Cash-Out Refinance Calculator
Use this free cash-out refinance calculator to see how much equity you can turn into cash, what your new mortgage payment will look like, and when the refinance pays for itself.
On a typical conventional cash-out refinance, lenders let you borrow up to 80% of your home's value. That means if your home is worth $500,000 and you owe $300,000, you could potentially pull out up to $100,000 in cash, minus closing costs. VA borrowers may access up to 100% of their home's value.
Estimate Your Cash-Out Refinance
Turn your home equity into cash. See your maximum cash-out and new monthly payment instantly.
Estimates only. Actual cash-out depends on appraisal, credit approval, DTI, and program guidelines. Rates shown are for illustration and do not constitute an offer. NextGen Mortgage Loans NMLS #1621958.
How a Cash-Out Refinance Works
A cash-out refinance replaces your existing mortgage with a new, larger loan. You pocket the difference between the two loan amounts in cash at closing. The cash can be used for any purpose: home improvements, debt consolidation, tuition, investment property down payment, or an emergency reserve.
Three variables control how much cash you can access:
Your home's current value (determined by appraisal)
Your current mortgage balance (the payoff amount on your existing loan)
The maximum loan-to-value ratio allowed by your loan type
The formula looks like this:
Maximum Cash-Out = (Home Value × Max LTV) − Current Mortgage Balance − Closing Costs
If your home is worth $500,000 with a $300,000 balance on a conventional loan (80% LTV cap), your math is:
$500,000 × 0.80 = $400,000 (new maximum loan amount)
$400,000 − $300,000 = $100,000 (gross cash before costs)
$100,000 − ~$12,000 closing costs = ~$88,000 cash in hand
The calculator above does this math automatically and factors in your chosen loan type, new interest rate, and whether you want to roll closing costs into the loan.
Maximum Cash-Out by Loan Type
Not every loan lets you access the same amount of equity. Here is what to expect in 2026:
Conventional Cash-Out Refinance
Max LTV: 80% for single-family primary residences
Credit score minimum: 620 (most lenders want 660+)
DTI limit: 43% (up to 50% with compensating factors)
Seasoning: Typically 6 months of ownership
FHA Cash-Out Refinance
Max LTV: 80%
Credit score minimum: 580 (some lenders require 620)
DTI limit: 43% to 50%
Seasoning: 12 months of on-time payments
Note: Mortgage insurance (MIP) required regardless of equity
VA Cash-Out Refinance
Max LTV: Up to 100% for eligible veterans
Credit score minimum: Set by lender, often 580 to 620
DTI limit: Flexible, often 41% guideline
Seasoning: 210 days and six consecutive on-time payments
Note: VA funding fee applies unless exempt
Want to know which program fits your income and credit profile? Talk to Expert or see our full breakdown on our Refinance Loans page.
What Your New Monthly Payment Will Look Like
A cash-out refinance changes your monthly payment in three ways at once:
Higher principal means a higher monthly payment at the same rate
A new interest rate can push your payment up or down
A new loan term resets your amortization clock
The calculator shows your old payment next to your new payment so you can see the delta clearly. It also breaks out principal and interest separately from the cash-out portion, so you can see exactly what the cash is costing you per month.
Example: $100,000 Cash-Out at 2026 Rates
Assume a $400,000 home, $250,000 current balance at 4.25%, and a new 30-year rate of 6.75%.
The question is whether $1,105 more per month is worth the $100,000 lump sum. That depends on what the cash accomplishes: if it pays off $100,000 in credit card debt at 22%, you save roughly $1,800/month in interest alone. If it funds a discretionary purchase, the math rarely works.
Closing Costs on a Cash-Out Refinance
Closing costs typically run 2% to 5% of the new loan amount. On a $400,000 loan that is $8,000 to $20,000. Common line items:
Loan origination fee (0% to 1% of loan)
Appraisal fee ($500 to $750)
Title search and insurance ($500 to $2,000)
Recording fees and transfer taxes (varies by state)
Credit report fee ($50 to $100)
Underwriting fee ($300 to $900)
Prepaid property tax and insurance escrows
You have two choices: pay closing costs in cash at the table, or roll them into the new loan balance. Rolling them in preserves your cash but reduces the net cash-out you walk away with and increases your monthly payment slightly. The calculator handles both options.
Break-Even Point: When the Refinance Pays for Itself
The break-even point tells you how long you need to stay in the home for the refinance to make financial sense on a rate basis. The formula:
Break-Even Months = Total Closing Costs ÷ Monthly Interest Savings
If your closing costs are $10,000 and you save $250 per month on interest (ignoring the cash-out portion), your break-even is 40 months, or about 3 years and 4 months. If you plan to sell before then, the refinance costs you money even if the rate is lower.
For pure cash-out refinances where your rate goes up, the break-even concept shifts: you are trading higher lifetime interest for liquidity today. The right question is whether the cash generates a better return than the interest cost.
When a Cash-Out Refinance Makes Sense
A cash-out refinance usually makes sense when:
You are consolidating high-interest debt. Credit cards at 20%+ APR beat out mortgage rates at 7% every time, especially if the interest is tax-deductible for home improvement uses.
You are funding a value-adding home improvement. Kitchens, bathrooms, and primary suite additions typically return 60% to 80% of cost at resale. The IRS may also allow you to deduct mortgage interest if the funds are used to improve the home.
You need emergency liquidity. Medical bills, a job transition, or tuition gap funding are common reasons.
Your rate is dropping anyway. If current rates are at least 0.75 to 1 point below your existing rate, the refinance pays off faster.
A cash-out refinance usually does not make sense when:
You plan to sell within 2 to 3 years
Your new rate will be significantly higher and the cash funds non-essential consumption
You have less than 20% equity after the cash-out (triggers PMI on conventional loans)
Your credit score has dropped since your original mortgage
What You'll Need to Apply
To move from calculator estimate to real numbers, you'll need:
Two most recent pay stubs
Two years of W-2s or 1099s (tax returns if self-employed)
Two months of bank statements
Current mortgage statement
Homeowner's insurance declarations page
Photo ID
At NextGen Mortgage Loans, the typical timeline from application to closing on a cash-out refinance is 14 to 21 days. We move faster than most banks because we review your actual income documents, not just credit bureau summaries.
Want a Lower Rate? Talk to an Expert.
A lower interest rate means every extra payment goes further.
NextGen Mortgage can help you refinance or find the best loan for your situation.
Manufactured Home Loans for First-Time & Rural NH Buyers
Affordable financing for manufactured, modular, and mobile homes across the Granite State. Real-property mortgage rates, multiple loan programs, and access to lenders who actually fund these loans.
Real-property financing for factory-built homes in NH.
A manufactured home loan in New Hampshire is a mortgage used to purchase or refinance a factory-built home that meets HUD code, financed either as real property when permanently affixed to owned land, or as a chattel loan when sited in a land-lease community. For most NH buyers, real-property financing through FHA, VA, USDA, or conventional programs delivers significantly lower rates and longer terms than personal-property chattel loans.
Manufactured home loans open the door to homeownership at price points that traditional NH housing stock has priced out for years, especially in rural and northern counties. Whether you are a first-time buyer in Coos County, a retiree downsizing in Carroll County, or moving north from Massachusetts, the right loan program changes what you can afford.
NextGen Mortgage Loans is a New Hampshire licensed mortgage broker with access to lenders who specialize in manufactured home financing, including the programs most NH banks decline to offer. We match you to the loan that fits your home, your land situation, and your credit profile.
Benefits of Manufactured Home Financing
Lower entry prices, real mortgage rates, and program flexibility most NH banks don't offer.
Lower Entry Price
Manufactured homes typically cost a fraction of comparable site-built construction in NH, putting homeownership within reach at incomes that don't qualify for traditional inventory.
Real-Property Mortgage Rates
When your home is permanently affixed and titled with the land, you qualify for standard mortgage rates often 1 to 3 points lower than chattel, with terms up to 30 years.
Multiple Loan Programs
FHA Title II, VA, USDA, Fannie Mae MH Advantage, and Freddie Mac CHOICEHome all finance qualifying NH manufactured homes, so you're not stuck with one high-rate option.
Low Down Payments
Down payments start at 3.5% for FHA and 0% for eligible VA and USDA borrowers, making this one of the most accessible paths to NH homeownership.
Specialty Lender Access
Most NH community banks decline manufactured home loans or offer chattel only. As a broker, we connect you to lenders who actively fund these loans on competitive terms.
NHHFA Program Compatibility
Many manufactured home loans pair with New Hampshire Housing Finance Authority down payment assistance, useful for first-time buyers stretching to afford a starter property.
Who Qualifies for a Manufactured Home Loan
Requirements vary by program, but most NH manufactured home loans share these baseline guidelines.
Home built after June 15, 1976 with the red HUD certification label affixed.
Permanent foundation meeting HUD guidelines, required for FHA, VA, USDA, and conventional financing.
Home classified as real property, with the title to the home and land merged together.
Credit score generally 580+ for FHA, 620+ for conventional, with flexibility for VA borrowers.
Debt-to-income ratio typically capped around 43 to 50 percent, depending on program and compensating factors.
Single-wide, double-wide, and multi-section homes are usually eligible, though some lenders restrict single-wides.
How Manufactured Home Loans Work in New Hampshire
New Hampshire has one of the highest concentrations of manufactured housing in the Northeast, with strong inventory in Coos, Carroll, Grafton, Belknap, and Cheshire counties. That makes NH lenders more familiar with these loans than peers in other states, but program rules and county loan limits matter.
The 2026 FHA loan limit for a single-family property in most NH counties is set by HUD and applies to manufactured homes financed under FHA Title II. Conforming conventional limits set by the FHFA apply to MH Advantage and CHOICEHome loans. We confirm current county limits at the time of application.
Large parts of rural NH, including most of Coos County, much of Grafton and Carroll, and pockets of Cheshire and Sullivan, qualify as USDA-eligible areas, which can mean 0 percent down financing for income-qualified borrowers on manufactured homes meeting USDA property requirements.
The New Hampshire Housing Finance Authority (NHHFA) offers down payment assistance programs that can pair with FHA financing on qualifying manufactured homes, useful for first-time buyers in higher-cost southern NH towns.
If you are moving from Massachusetts, NH manufactured home financing is often dramatically more accessible than comparable MA options, and our brokers regularly handle MA-to-NH transitions, including out-of-state employment documentation.
From First Call to Closing Day
A clear path from inquiry to keys in hand. Most files close in 30 to 45 days.
Consultation
Brief call to review goals and credit. Soft pull only.
Pre-Approval
Letter issued in 24 to 48 hours after documentation.
Property Review
Foundation, HUD code, real-property status confirmed.
Application
Full file submitted to the best-matched lender.
Underwriting
Appraisal completed, income and assets verified.
Clear to Close
Closing disclosure issued, final review with you.
Closing
Sign at NH attorney or title company. Keys in hand.
Manufactured Home Loans vs Other Options
Honest comparison of your three main paths. Real-property financing wins almost every time when it's available.
| NH Manufactured Home LoanReal Property | Chattel Loan | Personal Loan | |
|---|---|---|---|
| Typical term | 15 to 30 years | 15 to 25 years | 2 to 7 years |
| Rate range | Mortgage rates | 1 to 3 points higher | Significantly higher |
| Down payment | 0 to 5 percent | 5 to 20 percent | Often 0 percent |
| Land requirement | Owned land, titled with home | Land-lease allowed | None |
| Best for | Buyers with owned land or planning to buy | Land-lease community buyers | Small repairs or upgrades only |
The "Computer Says No" Era is Over.
Common mistakes that cost NH manufactured home buyers thousands, and how to avoid each one.
Assuming All NH Banks Offer These Loans
Most local banks decline manufactured home mortgages or offer chattel only. A broker who already knows which lenders fund these loans saves you weeks.
Skipping the Permanent Foundation Question
A home not on a HUD-compliant permanent foundation cannot qualify for FHA, VA, USDA, or conventional financing. Confirm before making an offer.
Buying a Pre-1976 Home
Homes built before June 15, 1976 don't have the HUD label and don't qualify for any standard loan program. They're nearly impossible to finance.
Accepting Chattel Financing by Default
If your home will sit on owned land, push for real-property financing. The rate and term difference adds up to tens of thousands over the loan's life.
Not Checking USDA Eligibility
Many NH buyers assume they don't qualify for USDA. Large portions of rural NH are eligible, and 0 percent down can change the math entirely.
Trusting the First Quote You Get
One bank's quote isn't the market. As a broker, we shop multiple lenders to find the best fit for your scenario, not the one paying the highest commission.
A NH Broker Who Actually Answers the Phone
Local expertise, faster pre-approvals, and one loan officer from first call to closing.
Access to Specialty Lenders
NH licensed broker working with lenders who specialize in MH Advantage, CHOICEHome, FHA Title II, and USDA manufactured home financing.
Local NH Expertise
NHHFA programs, NH county loan limits, USDA-eligible NH areas, and how MA-to-NH transitions actually work in underwriting.
Faster Pre-Approvals
Most pre-approvals issued in 24 to 48 hours after we have your documentation, not the 7 to 14 days big lenders often take.
Tougher Scenarios Welcome
First-time buyer, lower credit, self-employed, or turned down somewhere else? These are the files we handle every week.
One Loan Officer Start to Finish
You work directly with the same licensed loan officer from first call through closing. No call-center handoffs, no chasing whoever picks up.
Soft Credit, No Obligation
Pre-qualification uses a soft credit check. No hard inquiry until you're ready to apply, no commitment to move forward.
Get Started With Manufactured Home Financing Today
Free 15-minute consultation. Soft credit check only. No hard inquiry until you're ready to apply, and no obligation to move forward.
Frequently Asked Questions
You may qualify for FHA manufactured home financing with a credit score as low as 580, and some lenders consider scores in the 500s with compensating factors and a larger down payment. VA loans offer the most flexibility for veterans with credit issues. A NextGen broker can review your credit and tell you exactly which programs you fit.
Manufactured homes are built to the federal HUD code and carry a red HUD certification label. Modular homes are built to the same NH state and local building codes as site-built homes and are inspected on site. Modular homes typically finance like standard site-built homes, while manufactured homes use specific MH loan programs.
Down payments start at 0 percent for eligible VA and USDA borrowers, 3.5 percent for FHA, and typically 5 percent for conventional MH Advantage or CHOICEHome programs. Chattel loans usually require 5 to 20 percent down. The right program depends on your eligibility and the property.
Most NH manufactured home loans close in 30 to 45 days from application, similar to a standard mortgage. Pre-approval is typically issued within 24 to 48 hours. Foundation inspections and appraisals can extend timelines if the property has unresolved issues.
Yes, if your home meets HUD code, sits on a permanent foundation, and is titled as real property with the land, you can refinance into a standard mortgage program. This often replaces a high-rate chattel loan with a real-property mortgage, lowering your payment significantly. We handle these refinances regularly.
Yes. Eligible veterans can use a VA loan to purchase or refinance a manufactured home in NH, with 0 percent down on qualifying properties. The home must meet HUD code, sit on a permanent foundation, and be classified as real property. Some lenders restrict single-wide VA financing.
When a manufactured home is titled as real property with the land, it is taxed as real estate by the NH town it sits in. Homes in land-lease communities are typically taxed differently. Consult a tax professional and your local NH assessor for specifics on your situation.
Yes. Most FHA, VA, USDA, and conventional manufactured home programs allow you to finance the land and home together as a single transaction, including new-construction setups where the home is delivered and installed after closing on the land. We coordinate these construction-to-permanent loans regularly.
What Our Clients Are Saying
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secure their dream homes.
Frequently Asked Question
How much cash can I get from a cash-out refinance?
Most conventional and FHA cash-out refinances let you borrow up to 80% of your home's appraised value. VA borrowers may access up to 100%. The cash you receive equals the new loan amount minus your current mortgage payoff minus closing costs. On a $500,000 home with a $300,000 mortgage, a conventional borrower could typically access around $88,000 to $92,000 in net cash.
Do I need an appraisal for a cash-out refinance?
Yes. Nearly all cash-out refinances require a full appraisal to establish current market value. Appraisal waivers are rare for cash-out transactions because the lender needs to verify equity. Appraisal cost is typically $500 to $750 and is paid at or before closing.
What credit score do I need for a cash-out refinance?
Conventional cash-out refinances generally require a 620 credit score minimum, though most lenders look for 660 or higher. FHA cash-out allows scores as low as 580. VA lenders often accept 580 to 620. Higher scores unlock better rates.
How long do I have to wait to do a cash-out refinance?
Seasoning requirements vary by program. Conventional loans usually require 6 months of ownership. FHA cash-out requires 12 months of on-time payments. VA cash-out requires 210 days plus six consecutive on-time payments. Always verify current guidelines with your lender.
Is cash-out refinance interest tax deductible?
Mortgage interest on a cash-out refinance is only tax deductible when the funds are used to buy, build, or substantially improve the home that secures the loan. Using the cash for debt consolidation, tuition, or other purposes generally makes the interest non-deductible. Consult a tax professional for your situation.
How does a cash-out refinance affect my monthly payment?
Your monthly payment will almost always increase on a cash-out refinance because your principal balance is larger. The size of the increase depends on your new rate, term, and cash-out amount. The calculator above shows your current and new payment side by side.
Can I do a cash-out refinance with bad credit?
FHA and VA loans offer the most flexibility for borrowers with credit issues. FHA allows scores down to 580 with 80% LTV. If your credit is below 580, focus on improving it before applying. Pay down revolving balances, dispute errors on your credit report, and avoid new credit applications for 90 days before you apply.
MLO License Info: NMLS #1621958, NH Broker license #1621958MBRR, and MA Broker license #MB1621958, ME Broker License #1621958, FL Broker License #MBR4542, RI Broker License #20265029LB
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