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Home Equity Loan Calculator Guide
A home equity loan lets you borrow against the equity in your home as a lump sum, repaid at a fixed rate over a set term. This calculator shows your monthly payment, total interest, and roughly how much equity you may be able to borrow.
The payment uses a standard fixed-rate loan formula based on the amount, rate, and term. Lenders typically let you borrow up to about 85% of your home's value minus what you still owe.
Home Equity Loan vs HELOC
A home equity loan gives you a fixed lump sum with fixed payments, which is predictable. A HELOC is a revolving line of credit you draw from as needed, usually with a variable rate. Choose a loan for one-time costs and a HELOC for ongoing or uncertain expenses.
How Much Can You Borrow?
Most lenders cap your combined loan-to-value ratio (CLTV) around 85%. That means the total of your mortgage plus the new loan usually can't exceed 85% of your home's value. On a $400,000 home with a $220,000 mortgage, roughly $120,000 of equity may be available.
What to Watch For
Because a home equity loan is secured by your house, missing payments can put your home at risk. Factor in closing costs, and make sure the fixed payment fits your budget for the full term before borrowing.
These results are estimates for education and planning, not financial advice. Actual returns, rates, and terms vary — check with a qualified professional before making decisions.
Related: HELOC Calculator, Mortgage Calculator, and Loan Payment Calculator.
Frequently Asked Questions
How is a home equity loan payment calculated?
It uses a fixed-rate amortization formula based on the loan amount, interest rate, and term, giving the same payment every month until it's paid off.
How much can I borrow with a home equity loan?
Lenders typically allow a combined loan-to-value up to about 85%, so your mortgage plus the new loan usually can't exceed 85% of your home's value.
Is a home equity loan or HELOC better?
A home equity loan suits one-time costs with its fixed lump sum and payments, while a HELOC suits ongoing or uncertain expenses with its flexible draws.
What are the risks of a home equity loan?
Your home secures the loan, so missing payments can risk foreclosure. Consider closing costs and make sure the payment fits your budget.
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