Cash-Out Refinance Calculator
Analyze the true cost of accessing your home equity through a cash-out refinance.
Last updated October 18, 2026
How our math works
- New loan: 6.75% fixed for 30 years; current loan: 4.5% with 25 years remaining
- Closing costs of $8,000 and the cash-out amount are financed into the new loan
- Rates shown are interest rates used for estimation only — not APRs and not offers. APR reflects fees and other loan costs and may differ from the interest rate shown.
My scenario
Enter income, debts, price, and rate once. Every calculator pre-fills.
Current Mortgage
$
%
years
$
Cash-Out Details
$
%
$
Alternative
%
HELOC or personal loan rate
Extra Interest for Your Cash
$264,315
Total additional interest to get $50,000 via a 30-year refinance vs keeping your current mortgage — a dollar cost, not an interest rate or APR
$1,556
$2,192
68%
$338,000
Cost of Cash Comparison
Two educational ways to compare — neither is an APR
15.54%
Internal rate of return on the extra payments you'd make for the $50,000 cash. Educational estimate — not an APR.
5.33% vs 6.75%
Keep your 4.5% mortgage + borrow $50,000 at 10% (HELOC/home equity loan) = 5.33% weighted-average note rate, vs 6.75% on the full refi balance.
Payment Comparison
Current vs cash-out refi
$1,556/mo
4.5% • 25 years left
$2,192/mo
6.75% • 30 years
Total Interest Comparison
How much more will you pay?
Current Mortgage
$186,899
Cash-Out Refi
$451,214
Keep + Separate Loan
$216,190
Extra Interest Cost: $264,315
This is the true cost of your $50,000 cash
Insights
Analysis
Current: $1,556/month, $186,899 interest remaining
Analysis
Cash-out refi: $2,192/month, get $50,000 cash, pay $451,214 total interest
Analysis
Implied annual cost of the $50,000 cash via refi is about 15.54% (IRR on the extra payments vs keeping your current mortgage). This is an educational estimate, not an APR.
Analysis
Blended-rate comparison: keeping your 4.5% mortgage and borrowing $50,000 at 10% works out to a 5.33% weighted-average note rate, vs 6.75% on the entire $338,000 refi balance. The blended figure is a note-rate mix, not an APR.
Analysis
Alternative: Keep current mortgage + separate 10% loan (e.g. HELOC or home equity loan) saves $243,024 total
Analysis
You're trading a 4.5% mortgage for 6.75% - expensive way to get cash
Analysis
These figures are educational estimates for comparison only — they are not an APR, a Truth in Lending disclosure, or an offer of credit. Your lender's Loan Estimate shows the official APR.
The Bottom Line
Getting $50,000 via a 30-year cash-out refi adds $264,315 in interest vs keeping your current mortgage, and your payment changes by $636/month. Compare that against keeping your 4.5% mortgage and borrowing separately at 10%. These figures are not an APR.
Here are the exact formulas behind your numbers. No black boxes — just math.
Cash-Out Refinance Cost
New Loan Amount
New Monthly Payment
Extra Interest for Cash
Implied Annual Cost (IRR)
Blended Keep + HELOC Note Rate
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Frequently Asked Questions
Most lenders cap a conventional cash-out refi at 80% loan-to-value. If your home is worth $500,000 and you owe $280,000, you could borrow up to $400,000 and receive roughly $120,000 minus closing costs.
The cash-out rate is usually lower than a HELOC or personal loan rate, but you pay it on your entire new balance — not just the cash you take — and you restart your term. This calculator shows the true all-in cost so you can compare fairly.
You convert unsecured spending power into debt secured by your home, reduce your equity cushion, pay closing costs of roughly 2-5% of the loan, and may raise the rate on your entire balance if your existing rate was low.