How much you can cash out on your home varies, and most lenders want to see you maintain at least 20 percent equity after the refinance. For example, let’s say your home is currently valued at $200,000, and you have $120,000 left to pay on your mortgage. With that much equity ($80,000, or 40 percent), you might be able to refinance your loan to a new one with a higher balance and take cash out, so long as you retain at least 20 percent equity when all is said and done.