Refinance / Cash-Out Refinance Calculator
A cash-out refinance allows you to leverage the equity in your home to pull out cash for other expenses, like a home remodel or to pay off high interest credit cards. You can use Zillow’s cash-out refinance calculator to estimate your maximum cash-out amount and new loan balance with or without refinance fees.
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Your debt-to-income ratio helps determine if you would qualify for a mortgage. Use our DTI calculator to see if you're in the right range.
Interested in refinancing your existing mortgage? Use our refinance calculator to see if refinancing makes sense for you.
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When a homeowner decides that a cash-out refinance is the best option for their financial needs, the application process is similar to other home loans. As the borrower, you'll choose a lender and apply for the loan. You'll need to meet their lending requirements and the requirements of the loan you're refinancing into.
You'll need enough equity in your home to obtain a cash-out refinance loans. The amount depends on whether you're refinancing into a conventional, FHA or VA loan. You'll also usually need to meet other financial criteria and have a home appraisal completed to assess the property's value. Here's a deeper look into each of these requirements.
Most lenders will have a maximum of 80% LTV (a minimum of 20% home equity) on conventional and FHA refinance loans. VA refinance loans may increase the LTV ratio to 100%, depending on the borrower's eligibility.
A cash-out refinance loan typically requires a DTI of 43% or lower, but some lenders may increase this to 50% depending on the borrower’s financial situation.
To be approved for a cash-out refinance loan, typically borrowers must have a minimum credit score of 580 for an FHA refinance and 620 for a conventional refinance. Many lenders will not require a minimum credit score for VA refinance loans. Learn more about how to refinance with bad credit.
You'll be required to show the lender proof of assets and employment/income documentation to obtain a cash-out refinance loan. Here are some examples of financial documents the lender may ask you to provide:
Cash-out refinance borrowers typically need a home appraisal done on the property. The appraisal costs are included in your closing costs.
Like all loans, there are pros and cons of obtaining a cash-out refinance loan. Using the money from a cash-out refinance can help you pay for other expenses with the equity you've gained in your home, but you also have to consider your financial situation and the market. If you can lower your mortgage rate or need cash in a hurry, a cash-out refinance may be a good idea. Here are some pros and cons to consider when deciding when to acquire a cash-out refinance:
There is a difference between cashing out on home equity and having a revolving line of credit you can draw against. Learn which home equity option is best for you.
Cash-out refinance on investment property
You may be able to take over the FHA loan from the seller. Discover how and if you can assume a FHA loan.
Cash-out refinance vs Home Equity Loan
Having home equity means you have refinance options. See how a cash-out refinance compares to a home equity loan, and which option is right for you.