Home Equity Loan Calculator
Calculate home equity loan amounts, monthly payments, and interest costs. Compare different loan options and estimate your borrowing power.
Step 1: Property & Equity
How Home Equity Works
Home equity = Home value – Mortgage balance. Most lenders allow borrowing up to 80-85% of your home’s value, minus your mortgage balance.
Step 2: Loan Terms
%
years
Typical Loan Terms
Home equity loans typically have 5-30 year terms. Interest rates are usually higher than first mortgages but lower than personal loans or credit cards.
Home Equity Loan Estimate
Summary
Amortization
Cost Breakdown
Estimated Monthly Payment
$408.54
15-year fixed loan at 5.5%
Available Equity
$150,000
Loan-to-Value (LTV)
71.4%
Total Interest
$23,537
Total Cost
$73,537
Amortization Schedule (First 5 Years)
| Year | Principal Paid | Interest Paid | Remaining Balance | Equity Built |
|---|
Cost Breakdown
Loan Calculation Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P = loan amount, r = monthly interest rate, n = number of payments. Home equity = Home value – Mortgage balance.
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