Home Equity Loan Calculator

Calculate your home equity loan payments, see how much you can borrow, and compare different loan terms.

Home Equity Loan Calculator

Unlock the value in your home with a fixed-rate home equity loan

Property Information

Estimated market value of your home
Remaining balance on your mortgage
Home value minus mortgage balance
Maximum loan at 80% loan-to-value

Loan Details

Amount you want to borrow
Annual percentage rate
Repayment period
Total debt / Home value

Warning: Your combined LTV exceeds 80%. Some lenders may require higher rates or decline the loan.

Understanding Home Equity Loans

What is a Home Equity Loan?

A home equity loan lets you borrow against the equity you've built in your home. You receive a lump sum and repay it with fixed monthly payments over a set term. It's sometimes called a "second mortgage" because your home serves as collateral.

Home Equity Loan vs HELOC

  • Home Equity Loan: Fixed rate, lump sum, predictable payments
  • HELOC: Variable rate, revolving credit, flexible borrowing
  • Choose HE Loan for one-time expenses with fixed budget
  • Choose HELOC for ongoing projects or uncertain costs

Common Uses

  • Home renovations and improvements
  • Debt consolidation (credit cards, personal loans)
  • Major purchases (education, medical expenses)
  • Emergency fund access
  • Investment opportunities

Important Considerations

  • Your home is collateral - risk of foreclosure if you default
  • Closing costs typically 2-5% of loan amount
  • Interest may be tax deductible for home improvements
  • Shop around - rates vary significantly between lenders
  • Consider your ability to repay before borrowing