Home Equity Loan Calculator
Calculate home equity loan from your own entered figures.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Calculate home equity loan from your own entered figures. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
How to use the Home Equity Loan Calculator
- Enter or select home value.
- Enter or select current mortgage balance.
- Enter or select home equity loan amount.
- Enter or select equity loan rate (%).
- Enter or select equity loan term (months).
- Read the calculated result; change any measurement to compare alternatives.
Formula
equity = value − mortgage balance; LTV after the loan = (mortgage + equity loan) ÷ value (the CLTV lenders underwrite); the equity loan itself is a standard amortizing loan
- homeValue
- Home value
- mortgageBalance
- Current mortgage balance
- amount
- Home equity loan amount
- rate
- Equity loan rate (%)
- termMonths
- Equity loan term (months)
A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
Worked example
For home equity loan calculator, the following measurements illustrate the exact method: Home value: 500000; Current mortgage balance: 280000; Home equity loan amount: 50000; Equity loan rate (%): 8.5; Equity loan term (months): 180.
Inputs
- Home value$500000
- Current mortgage balance$280000
- Home equity loan amount$50000
- Equity loan rate (%)8.5 %
- Equity loan term (months)180
Result
- Monthly payment$492.37
- Total home equity$220,000.00
- Equity remaining after this loan$170,000.00
- Combined loan-to-value (CLTV)66%
- Total interest$38,626.56
- CLTV checkAt or under the common 80% CLTV limit
Results explained
- Monthly payment
- Monthly payment from the formula above. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
- Total home equity
- Total home equity from the formula above. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
- Equity remaining after this loan
- Equity remaining after this loan from the formula above. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
- Combined loan-to-value (CLTV)
- Combined loan-to-value (CLTV) from the formula above. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
- Total interest
- Total interest from the formula above. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
- CLTV check
- CLTV check from the formula above. A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
Frequently asked questions
equity = value − mortgage balance; LTV after the loan = (mortgage + equity loan) ÷ value (the CLTV lenders underwrite); the equity loan itself is a standard amortizing loan
A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.
No. All numbers are entered by you or come from the dated reference table shown on this page; calculations run locally.
This is an estimate, not financial, tax or legal advice. Verify the inputs and output with official sources and a qualified professional.
Check period consistency, currency, percentage inputs and the assumptions: A home equity loan is a lump-sum second mortgage at a fixed rate; it is separate from your first mortgage payment, which continues unchanged. Closing costs are not included.