Cash-Out Refinance Calculator
List every loan against the home and every debt you would pay off. See the blended rate you are carrying right now, and what one new payment would look like at the latest Freddie Mac survey rate. Then see the part most calculators leave out: what it costs over the full term.
What you owe today
Add a row for every loan and every debt. Everything updates as you type.
Line by line
Every balance you would pay off, what it costs you now, and what replaces it.
Where the money goes each month
What it costs over time
Questions worth asking before you do this
What is a blended rate?
It is the single rate that represents what you are paying across several balances at once, weighted by how big each balance is. A large mortgage at a low rate and a small credit card at a high rate do not average out evenly, because the mortgage carries far more of the balance. The blended rate is the honest comparison point, because it is the rate you are actually carrying today across everything you would pay off.
Is a lower payment the same as saving money?
No, and this is the most important thing on this page. Spreading balances over a new 30-year term almost always lowers the monthly payment, but it can raise the total interest you pay even when the rate is lower, because you pay that rate for far longer. The numbers above show total interest and the payoff horizon next to the monthly figure, so you can see both before you decide.
What happens when unsecured debt becomes mortgage debt?
It becomes secured by your home. A credit card or personal loan is unsecured, so missing a payment damages your credit but does not put the house at risk. Once that balance is rolled into a mortgage, the home is the collateral. That is a real tradeoff, and it should be a deliberate decision rather than a side effect of chasing a lower payment.
How much can I borrow on a cash-out refinance?
On a primary residence, conventional cash-out is generally capped at 80% of the home's value and FHA cash-out at 80%. VA cash-out is commonly available to 90%, and some lenders go higher. Limits depend on program, occupancy, units, credit and the investor, and they change. The calculator flags your scenario when the new loan looks like it is over the usual limit, but confirm the current limit before you plan around it.
Where does the rate come from?
The default is the most recent 30-year fixed rate published in the Freddie Mac Primary Mortgage Market Survey, and the page shows the week it was surveyed. That is a national average for purchase loans with strong credit and low loan-to-value. It is not a quote, and a cash-out refinance typically prices higher than a purchase. Your rate depends on credit, loan-to-value, occupancy, loan amount and the day you lock. The field is editable, so put a real quoted rate in it when you have one.
Can I keep my payment the same and pay it off faster?
Yes, and it is usually the strongest version of this move. If you refinance at a lower blended rate and then keep sending what you were already paying every month, the difference goes to principal. The numbers above show exactly what that does: when the loan would be gone, and how much interest it saves against simply taking the lower payment.