Home Equity Loan Calculator
Tap into your home's value. Calculate your maximum borrowing power, estimate monthly payments, and see how a home equity loan affects your overall equity.
How Home Equity Loans Work
A home equity loan (often called a second mortgage) allows you to borrow a lump sum against the current value of your home minus what you owe on your primary mortgage.
Loan-to-Value (LTV) Ratio
Most lenders cap the total amount you can borrow at 80% to 85% of your home's appraised value. This combined limit includes both your primary mortgage and the new home equity loan.
Fixed Payments
Unlike a Home Equity Line of Credit (HELOC) which has variable rates, a home equity loan typically provides a fixed interest rate, giving you predictable monthly payments over the life of the loan.
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