Cash-Out Refinance
Lending & MortgagesRefinancing your mortgage for more than you owe and taking the difference in cash, using home equity as a funding source.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding cash-out refinance helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how cash-out refinance impacts your specific situation.