Cash-Out Refinance Calculator

See your new monthly payment, break-even on closing costs, and which portion of your new interest will be tax-deductible.

Current Mortgage

Balance ($)

Rate (%)

Years remaining

New Cash-Out Refinance

Cash-out amount ($)

New rate (%)

New term (years)

Closing costs ($)

Cash used for home improvement (%) — affects interest deductibility

0% (none)100% for home improvement100% (all)

Current payment

$1,522.30/mo

New payment

$2,149.03/mo

New loan total

$340,000

Break-even

10 months

Deductible interest/yr

$22,100

Interest deductibility assumes home improvement use for the cash-out portion and that total mortgage debt stays under $750,000. Consult a tax professional for your specific situation.