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Cash out refinance calculator

Find out how much cash you might get from your home’s equity to reduce monthly expenses, achieve long-term goals, and get ready to sell!

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How much cash can you get?

The amount of cash you might get from a cash out refinance depends on the value of your home’s equity and the loan-to-value ratio of your refinance. Change the default values to personalize your estimate!

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The estimated cash-out amount result was calculated by subtracting the outstanding principal balance of your loan from 80% of your property’s estimated value and assumes closing costs will be paid in cash. Your actual cash-out amount may be less. It will be calculated by taking 80% of your property’s actual value (as determined by a full appraisal) and subtracting all outstanding liens and any applicable costs from that value.

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Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.

Cash Out Refinance Calculator Results*: $50,000

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Ask us what refinance rate we can offer you

The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

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Talk to Freedom Mortgage about cash out refinancing today

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Call us: 877-220-5533

How we calculate your cash out

Borrowing money against the value of your home can help you pay for home renovations, pay down higher interest debt, pay for college, and more. By just putting in your estimated property value and your existing mortgage amount, we can estimate the amount of cash you might get from a cash out refinance.

You typically can’t borrow the full amount of your home’s equity. Most of the time, you can only borrow a portion of that amount based on a maximum loan-to-value ratio (LTV). See our article on maximum LTVs for cash out refinances to learn more.

What does home value mean?

This is how much your home is worth in today’s market. You can get your home appraised, look at recent home sale prices in your neighborhood, or look on sites like Zillow for an estimate.

How do you find your existing mortgage?

This is the amount of your existing mortgage, which is how much you have left to pay on your principal loan balance. You can find your balance on your monthly mortgage statement. If you are a Freedom Mortgage customer, you can also log into your online account to check your current mortgage balance.

How does LTV translate into cash?

Loan-to-value ratio (or "LTV") is a percentage you get when you divide the dollar amount of your mortgage by the current value of your home. For example, if your home value is $275,000 and your mortgage balance is $125,000, your LTV is 45% ($125,000 ÷ $275,000= .45 or 45%). Many cash out refinances have a maximum LTV of 80%, which is the LTV our calculator uses too! This maximum LTV helps determine the total amount of cash you may be able to borrow from your home’s equity.

Freedom Mortgage Corporation is not a financial advisor. The ideas outlined above are for informational purposes only, are not intended as investment or financial advice, and should not be construed as such. Consult a financial advisor before making important personal financial decisions.