How available cash is estimated
Lenders cap the new loan at a maximum loan-to-value (LTV) set by the program. Estimated cash = (home value × maximum LTV) − current payoff − closing costs. The calculator asks you for each of these, including the LTV limit, because limits differ by program and change over time.
Cash-out refinance vs. HELOC vs. home equity loan
- Cash-out refinance: replaces your first mortgage with a new, larger one. One payment, but your whole balance moves to the new rate.
- HELOC: a revolving second lien, usually with a variable rate and a draw period followed by repayment.
- Home equity loan: a fixed second lien paid out once.
Think about the use of funds
Consolidating unsecured debt into a mortgage can lower monthly costs, but it converts that debt into debt secured by your home and stretches it over many years. Home improvements may add value; vacations and depreciating purchases do not.
All results are estimates only, based on your inputs. They are not an offer or commitment to lend.
Keep reading
This page is general education. Program rules change; confirm current requirements with the official sources linked here and with a licensed lender.