraisal results.
Why does my monthly payment increase even if my interest rate stays similar?
A cash-out refinance increases your loan balance, which can raise the monthly payment even when the interest rate is comparable to your current loan. The calculator reflects this trade-off clearly.
Does the calculator assume closing costs are rolled into the new loan?
Unless adjusted elsewhere, the calculator focuses on payment structure and does not automatically add closing costs. Rolling costs into the loan will increase the loan amount and payment.
Can I use this calculator to compare different cash-out amounts?
Yes. Adjusting the cash-out amount is one of the best ways to use this calculator. It allows you to see how borrowing more or less equity impacts both your payment and long-term costs.
Does this calculator account for loan-to-value limits?
The calculator uses standard assumptions but does not enforce lender-specific limits. Most programs cap cash-out refinances at a percentage of the home’s value, which should be verified separately.
Is a cash-out refinance better than a HELOC?
It depends on your goals. A cash-out refinance replaces your existing mortgage with a new one, while a HELOC adds a second loan. This calculator focuses on cash-out refinancing; for comparisons, use the HELOC vs Cash-Out Refinance Calculator.
Can this calculator be used for debt consolidation scenarios?
Yes. Many borrowers use cash-out refinances to consolidate higher-interest debt. The calculator helps estimate the new mortgage payment but does not evaluate individual debt payoff strategies.
Does this calculator work if I plan to refinance again in the future?
It can help estimate payments, but refinancing again may change the economics. Pair this calculator with the Refinance Break-Even Calculator to evaluate timing and long-term impact.
Are mortgage rates higher for cash-out refinances?
Yes, they are. At lower loan-to-value ratios, the difference is very small; however, at an 75% – 80% loan-to-value ratio, there can be a noticeable difference when compared to a no-cash-out refinance.
How should I use this calculator with other tools on the site?
Use this calculator to model cash-out scenarios, then:
- Use HELOC vs Cash-Out Refinance for equity-access comparisons
- Use Refinance Break-Even to evaluate cost recovery
- Use Early Payoff to model long-term payoff strategies
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