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Home Equity Loan Calculator
Find how much equity you have in your home and how much you could borrow against it.
A home equity loan turns part of your home's value into a lump sum with a fixed payment, like a second mortgage. This calculator works out the payment, and also shows how much equity you have and the loan-to-value the lender will check.
How to use this calculator
- Enter your home's current value and your mortgage balance.
- Enter the loan amount you want, the rate and the term.
- Press calculate to see the monthly payment, your equity and the combined loan-to-value.
Equity loan vs HELOC
The loan gives certainty: a fixed rate, a fixed payment, the full amount at once. A HELOC gives flexibility: draw what you need, when you need it, usually at a variable rate. For one known cost (a roof, a renovation), the loan usually fits; for uncertain, spread-out costs, the line often does.
Frequently asked questions
How much equity do I need?
Many lenders want you to keep at least 15 to 20% equity after the new loan, which caps borrowing at roughly 80 to 85% of the home's value across both loans.
What is combined loan-to-value (CLTV)?
Your mortgage balance plus the new loan, divided by the home's value, as a percentage. It is the figure lenders use to judge the risk.
Are there closing costs?
Usually yes, smaller than a main mortgage but real — application, valuation and legal fees. Include them when comparing offers.