How to Use Our Cash-Out Refinance Calculator

How to Use Our Cash-Out Refinance Calculator Our Cash-Out Refinance Calculator estimates your available equity, how much cash you can unlock, and potential new monthly payments. Here’s what you’ll need: Your estimated home value (we’ll help you find this) Current mortgage balance and monthly payment Amount of cash you want Our technology crunches your numbers instantly to show the: Maximum cash available to you New monthly payment estimate Total cost comparison Want to fine-tune the numbers? Click “Refinanced Loan” to adjust terms and explore options that maximize your cash access. Understanding Your Results Our calculator shows two key numbers that matter to you: Monthly Payment Impact: See exactly how accessing your equity affects your monthly budget. Total Cash Available: Know your maximum borrowing power with AmeriSave’s 90% loan-to-value option. Unlike other lenders who cap you at 80%, AmeriSave’s technology finds ways to maximize your cash access while keeping payments manageable. How Does a Cash-Out Refinance Work? A cash-out refinance replaces your existing mortgage with a new, larger loan. The difference between your new loan amount and your current mortgage becomes available as cash. Here’s a real example: Your home’s worth $400,000 and you owe $200,000. With AmeriSave’s 90% loan-to-value program, you could borrow up to $360,000. After paying off your existing $200,000 mortgage, that’s up to $160,000 in cash (minus closing costs) — which is $40,000 more than traditional lenders might offer. Common Cash-Out Refinance Costs Let’s break down the costs you’ll see in your calculator results: Closing costs: Our streamlined process keeps these competitive. Property valuation: We use smart technology to minimize appraisal fees where possible. Title work: This is required to protect your home ownership rights. Processing fees: This covers the paperwork, credit checks, and other steps needed to get you your cash. Our calculator factors these into your estimate so there are no surprises. Plus, we’ll show you options to roll these costs into your loan if you want to minimize out-of-pocket expenses. When Is a Cash-Out Refinance a Good Idea? Wondering when to get a cash-out refinance? Here’s when this type of refinance may benefit you: Strong Home Equity Position With AmeriSave’s 90% loan-to-value program, you’ve got more flexibility than with traditional lenders. Our calculator helps you see if the numbers work for your situation. Clear Financial Purpose Cash-out refinancing typically makes sense for: Debt consolidation at a lower interest rate Funding life’s big moments Home improvements to increase property value Growing your wealth through smart investments Favorable Interest Rate Now might be your time if you can: Score a better rate than your current mortgage Obtain better terms than alternative financing options Make the closing costs worth it through long-term savings Alternatives to a Cash-Out Refinance Consider these options if a cash-out refinance doesn’t fit your needs: Home Equity Line of Credit (HELOC): A flexible credit line you can use and repay as needed. Home Equity Loan: A fixed-rate second mortgage that keeps your primary loan intact. Personal Loan: Get quick funding without using your home as collateral. Credit Cards: Can be used for smaller, short-term needs. Cash-Out Refinance Calculator: Next Steps How Do I Calculate a Cash-Out Refinance? Enter your home’s value, current loan balance, and desired cash-out amount into our calculator. Our technology handles the complex math, showing you payment scenarios and the maximum cash available. What Do You Need to Calculate a Cash-Out Refinance? Here’s a quick checklist: Current home value (estimate works for now) Mortgage statement showing your balance Idea of how much cash you want General credit score range Recent pay stubs or income docs Who Qualifies for a Cash-Out Refinance? Our streamlined requirements include: Home equity: Up to 90% loan-to-value Credit score: 640 minimum Debt ratio: We’ll look at your entire financial picture Income: Verifiable income or assets Payment history: Good standing on current mortgage Ready to Refinance? Take the next step toward your financial goals. Our loan advisors are ready to help you explore your cash-out benefits.