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Cash-out refinance

Replacing your current mortgage with a new, larger one and receiving the difference in cash at closing. The new loan pays off the old balance, and the extra becomes cash to you. It converts home equity into cash but raises the amount owed, and it resets the rate and term to those of the new loan.

Loan-to-value ratio (LTV)

The new loan amount divided by the home’s value, as a percentage. A $290,000 loan on a $450,000 home is about 64% LTV. Lenders cap how high LTV can go on a cash-out refinance, and the cap varies by loan program and property type; a higher LTV usually means a higher rate or less cash available.

New loan amount

The size of the refinanced mortgage: your current balance plus the cash you take out. This calculator does not add closing costs; if you roll them into the loan instead of paying them in cash, the actual loan amount, LTV and payment will be higher than shown.

Home equity

The home’s current market value minus everything owed against it. It is the pool a cash-out refinance draws from. Lenders let you borrow only part of it, because they require you to keep some equity in the home, so the cash available is less than your total equity.

Home value

The current market value of the property, which the lender confirms with an appraisal. It is the denominator of the LTV, so a lower appraisal than expected raises the LTV and can reduce the cash you are allowed to take out. Online estimates can differ from an appraiser’s figure in either direction.

Interest rate

The annual percentage the lender charges on the outstanding balance, before fees. It is not the same as APR, which folds in certain costs. Cash-out refinances are often priced somewhat higher than a refinance with no cash out, and the new rate applies to the entire balance, not just the cash portion.

Loan term

The number of years over which the new loan is scheduled to be repaid. Choosing a new 30-year term on a mortgage that already had years paid down can lower the payment while raising total interest, because repayment starts over. A shorter term saves interest but raises the monthly payment.

Total interest

All interest paid over the life of the new loan if every payment is made on schedule: the monthly payment times the number of payments, minus the new loan amount. Comparing it with the interest left on your current mortgage shows the long-run cost of taking cash out and resetting the term.

Closing costs

Lender, appraisal, title and government fees charged to complete the refinance. They are not included in this calculator, so subtract them from the cash to you, or add them to the loan amount if you plan to finance them. Your Loan Estimate lists the actual amounts.