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Home Equity Loan Calculator
Find out how much you can borrow against your home and what a fixed-rate home equity loan will cost. Enter your home value, mortgage balance and the lender's combined LTV limit, then the amount, rate and term.
Last updated:
Your home
$
$
Include any other liens (e.g. a HELOC).
%
Most lenders allow 80%–90%.
Home equity loan
$
Blank = the maximum.
%
$
Optional; paid in cash.
Enter your values to see the result.
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How to use the Home Equity Loan Calculator
- Enter your home value (a recent estimate or appraisal) and what you still owe on the mortgage.
- Set the maximum combined LTV your lender allows; 85% is common.
- Enter the amount you want, or leave it blank to see the maximum.
- Add the rate, term and any fees.
- Calculate to see your payment, total interest and how the loan compares at other terms.
Home equity loan formulas
- Available equity = home value − mortgage balance
- Maximum borrowable = home value × max CLTV − mortgage balance
- Combined LTV = (mortgage balance + home equity loan) ÷ home value
- Monthly payment = P × r ÷ (1 − (1 + r)−n), with r = rate ÷ 12 ÷ 100 and n = months
- Total interest = payment × n − amount borrowed
You usually cannot borrow all of your equity: the lender keeps a cushion of 10% to 20% of the home value.
Monthly payment per $10,000 borrowed
| Rate | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|
| 7% | $198.01 | $116.11 | $89.88 | $77.53 |
| 8% | $202.76 | $121.33 | $95.57 | $83.64 |
| 9% | $207.58 | $126.68 | $101.43 | $89.97 |
| 10% | $212.47 | $132.15 | $107.46 | $96.50 |
| 11% | $217.42 | $137.75 | $113.66 | $103.22 |
Multiply by the number of $10,000s you borrow; $50,000 at 8% for 15 years is 5 × $95.57 ≈ $477.83 a month.
What lenders look at
- Combined LTV: the lower, the better your rate.
- Credit score: many lenders want 680 or higher for the best terms.
- Debt-to-income ratio: often 43% or lower including the new payment. Check yours with the debt-to-income ratio calculator.
- Appraised value: the lender's appraisal, not your estimate, sets the limit.
Frequently asked questions
How much can I borrow with a home equity loan?
Lenders usually let your total mortgage debt reach 80% to 90% of the home's value. Maximum loan = home value × CLTV limit − current mortgage balance. For a $450,000 home with a $240,000 balance at 85% CLTV, that is $382,500 − $240,000 = $142,500.
What is combined loan-to-value (CLTV)?
CLTV is the total of all loans secured by the home divided by its value. With a $240,000 mortgage and a $50,000 home equity loan on a $450,000 home, CLTV = $290,000 ÷ $450,000 = 64.4%.
How is the monthly payment calculated?
A home equity loan is a fixed-rate installment loan, so it uses the standard formula M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the annual rate ÷ 12 and n is the number of months.
What is the difference between a home equity loan and a HELOC?
A home equity loan pays you a lump sum at a fixed rate with fixed payments. A HELOC is a revolving line of credit with a variable rate, an interest-only draw period and a later repayment period. Use the HELOC calculator for that type of loan.
Is home equity loan interest tax-deductible?
In the US, interest may be deductible only if the money is used to buy, build or substantially improve the home that secures the loan, within the overall mortgage debt limits, and only if you itemize. Check current IRS rules or a tax professional.
Home equity loan or cash-out refinance?
If your first mortgage has a low rate, a home equity loan usually costs less because it leaves that rate untouched. A cash-out refinance can make sense when current rates are near or below your existing rate.
Is my data stored or sent anywhere?
No. All calculations run locally in your browser.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.
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