Cash-Out Refinance Calculator
See your new repayment, how much equity you can access, and whether adding cash to your mortgage or taking a separate loan costs less.
Accessing your home equity
A cash-out refinance (also called accessing equity or a top-up) replaces your current home loan with a larger one, and you take the difference as cash — often to fund renovations, a car or other big costs. This calculator shows your new loan amount, new repayment and how it compares to now.
It also flags your loan-to-value ratio (LVR), because lenders usually cap total borrowing at around 80% of your home’s value before charging lenders mortgage insurance.
The formula
New loan = current balance + cash accessed. The new repayment is calculated from the new loan amount, new rate and term. LVR = new loan ÷ home value × 100.
Worked example
| Item | Value |
|---|---|
| Home value | $800,000 |
| Current loan balance | $400,000 |
| Cash to access | $40,000 |
| New loan | $440,000 |
| New LVR | 55% |
Frequently asked questions
What is a cash-out refinance?
It is replacing your existing mortgage with a larger one and taking the difference as cash, using the equity you have built up in your home.
Why compare it to a separate loan?
A mortgage has a low rate but a long term, so spreading a purchase over 25–30 years can cost more interest overall than a shorter separate loan — the calculator shows the difference.
What is LVR and why does it matter?
Loan-to-value ratio is your loan as a percentage of the property value. Above about 80%, lenders typically charge lenders mortgage insurance.