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**Cash Out Refinance Calculator** with taxes and insurance to calculate the new payment for your cash-out refinance loan. **Cash Out Refi Calculator** will estimate how much you can cash out based on your home value and mortgage balance.

**Mortgage Cash Out Refinance Calculator** with new payment will quickly calculate your new monthly payment with an amortization schedule that shows all the necessary information that you need to know such as interest and principal payment, balance, and total payment.

A cash out refinance loan allows you to refinance your existing mortgage into a new loan that is greater than the outstanding balance of your existing mortgage. The extra money that's generated from the new loan from your outstanding mortgage balance is how much you can take out as cash. You can use this cash for any purpose such as paying down credit card debts where the interest rate is much higher, upgrading your house, paying down student loans, or using it to invest in stocks or other real estate.

How much you can cash out depends on your equity in the house. Most conventional lenders allow a borrower to cash out up to 80% of the loan-to-value (LTV) ratio. For example, if you have owned a house that's worth $300,000 and you have an outstanding balance of $150,000, that means you have 50% equity in the house or $150,000. To calculate how much you can cash out, first multiply by the home value by 80% or $300,000x0.8 = $240,000, and then subtract the outstanding balance from this amount or $240,000 - $150,000 = $90,000, which is the amount that you can cash out.

Here are a few reasons that you may want to use the cash out refinance.

1. You need to pay off credit cards or other debts that have much higher interest rates. In this case, you should seriously consider cash out refinance as the interest rate is much lower.
2. You want to renovate your home so that it is worth more. When your house goes up in value, you actually reduce your LTV ratio. If you are planning to sell the house in the near future, upgrading your house will command a higher selling price. So it makes economic sense to use cash out refinance to finance the renovation costs.
3. You are starting a business or other ventures and need the cash to cover the costs for rent, buying equipment, hiring, or other business expenses.
4. You need the money to invest in stocks or other investments. If you think you can produce a higher return with any other investment than the interest that you are paying for the new loan, by all means, use the cash out refinance option.

Our mortgage cash out refinance calculator allows a borrower to enter the home value, current outstanding balance, cash out amount, loan terms, and the interest rate. The LTV will be calculated automatically so that you know whether the money you are trying to cash out will exceed the maximum LTV ratio of 80%. You can enter any additional information about your current mortgage such as home insurance, property tax, HOA Fees, and PMI that you may have to pay if your equity is less than 20% of the house. After you enter all the information, our cash out calculator will output the amortization schedule for your new loan. You can also use our refinance calculator if you want to do a regular refinancing on your house.

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