Home Equity Loan Calculator

Home Value ($)

Current Mortgage Balance ($)

Desired Loan Amount ($)

Interest Rate (%)

Loan Term (Years)

Closing Costs ($)

Available Equity

$250,000

Based on home value

Loan-to-Value Ratio

70%

Current + New Loan

Monthly Payment

$871.11

Principal & Interest

Total Interest

$56,800

Over loan term

Total Cost

$158,800

Principal + Interest

How Home Equity Loans Work

Home equity loans allow you to borrow against the equity in your home. Your available equity is calculated as: Home Value - Mortgage Balance. Most lenders allow borrowing up to 80-85% of your home's value.