About the Home Equity Loan Calculator
Find how much you can borrow against your home and the monthly payment on a home equity loan. This tool is free, works in your browser and needs no sign-up.
How to use the Home Equity Loan Calculator
Enter the home value, mortgage balance, the maximum combined loan-to-value, the amount you want and the rate and term.
Formula used
Maximum loan = home value × CLTV limit − mortgage balance. Payment = L × r × (1 + r)^n ÷ ((1 + r)^n − 1).
Example
With Home value 400000, Mortgage balance 220000, Maximum combined loan-to-value (%) 85, Amount you want to borrow 40000, Interest rate (% per year) 8.5, the calculator shows: Home equity today = 180,000.00; Most you can borrow = 120,000.00; Monthly payment on your amount = 393.90.
Frequently asked questions
What is CLTV?
Combined loan-to-value (CLTV) adds your mortgage and the new loan and divides by the home value. Many lenders limit it to about 80% to 85%.
Is the Home Equity Loan Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Home Equity Loan Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.