Calculators
Max cash-out calculator
How much cash a refinance can pull out of a property is capped two ways: by loan-to-value against the current payoff, and by whether the new payment still clears a DSCR test. This checks both.
Run the numbers
Cash-out LTV, closing costs and rate are assumptions — set them to the lender you're comparing.
Uses today's value against a stated cash-out LTV — an actual refinance appraisal can come in above or below what you enter here. Some lenders also apply a lower LTV ceiling specifically to cash-out transactions than to a rate-and-term refinance; confirm which figure a given lender applies before relying on this.
What this measures and how it's computed
The maximum new loan is the property's value times the lender's cash-out LTV. Subtract the current loan payoff and the estimated closing costs, and what's left is the cash that actually reaches you at closing. That new loan then has its own payment, which this tool checks against the property's rent the same way the DSCR calculator does — gross monthly rent divided by the new principal, interest, taxes, insurance and dues.
How it's used in an underwriting decision
A cash-out refinance on an investment property is constrained by two separate ceilings, and a lender applies whichever one binds first. The LTV ceiling caps the loan size against value. The DSCR floor caps it against the rent the new, larger payment has to clear. A property with plenty of equity but modest rent can hit the DSCR ceiling well before the LTV ceiling — meaning the "maximum new loan amount" above may not actually be available if the resulting DSCR comes in under a lender's minimum, even though the LTV math checks out.
What this doesn't capture
- Seasoning requirements. Many lenders require a minimum ownership period before a cash-out refinance is eligible at all, and some use the original purchase price rather than current value within that window. That timing rule isn't modeled here.
- A separate cash-out LTV ceiling. Some lenders cap cash-out transactions at a lower LTV than a rate-and-term refinance on the same property — confirm which figure applies before using the LTV you entered above.
- What the cash gets used for. This tool only computes how much is available, not the return on redeploying it — run that scenario separately.
- Prepayment penalties on the loan being paid off. If the current loan carries one, it reduces net proceeds beyond the closing-cost estimate above.
For the underlying concept, see the cash-out refinance glossary entry. A DSCR-specific cash-out strategy, including how lenders often treat a delayed purchase differently from a seasoned one, is covered on the DSCR cash-out refinance strategy page.