The balance is the whole story
If you owe $250,000 and want $30,000 out, the new loan is at least $280,000 plus costs. Interest is charged on that amount, not on the old balance.
The refinance calculator does not add a cash-out field, so it will not quietly assume one. Add the cash to the balance yourself if you want the payment, and label that test as your own.
Equity is the limit people quote, not a check
The home-equity calculator can show room under an 80% combined loan-to-value assumption. That room is not an approval and it is not net of closing costs.
A higher loan-to-value can change mortgage insurance, the rate, and whether the refinance is even offered.
| Refinance | New balance |
|---|---|
| Rate-and-term in our tool | Old balance plus costs |
| Cash-out | Old balance plus cash plus costs |
Calculators
Related guides
Sources
Common questions
Is a HELOC the same thing?
No. A HELOC is usually a separate credit line. A cash-out refinance replaces the first mortgage. This site does not price HELOC rates.
Can I use cash-out to pay off credit cards?
People do. The cards' interest may be higher, and the mortgage is secured by the house and may last much longer. The calculators will not tell you which debt to pay.