Inputs
Example Data Table
Sample scenarios to explore different requests and limits.
| Scenario | Home Value | Balance | Cash Out | New Rate | New Term (mo) |
|---|---|---|---|---|---|
| Conservative | $450,000 | $250,000 | $20,000 | 6.50% | 240 |
| Standard | $500,000 | $300,000 | $40,000 | 6.75% | 360 |
| Aggressive | $600,000 | $420,000 | $80,000 | 7.00% | 360 |
Results
$0 New loan amount
0% LTV
$0 New monthly payment
$0 Monthly savings vs current
$0 Total upfront costs
— Break-even (months)
$0 Current monthly payment
$0 Equity remaining
Primary residence
LTV cap: 80%
Status: —
Amortization (first 12 months)
| Month | Payment | Interest | Principal | Balance |
|---|
Formula Used
This calculator uses standard fixed-rate amortization.
- New loan amount = Current balance + Cash out + Closing costs + Points cost
- Points cost = Points % × New loan amount (before points)
- LTV = New loan amount ÷ Appraised value
- Monthly payment = P × r × (1+r)n ÷ ((1+r)n − 1), where P is principal, r is monthly rate, n is months
- Break-even (months) = Total upfront costs ÷ Monthly savings (if savings > 0)
- Equity remaining = Appraised value − New loan amount
Amortization table allocates each payment between interest (prior balance × monthly rate) and principal (payment − interest) with the balance reduced by principal each month.
How to Use
- Enter your appraised home value, current balance, current rate, and months remaining.
- Choose your desired cash-out amount and the expected new rate and term.
- Add estimated closing costs and optional discount points if applicable.
- Press Calculate to see new payment, LTV, savings, break-even, and equity remaining.
- Download a full amortization schedule as CSV or export a PDF of the results card.
Note: Actual eligibility depends on lender underwriting, credit profile, property type, and regulations in your area.
FAQs
It replaces your existing mortgage with a larger one and gives you the difference in cash, subject to LTV and underwriting limits.
They apply a maximum LTV cap to the appraised value, subtract the existing balance, and consider costs and points; property type may change the cap.
Yes. Financing costs increases the new loan amount and therefore increases LTV. Paying costs in cash lowers LTV but increases cash outlay at closing.
It is the number of months for monthly savings to recover total upfront costs. If the new payment is higher, break-even does not apply.
Not necessarily. A lower payment can increase total interest over the life of the loan. Always compare total interest and consider making extra principal payments.