See your new mortgage payment and loan-to-value (LTV) when you refinance and take cash out of your home equity. Enter your home value, current balance, cash amount, and new loan terms.
New payment & LTV
A cash-out refinance replaces your existing mortgage with a larger new loan and gives you the difference in cash. Your new loan = current balance + cash taken out, and your new monthly payment is based on that amount at the new rate and term. Lenders cap how much you can borrow against your home's value, usually allowing a maximum loan-to-value (LTV) of 80% — meaning you must keep at least 20% equity. On a $400,000 home, an 80% LTV limits the new loan to $320,000.
Cash-out refinancing is popular for funding home improvements, consolidating higher-interest debt, or covering large expenses, because mortgage rates are typically lower than credit cards or personal loans. The trade-offs: you reset your loan term, pay closing costs (often 2–5%), and reduce your home equity. This calculator shows your new payment, the cash you'd receive, and your new LTV so you can confirm you stay within the 80% limit.
New loan = old balance + cash out. You get the cash; your payment rises with the larger balance.
Most lenders require you to keep 20% equity — so the new loan can't exceed 80% of your home's value.
Closing costs of 2–5% apply, and you reset the term — weigh that against the lower rate vs other borrowing.