Cash-Out Refinance Calculator for Homeowners
Put a firm number on the equity you can withdraw — and on what that withdrawal does to your monthly payment.
What This Calculator Does
Starting from your home's present value and the balance still owed, the calculator applies the loan-to-value ceiling your lender allows, sizes the largest new loan available, then removes your existing balance and closing costs to leave the cash that actually reaches you at closing.
Who Is This For
Ideal for owners whose Miami property has appreciated far past what they still owe, investors releasing capital for the next acquisition, and homeowners financing renovations, retiring higher-rate debt, or assembling a reserve.
How It Works
Supply your estimated home value, the mortgage balance outstanding, the loan-to-value limit you expect to clear, and the new rate and term. One click on Calculate returns the new loan amount, your net cash proceeds, and the payment that comes with them.
Frequently Asked Questions
How much of my equity can I reach?
Conventional cash-out refinances are generally capped at 80% loan-to-value, meaning the lender sizes the new loan at up to 80% of appraised value and your existing balance is taken out of that. Government-backed programs, second homes, and investment properties operate under their own limits, which tend to be tighter.
Do I owe tax on the money I receive?
Borrowed funds are not income, so the refinance itself is not a taxable event. What shifts is the deductibility of the interest: the rules link that deduction to how the money is used, and funds spent on anything other than improving the home are treated differently. A tax professional can confirm the specifics.
Where does this differ from a HELOC?
A cash-out refinance retires your entire first mortgage and replaces it with a larger one at a single new rate. A HELOC leaves the original loan intact and layers a second lien on top that you draw against. Where your existing rate is low, refinancing the whole balance purely to reach equity can prove the costlier route.
What should I budget for costs?
Plan on the same 2-6% of the loan amount that any refinance carries, and remember the percentage now applies to a larger balance. Lenders also price cash-out loans slightly above a straight rate-and-term refinance to reflect the added risk.
Can a foreign owner take cash out?
Non-resident owners of South Florida property can access cash-out financing, usually through foreign-national loan programs that call for more equity, carry higher rates, and request more documentation than a conventional loan. Choose a lender who handles these files as a matter of routine.