Cash Out Refinance Calculator

Cash Out Refinance Calculator

If you're currently paying high interest credit card debt, are struggling to make the payments on an adjustable-rate HELOC, or need cash to fund college tuition expenses or home improvement projects, you may be able to tap into your home's equity to access the funds you need with a cash out refinance. To determine the amount of cash you may be eligible to receive, search online for a cash out refinance calculator. Typically, you'll need to input the following information:

If you're a retiree who owns your own home, chances are you've received at least one direct mail, telephone, or in-person solicitation regarding reverse mortgages. When faced with so much confusing information, it's easy to feel overwhelmed. To help ease the confusion, let's explore the basics of what is a reverse mortgage, how the process works, and where you can turn for additional information.

  • State where your home is located

  • Current value of your home

  • Current mortgage balance

  • Amount of additional cash you would like to receive

(Tip: While using this type of an online refinance calculator, it's fine to enter a rough estimate for your home's value. However, keep in mind that the actual value of your home will be determined by a professional appraiser.)

Based on the information you input, the calculator will determine if a cash out refinance scenario is a viable option. Typically, a cash out refinance cannot exceed 85% of your home's value.

While a basic cash out refinance calculator is a useful tool for determining the amount you may be eligible to borrow, you may find it helpful to utilize an online calculator that compares a cash out refinance with a fixed rate home equity loan to see which type of loan best meets your needs.

Generally, a cash out versus home equity loan calculator will require input of your home's value, the balance of your remaining mortgage, how much additional money you would like to borrow, the current interest rate, and the length of the remaining term. Next, you'll enter the interest rate, closing costs, and length of term for the home equity loan. After the calculations are made, you may find that a home equity loan makes more financial sense.

Interest rates, closing costs, fees, and loan terms will vary widely from lender to lender, so be sure to contact several financial institutions before choosing one. Based on your personal financial situation, only you can decide if a cash out refinance is in your best financial interests.

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