Conventional cash-out refinance · Calculator
List what you owe. In about a minute you’ll see your blended rate, what you pay every month today, and whether a conventional cash-out refinance could roll it all into one payment. Free, no credit pull, and nothing is sent unless you choose to send it. Built for Florida homeowners from Miami-Dade to Palm Beach, though the math works anywhere.
How it works
Your mortgage may have a low rate, but your cards and loans usually don’t. The blended rate is the single rate you’re really paying across all of it, weighted by how much you owe on each. It’s the fair number to compare a new mortgage rate against.
Conventional cash-out refinances generally allow a new loan of up to 80% of the home’s value on a primary residence, and less on second homes, investment properties and 2–4 unit homes. The calculator shows where your numbers land against that limit.
A lower monthly payment is not the same as paying less. Spreading a five-year car loan over thirty years can cost more in the end. When you add the years left on your mortgage, the calculator shows the total both ways so you can decide with open eyes.
Cash-out refinance FAQ
It is the balance-weighted average interest rate across your mortgage and your other debts. For example, a $250,000 mortgage at 4% plus $50,000 of credit cards at 24% blends to about 7.3%, because the cards are a small share of the balance but carry a much higher rate. Comparing a new mortgage rate to your blended rate, not just to your current mortgage rate, shows whether consolidating actually lowers your cost of borrowing.
Conventional cash-out refinances generally allow a new loan of up to 80% of the home’s appraised value on a primary residence, and less on second homes, investment properties and 2–4 unit homes. The final amount depends on the appraisal, your credit and income, and the lender’s guidelines.
Not always. Rolling short-term debts into a 30-year mortgage usually lowers the monthly payment, but it can raise the total you pay because the debt is spread over many more years. This calculator shows both the monthly change and the total-cost change. A shorter term, or continuing to pay extra each month, can keep the total down.
A cash-out refinance turns unsecured debt into debt secured by your home, so the home is on the line if the new payment is missed. It works best when the new payment is comfortably affordable and the paid-off cards are not run back up afterward.
No. Uncheck any debt you want to keep and the calculator leaves it out of the new loan. In some files a lender may require certain debts to be paid at closing in order to qualify, which I will tell you up front.
No. It is an estimate from the numbers you type, with no credit pull, and nothing is sent to anyone unless you choose to send your numbers. Rates and closing costs are quoted individually for each scenario.
Yes. A conventional cash-out refinance in Florida works the same way as in any other state: the new mortgage pays off your current mortgage plus the debts you choose, and you are left with one payment. Florida charges documentary stamp and intangible taxes on the new mortgage, which are part of the closing costs and are quoted individually for each file. I work with homeowners across Miami-Dade, Broward and Palm Beach counties and throughout Florida.
Three steps. First, enter your home value, mortgage balance, monthly payment and rate. Second, add each debt you are thinking of paying off, with its balance, monthly payment and rate; uncheck any you want to keep. Third, type the new rate if you have seen one, or leave it blank. The results show your blended rate, what you pay today, the new loan amount and loan-to-value against the conventional limit, and, once a rate is entered, the estimated new payment and the monthly difference. Nothing is sent unless you press the send button.
Keep reading: Refinance options in Miami · Should I refinance? (rate & term calculator) · How a HELOC works · Reverse mortgage (62+) · Conventional loans · All calculators