Resort Condo · Cash-Out Refinance
Resort Condo Cash-Out Refinance Calculator
Quick answer: Your resort condo cash-out is the maximum loan your lender allows (max LTV × appraised value) minus what you owe and the closing costs. The max LTV depends on whether the loan is written as a second home or an investment, whether the project is warrantable, and the lender, so enter the figure from your term sheet to see gross cash, net cash and the new principal and interest.
Built by Jim Blackburn · NMLS #1072866 · $500M+ closed · 7× Scotsman Guide Top Producer
Enter the max cash-out LTV and interest rate from your term sheet to see every result. The condo value, balance and closing costs start with example amounts; replace them with yours.
Your resort condo
The cash-out offer (from your term sheet)
Max cash-out LTV is the most the lender will lend as a percentage of the appraised value. It depends on second-home vs. investment use, the project and the lender, so use the figure on your term sheet. Closing costs are taken from the new loan here.
Enter the max LTV from your term sheet
Estimates only — not a commitment to lend or a Loan Estimate. Jim Blackburn, NMLS #1072866.
How This Resort Condo Cash-Out Calculator Works
The max new loan is the condo's value times the max LTV you enter. Gross cash out is that loan minus your payoff, and net cash is what's left after closing costs are taken from the new loan. The new principal and interest is calculated on the full max loan, so borrowing less means a smaller payment.
Example: a $560,000 condo with a 70% max LTV from a term sheet supports a $392,000 loan. After a $240,000 payoff, gross cash is $152,000; after $7,500 in closing costs, about $144,500 net.
What Sets the Max LTV on a Resort Condo
Three things drive it. First, occupancy: a cash-out on a second home is treated differently from one on an investment property. Second, the project: a resort condo that meets agency standards can be eligible for conventional cash-out financing, while one that's primarily transient or run by a resort rental company is listed as ineligible in Fannie Mae's Selling Guide and needs a non-warrantable lender with its own limits. Third, the lender's own policy. That's why this calculator asks for the max LTV instead of assuming one.
The Appraisal in a Resort Market
Appraisers rely on recent sales of comparable condos, and in resort areas those sales can be few, seasonal or spread across buildings with different amenities and rental rules. A value that's lower than you hoped reduces the max loan dollar for dollar times the LTV, so run the calculator at a more cautious value as well as your best guess.
Before You Take Cash Out
Resort condo income is often seasonal. A bigger loan means a bigger payment every month, including the slow ones. If the unit is rented, make sure the averaged net rent still leaves you comfortable with the new payment plus taxes, insurance and association fees, and keep reserves for special assessments, which resort buildings can face for roofs, elevators and storm repairs.
Frequently Asked Questions
How much cash can I take out with a resort condo cash-out refinance?
Multiply the condo's appraised value by the lender's max cash-out LTV, then subtract your current balance and closing costs. For example, $560,000 at a 70% max LTV supports $392,000; after a $240,000 payoff and $7,500 in costs, about $144,500 is left.
What max LTV applies to a resort condo cash-out refinance?
It depends on whether the condo is a second home or an investment, whether the project is warrantable and the lender's own policy. Use the figure on your term sheet rather than a general number.
Can I do a resort condo cash-out refinance on a second home?
Yes. Fannie Mae's Eligibility Matrix lists cash-out refinances for one-unit second homes, as long as the project and your file meet the program's rules. If the building is non-warrantable, a non-warrantable condo lender sets its own cash-out terms for second homes.
How is a resort condo appraised for a cash-out refinance?
The appraiser compares recent sales of similar condos nearby, adjusting for size, view, amenities and rental rules. Resort-area sales can be seasonal or limited, which can make the value harder to support.
Are closing costs deducted from a resort condo cash-out refinance?
Usually they're paid from the new loan, and this calculator assumes so. If you pay them in cash instead, your net cash equals the gross cash-out figure.
What can I use resort condo cash-out refinance money for?
Owners use it for renovations to the unit, special assessments, paying off other debt or buying another property. If the loan is an investor or business-purpose loan, the lender may ask how the funds will be used.
Want to Know What Your Resort Condo Could Free Up?
Send us the building, your balance and how you use the condo and we'll look at second-home, investment and non-warrantable cash-out options.
- Only 2 minutes to complete
- No credit score impact
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Important Disclaimer
This calculator estimates resort condo cash-out refinance proceeds and the new principal and interest using the numbers you enter. It is not a Loan Estimate, a rate quote, an appraisal, a loan approval or a commitment to lend. Maximum cash-out loan-to-value, rate and terms are set by each lender and vary; use the figures on your own term sheet. The appraised value may differ from the value you enter. Project-eligibility description reflects the Fannie Mae Selling Guide, B4-2.1-03 Ineligible Projects (version dated 08/05/2026), reviewed October 30, 2026. Second-home cash-out eligibility reflects the Fannie Mae Eligibility Matrix dated April 1, 2026, reviewed October 30, 2026. All borrowers must qualify based on lender and property guidelines. Jim Blackburn, NMLS #1072866. Equal Housing Opportunity.