Cash Out Refinance Calculator

Get an estimate of how much cash you may be able to borrow from your home equity.

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A cash out refinance is when you take a portion of your home's equity out as cash
while refinancing your current mortgage. A conventional refinance loan will only be
for the amount that you owe on your existing mortgage, but a cash out refinance loan will increase the amount of the loan. This allows you to both replace your existing mortgage and take a lump-sum payment in cash for the additional amount of the loan.

You may be able to access about if you cashed out today.

Discover offers cash out refinance loans at low fixed rates for loan amounts ranging from $35,000 to $500,000 (1st Lien). You could also get a home equity loan if you’d like to keep your existing mortgage. Next, use our calculator to find your potential rate and payment on a specific loan amount.

Rate and Payment Calculator

What does this possibly mean for me?


The above is an estimated amount of cash you can take out based on the equity you've built in your home. This amount is based on your existing loan amount(s) and the estimated current value of your home and assumes that you could borrow up to 75% of
the value of your home. There are benefits and risks of doing a cash out refinance. You may be able to borrow at a low, fixed rate to finance home improvements, education, or other expenses for less than you'd pay with a different type of loan. Keep in mind, though, that whatever you borrow eventually has to be paid back. It's important to consider upfront closing costs on your new loan, and the time it will take you to recoup those costs. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because typically the debt is extended over a longer period. Visit our Debt Consolidation Calculator to find out how you might be able to reduce your monthly payments by consolidating existing loans.

Unfortunately, you may not have enough home equity to get cash from your home.

 

Discover offers cash out refinance loans at low fixed rates for loan amounts ranging from $35,000 to $500,000 (1st Lien). Next, use our calculator to find your potential rate and payment on a specific loan amount.

Rate and Payment Calculator

What does this possibly mean for me?


The above is an estimated amount of cash you can take out based on the equity you've built in your home. This amount is based on your existing loan amount(s) and the estimated current value of your home and assumes that you could borrow up to 75% of
the value of your home. There are benefits and risks of doing a cash out refinance. You may be able to borrow at a low, fixed rate to finance home improvements, education, or other expenses for less than you'd pay with a different type of loan. Keep in mind, though, that whatever you borrow eventually has to be paid back. It's important to consider upfront closing costs on your new loan, and the time it will take you to recoup those costs. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because typically the debt is extended over a longer period. Visit our Debt Consolidation Calculator to find out how you might be able to reduce your monthly payments by consolidating existing loans.

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Interactive calculators and information are intended as self-help tools for your independent use and are for educational purposes only. Results are estimates, and we cannot guarantee their accuracy or applicability to your specific circumstances.

Discover Home Loans Restrictions and Details

We do not lend in IA or MD. You are not guaranteed approval. Once you apply and submit your credit and property information, we will confirm your eligibility. We don’t lend on cooperatives, condotels, investment properties, log homes, manufactured homes, mobile homes, or secondary homes. We will only originate one 1st lien mortgage per property per 12-month period. The maximum loan amount you qualify for will depend on additional factors, including type of loan, lien position, loan-to-value and your credit history. We may change rates, program terms, and conditions without notice. Discover Card accounts may not be paid off with this home loan. All loan programs are offered by Discover Bank, 2500 Lake Cook Road, Riverwoods, IL 60015. NMLS ID 684042.

 

Loan Payment Example Disclosure

For example, if you borrowed $60,000 for a 20 year term at 8.86% APR, your fixed monthly payments would be $534.45.