How much equity can you borrow from your home? Calculate available equity, maximum loan amounts, monthly payments, and LTV/CLTV ratios. Compare home equity loans vs HELOCs to make the best borrowing decision for your needs.
Your home equity is the difference between your home's current market value and what you owe on your mortgage. For example, a $400,000 home with a $250,000 mortgage has $150,000 in available equity.
Lenders typically let you borrow up to 80-90% of your home's value combined with your existing mortgage (CLTV). Enter your CLTV limit to see the maximum loan you can qualify for based on your equity.
Choose how much you want to borrow within your available limit. Your desired loan amount will be used to calculate your estimated monthly payment and total interest over the loan term.
Based on the loan amount, APR, and term, we calculate your estimated monthly payment using standard amortization. Higher rates or shorter terms mean higher payments but less total interest.
Use our comparison feature to see how a home equity loan stacks up against a HELOC. Fixed-rate vs variable-rate, predictable payments vs flexible access — find the right fit.
Explore more real estate and mortgage calculators to plan your home financing.
A home equity loan, often called a second mortgage, allows you to borrow against the equity you've built in your home. Equity is the portion of your property you actually own — the difference between your home's current market value and your outstanding mortgage balance.
Home equity loans provide a lump sum of cash with a fixed interest rate and fixed monthly payments over a set term (typically 5 to 30 years). Because your home serves as collateral, interest rates are generally lower than unsecured loans like personal loans or credit cards.
Most lenders allow you to borrow up to 80-90% of your home's appraised value, minus your existing mortgage balance. This is known as your combined loan-to-value (CLTV) ratio. For example, if your home is worth $400,000 and you owe $250,000, with a 90% CLTV limit, you could borrow up to $110,000.
Both home equity loans and HELOCs (Home Equity Lines of Credit) let you borrow against your home's equity, but they work very differently. Understanding these differences is crucial to choosing the right product for your needs.
Before borrowing, evaluate your income stability, existing debt obligations, and credit score. Lenders typically require a credit score of 620+ and a debt-to-income ratio below 43% for home equity loans.
Use this calculator to determine your equity position. Enter your home's current market value (not what you paid) and your mortgage balance. Remember that home values fluctuate based on market conditions.
Compare rates, closing costs, and terms from at least 3-5 lenders. Even a 0.5% difference in APR can save thousands over the life of the loan. Consider credit unions, online lenders, and traditional banks.
Home equity loans have closing costs similar to a first mortgage: appraisal fees ($$300-500), origination fees (0.5-1% of loan), title search, and recording fees. Some lenders offer no-closing-cost options but typically charge higher rates.
Ensure your budget can accommodate the new monthly payment. Defaulting on a home equity loan puts your home at risk of foreclosure. Build an emergency fund of 3-6 months of expenses before taking on additional debt secured by your home.
⚠️ Financial Disclaimer: This home equity loan calculator is for educational and planning purposes only. Results are estimates based on the inputs provided and do not constitute a guarantee of loan approval, terms, or rates. Using your home as collateral carries serious risk — failure to repay a home equity loan can result in foreclosure. Interest rates, closing costs, and lender requirements vary by institution and market conditions. Consult with qualified financial and tax professionals before making borrowing decisions. All calculations are performed locally in your browser; no financial data is stored or transmitted.