Home Equity Loan Calculator
A home equity loan lends against the part of your home you own, called equity. This shows how much you could borrow under a limit you set, and what the monthly payment would be on that loan.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Equity is the home's value minus what you still owe on it. Lenders often set a limit as a share of the value. Multiply the value by that share and subtract what you owe. The rest is the most you could borrow.
The payment uses the standard loan formula on that amount over the chosen years. It covers principal and interest only, and fees are not included.
Worked example
On a home worth $450,000.00 with $250,000.00 still owed, and a limit of 80% of its value, you could borrow up to $110,000.00. The payment on that amount at 7.5% over 15 years is $1,019.71 a month.
Questions
Is the loan limit set by law?
No. Lenders set their own limits, which often sit at a share of the home's value. Ask your lender which limit applies to you.
Is a home equity loan the same as a line of credit?
No. A home equity loan pays out one lump sum with a fixed payment. A line of credit lets you draw as needed, and it has its own calculator on this site.
Does the lender use my own value estimate?
Usually not. Lenders order their own appraisal, so enter an honest estimate here and expect the real figure to differ.
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