Cash Out Refinance Calculator – Use Home Equity to Get. – A cash-out refinance is when you take out a new home loan for more money than you owe on your current loan and receive the difference in cash.

 · There are essentially two types of refinance loans: rate/term and cash out. The rate/term gets you a better rate or terms on your loan, but you cannot pull money out. A cash out refi gives you a new mortgage for a higher amount, and you take the difference home in cash.