Cash Out Refinance Calculator Canada (Mortgage)

Rating now

Use our Cash Out Refinance Calculator Canada (Mortgage) to estimate how much equity you can access from your home and understand the true cost of refinancing. Designed specifically for Canadian homeowners, this powerful yet easy-to-use tool helps you calculate your new mortgage payment, interest costs, loan-to-value ratio, and potential cash proceeds after refinancing. Whether you are planning home renovations, consolidating high-interest debt, investing, or covering major expenses, this calculator provides clear financial insights based on current Canadian lending guidelines. Simply enter your home value, remaining mortgage balance, interest rate, amortization period, and desired cash-out amount to see accurate projections instantly. The calculator helps you compare your existing mortgage with your new refinanced loan so you can evaluate long-term savings or additional costs. It is ideal for borrowers working with fixed or variable rates and those considering breaking their current mortgage term. Make informed refinancing decisions with confidence by understanding monthly payments, total interest, and equity impact before speaking with a lender. This Cash Out Refinance Calculator Canada tool gives you a smarter way to plan your mortgage strategy and optimize your home equity.

2026 US Mortgage Refinance Calculator
🌙

2026 Mortgage Refinance Calculator

U.S. Federal Tax Rules • Cash-Out • Break-Even • Tax-Deductible Interest

Accurate for 2026 IRS Publication 936 • $750k deduction limit (permanent)

Current Loan Details

$
$
%

New Refinance Details

%
$
Typical 2-5% of new loan
$
All calculations run in your browser • No data stored
New Monthly Payment
$2,345.67
Break-Even Period
28 months
Cash-Out You Can Receive
$42,300
Total Interest Savings
$68,450

Current Loan vs New Refinance

Keep Current New Refinance Difference
Monthly P&I Payment$2,189$2,112
Total Payments (full term)$578,340$760,320
Total Interest Paid$258,340$191,890
Est. Tax-Deductible Interest (2026 IRS)–$178,450
Note: Tax-deductible interest assumes the new loan qualifies as home-acquisition debt ≤ $750,000 limit (permanent under 2026 rules). Cash-out portion deductible only if used to buy, build or substantially improve the home (IRS Pub 936). PMI deductible again in 2026 if applicable.

Interactive Amortization Explorer (New Loan)

Remaining Balance: $320,000
Interest Paid So Far: $0

Frequently Asked Questions

What changed for mortgage interest deduction in 2026?▼
The $750,000 limit ($375,000 if married filing separately) is now permanent. PMI premiums are once again fully deductible as mortgage interest for 2026 returns (subject to AGI limits). Home equity interest remains deductible only if proceeds are used to buy, build, or substantially improve the home.
How is cash-out calculated?▼
Maximum new loan = Home Value × Max LTV (default 80%). Cash-out = New loan – Current balance – Closing costs (if rolled in). Conventional cash-out refinance max LTV is typically 80%.
When does refinancing make sense in 2026?▼
Generally when you can lower your rate by at least 0.75–1%, plan to stay 3+ years, or want cash for home improvements (which keeps interest deductible). Use the break-even calculator above.
Are closing costs tax deductible?▼
No — except points paid to lower your rate (deductible in the year paid for purchase/refi). Most other closing costs are added to your basis or amortized. Always consult your tax advisor.
Does this calculator include state taxes?▼
Federal rules only (IRS 2026). Most states conform to federal MID rules, but check your state revenue department for any differences in SALT or mortgage interest treatment.
Disclaimer: This is a free educational tool only. All figures are estimates based on standard mortgage formulas and 2026 IRS Publication 936 rules. Actual payments, rates, closing costs, and tax treatment vary by lender, credit score, location, and individual circumstances. Cash-out proceeds used for non-home purposes are generally not tax-deductible. Always consult a licensed mortgage professional and tax advisor before making financial decisions. Not financial, tax, or legal advice.