Cash-out refinance calculator: how much can you take out?
Pull equity from your home by refinancing into a larger loan and taking the difference in cash. How much you can take depends on your program: conventional and FHA cap the new loan at 80% of value, VA goes to 100%. Enter your numbers and your own rate to see your cash, the new payment, and the fees.
| Year | Principal | Interest | Balance |
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What a cash-out refinance is
A cash-out refinance replaces your current mortgage with a larger one and hands you the difference in cash. People use it to consolidate higher-rate debt, fund a renovation, or free up money for another purpose, all secured by the equity already in the home. The trade-off is a bigger loan and, usually, a different rate, so the question is always two-sided: how much can you take, and what does the new payment look like. It is not the only way to tap equity: a home equity loan or line leaves your first mortgage in place, so it is worth weighing the two before you decide, which I walk through in cash-out refinance vs. home equity.
The calculator above answers both. It finds the largest new loan your program allows, subtracts your payoff and costs to show the cash, and prices the new payment at the rate you enter. Everything runs in your browser, so nothing you type is sent to me or stored.
How much cash you can take, by program
This is where the programs split, and it is the single biggest driver of your cash. The maximum new loan is set as a share of your home's value:
| Program (1-unit primary) | Max cash-out loan |
|---|---|
| VA (eligible veterans) | 100% of value |
| Conventional (Fannie Mae) | 80% of value |
| FHA | 80% of value |
Sources: Fannie Mae Eligibility Matrix, FHA Handbook 4000.1, VA Handbook 26-7. Second homes and investment properties carry lower limits.
So a veteran with $400,000 of value can borrow against the full $400,000, while a conventional or FHA borrower is capped at $320,000. Your cash is that maximum loan minus what you still owe and your closing costs. The calculator lets you switch programs to see the difference instantly.
The costs that come out of your cash
Each program adds its own cost, and the calculator folds it in:
- VA. The cash-out funding fee is the full rate, 2.15% for first use or 3.3% for subsequent use, financed into the loan. It is waived if you are exempt. There is no monthly mortgage insurance. VA cash-out also requires a net tangible benefit to you.
- FHA. A 1.75% upfront mortgage insurance premium is financed in, plus monthly MIP for the life of most loans. That ongoing MIP is the reason many borrowers leave FHA when they can.
- Conventional. Capped at 80% of value, there is no monthly PMI, which often makes it the cleanest cash-out if you have the equity and credit.
Read the details on my cash-out refinance and refinance program pages, then send me your scenario.
VA cash-out: Type I, Type II, and the benefit test
VA splits cash-out refinances into two types. A Type I keeps the new loan at or below your current payoff, while a Type II goes above it so you actually pull equity out. Both require a net tangible benefit to you, and a Type I that refinances a fixed rate into another fixed rate must also lower the rate. The 100% cap includes the funding fee, so the financed fee counts against your value. These rules live in Chapter 6 of the VA Lender's Handbook 26-7, and I work through them with you on your file.
What this estimate is, and what it is not
This tool estimates your cash, the new loan, the payment, and the LTV from the numbers you enter. It is not an approval, a pre-qualification, or a commitment to lend, and it does not order an appraisal, pull your credit, or confirm seasoning. The official value comes from an appraisal, and your lender confirms program limits and timing before closing.
When you want real numbers, I price your actual scenario across the programs you qualify for and tell you which one frees up the most cash at a payment that still makes sense.
Common questions
How much cash can I take out of my home?
It depends on your value, what you owe, and the program. On a primary residence, conventional and FHA cash-out cap the new loan at 80% of value, while VA allows up to 100% for eligible veterans. Your cash is the new loan at that cap, minus your payoff and closing costs. The calculator runs it for each program so you can compare.
What is the maximum LTV for a cash-out refinance?
For a 1-unit primary residence, 80% for conventional and 80% of adjusted value for FHA, and up to 100% of reasonable value for VA, including the funding fee. Second homes and investment properties are lower. These caps come from the Fannie Mae Eligibility Matrix, FHA Handbook 4000.1, and VA Handbook 26-7.
Does a VA cash-out refinance have a funding fee?
Yes, the full funding fee of 2.15% for first use or 3.3% for subsequent use, not the 0.5% reserved for the IRRRL streamline. It is financed into the loan and waived for veterans exempt due to a service-connected disability and eligible surviving spouses. VA cash-out also requires a net tangible benefit.
Is there PMI on a cash-out refinance?
On a conventional cash-out capped at 80% of value, there is no monthly PMI, because you stay at the 80% threshold. FHA cash-out carries upfront and monthly mortgage insurance regardless of LTV. VA cash-out has no monthly mortgage insurance, only the one-time funding fee.
How soon can I do a cash-out refinance?
Seasoning applies. FHA generally requires 12 months of ownership and payment history. VA requires the loan being refinanced to be seasoned, at least 210 days since the first payment and six consecutive payments. Conventional seasoning is usually shorter. Your lender confirms the timing for your loan.
Want to know your real cash-out number?
Send me your home value and what you owe, and I will run the cash across every program you qualify for and tell you which one frees up the most at a payment that still works.