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Maximum Equity Refinance Calculator

Mortgage refinance calculator

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Determining available equity

(
$300,000 current home value
x
80% maximum loan to value ratio
) -
$100,000 current mortgage
=
$150,000 available equity
4
The maximum amount that you can withdraw when refinancing your mortgages is limited to 80% of the value of your home. $155,000 $0

Your new mortgage amount

$100,000 current mortgage
+
$50,000 additional equity
=
$150,000 new mortgage

Select rate

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Pick a different rate
The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
How often would you like to make your new mortgage payments? Choose between weekly, semi-monthly, monthly or yearly.
Enter the date you entered into your original (existing) mortgage contract. 		The balance of your original (existing) mortgage the day you are planning to refinance.
Enter the current mortgage payment you make whether semi-monthly, monthly or semi-monthly. I don't know this, help me estimate. Enter the frequency with which you currently make mortgage payments: monthly, semi-monthly or yearly.
Enter the balance of your mortgage on the initial signing date of your contract. Enter the amortization of your mortgage on the initial signing date of your contract.
Which mortgage lender is providing your current (existing) mortgage contract?
The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
Is your current mortgage rate variable or fixed?
Enter the mortgage rate you are currently paying on your existing mortgage rate.
The discount you received when signing your contract. For example if the posted rate at the time was 5.0% and you ended up paying 3.0%, your discount would have been 2%. I don't know this, help me estimate.

Based on your inputs we've estimated your mortgage payment and remaining mortgage. Adjust these amounts if you've taken advantage of your prepayment options.

We’ve estimated your current mortgage payment based on your inputs above. Please adjust if you’ve taken advantage of your prepayment options. The balance of your original (existing) mortgage the day you are planning to refinance.

Will refinancing help you?

status quo refinancing
Mortgage amount
Mortgage interest rate
Payment
One time refinance penalty
Interest cost (for remaining status-quo term)
Interest savings (for remaining status-quo term)
One time refinance penalty
Net savings