Mortgage Calculator · Alberta
Mortgage refinance calculator: how much equity can I take out?
See how much cash you could pull from the home you already own.
Published · Last updated
Refinance Calculator
How much can I take out?
How much equity can I access?
Two limits apply, and you get the lower of them: the loan-to-value cap (80% of your home’s value, or 95% for a spousal buyout) and what your income can support at the stress-test rate. That’s why a high-value home with a modest income is often income-limited rather than equity-limited.
Why refinance your mortgage?
- Consolidate debt — roll high-interest credit cards and loans into your lower mortgage rate.
- Renovate — fund a kitchen, basement or addition using your equity.
- Invest or buy again — free up a down payment for a rental or second property.
- Divorce buyout — access up to 95% of value to buy out a former partner.
Refinances are uninsured and can be amortized up to 30 years, which keeps the new payment manageable.
Frequently asked questions
How much equity can I take out when I refinance?
You can typically borrow up to 80% of your home’s value, minus what you still owe. On a $600,000 home with a $300,000 mortgage, that’s up to $180,000 of room — though your income still has to support the larger payment, so the real number is often lower.
Can I refinance above 80% in a divorce?
Yes. A spousal buyout is a special program that allows refinancing up to 95% of the home’s value to buy out a former partner’s share, provided credit and income qualify.
Why would I refinance my mortgage?
Common reasons: consolidating high-interest debt into a lower mortgage rate, funding renovations, freeing up cash for an investment or down payment on another property, or a divorce buyout. Refinances are uninsured and can be amortized up to 30 years.
Will refinancing cost me a penalty?
If you break your existing mortgage mid-term there may be a prepayment penalty. It’s often still worth it when you’re consolidating high-interest debt — we’ll run the numbers before you commit. Apply online to get an exact picture.
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Ready for a real number?
These tools give an estimate. For an exact pre-approval, apply online in minutes — no credit check to start.