Home Equity Loan Calculator
How much you can borrow against your home at a lender's combined LTV limit, and the monthly payment and interest on a fixed-rate home equity loan.
Result
Monthly payment
$485.07
- Most you can borrow
- $90,000.00
- Current equity
- $150,000.00
- Combined loan-to-value
- 75%
- Total interest
- $37,312.63
- Total paid
- $87,312.63
How it’s worked out
- Most you can borrow = home value × 85% − mortgage balance = $400,000.00 × 0.85 − $250,000.00 = $90,000.00
- P (amount borrowed) = $50,000.00
- r (rate per payment) = 8.25% ÷ 12 = 0.006875
- n (number of payments) = 15 × 12 = 180
- Monthly payment = $485.07
Common questions
How much can I borrow with a home equity loan?
Lenders usually let your first mortgage plus the new loan reach 80% to 90% of the home value. At 85% on a $400,000 home with $250,000 owed, that is $340,000 − $250,000 = $90,000.
Home equity loan or HELOC?
A home equity loan is a lump sum at a fixed rate and payment. A HELOC is a credit line with a variable rate that you draw as needed. Use the HELOC calculator to compare.