Cash-Out Refinance Calculator

Cash out = (new loan − old loan payoff) − closing costs.

Inputs

Typically 2-5% of new loan.

Result

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General calculation reads

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How to use this calculator

  • Enter current value (appraised).
  • Old loan balance.
  • New LTV (75% standard for investment).
  • Closing cost estimate.

About this calculator

Cash-out refinance: replace existing loan with a new bigger one, take the difference as cash. Investors use it to pull equity out for the next deal (BRRRR's "Refi" step). Conventional cash-out: max 75-80% LTV on investment property; 80% on primary. Closing costs run 2-5% of new loan. Often makes sense when property has appreciated significantly or rates have dropped. Note: extends loan amortization (resetting clock) and increases monthly payment if not careful.

Frequently asked

Max LTV?+
Conventional cash-out: 75% investment, 80% primary residence. Some portfolio lenders go to 85% on owner-occ.
When does it make sense?+
Property appreciated > 25% since purchase, you have a target use for the cash, and new rate is acceptable.
Tax implications?+
Cash-out is not income (it's debt). Interest deductible if "used to buy/improve home" (per IRS). For investment property: typically deductible against rental income.
Effect on monthly payment?+
Larger loan + possibly higher rate = higher payment. Compare new payment to rental income carefully.
Versus HELOC?+
HELOC: keep old mortgage, draw on equity flexibly. Cash-out: replace old mortgage entirely. HELOC better for variable needs; cash-out better for lump.

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Max Purchase Price (Target Cap Rate)
Max purchase = NOI / target cap rate. Reverse-engineer from desired return.

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