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Cash-Out Refinance Limit Calculator
Cash-out refinancing lets you tap home equity by replacing your mortgage with a larger one, taking the difference in cash. LTV limits vary by occupancy (80% primary, 75% second home, 70% investment) and closing costs eat into proceeds. This calculator sizes your true maximum cash-out after payoff and closing.
Net cash to you
$122,400
Maximum new loan
$420,000
Gross cash-out (before closing)
$135,000
Closing cost
$12,600
Post-refi LTV
80.0%
LTV cap used
80.0%
How the math works
On a $525K primary with $285K mortgage and 80% LTV cap: max new loan = $420K. After paying off the $285K existing and 3% closing cost ($12.6K), net cash is $122.4K. LTV lands at 80% with the new loan. Investment-property cash-out at 75% LTV on the same property: max loan $393.75K, net cash $96K — $26K less than primary.
Always run both cash-out and HELOC/HEL side-by-side. Cash-out resets your entire mortgage rate; if the existing rate is low (<4%), a HELOC or HEL preserving that rate is usually cheaper even though the fixed-rate second may have a slightly higher nominal rate.
How to Use
- Enter current appraised value and existing mortgage balance.
- Choose occupancy type to apply the right LTV cap.
- Enter your closing costs (usually 2-5% of new loan).
- See new loan size, max cash to you, and post-refi LTV.
Frequently Asked Questions
What are typical LTV limits for cash-out refi?
Primary residence conforming: 80% (Fannie/Freddie). VA: up to 100% (rare). FHA: 80%. Second home: 75%. Investment property (1-unit): 75%. Investment multi-unit (2-4): 70%. DSCR loans on investment: 70-75%. Non-QM can go to 80-85% on primaries with rate premium.
Is cash-out refi still worth it at high rates?
Only if you have very high-rate debt to consolidate (credit cards at 20%+) or a clear use-of-funds producing return above the refi rate. Resetting a 3% mortgage into a 7% cash-out to pay off a 6% HELOC is usually a bad trade. Run both scenarios before committing.
Does cash-out require seasoning?
Yes. Fannie/Freddie require 12 months on-title for cash-out on primaries. Investment delayed-financing can allow cash-out within 6 months if specific rules are met. FHA requires 12 months. VA: no seasoning for IRRRL but cash-out requires the property to have been owned for a while.
What increases my LTV limit?
Strong credit (740+), low DTI (<40%), 6+ months reserves, and no late mortgage payments. Some lenders do up to 85% on primary cash-out with these profiles, especially on conforming loan amounts. Jumbo cash-out maxes at 75-80% for top-tier borrowers; 70% for average.
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