Home Equity Loan Calculator

Calculate how much equity you can borrow and estimate home equity loan payments.

Home Equity Loans vs HELOCs

A home equity loan gives you a lump sum at a fixed rate with fixed monthly payments. A HELOC (Home Equity Line of Credit) works like a credit card — you draw funds as needed during a draw period, usually at a variable rate.

Available Equity = (Home Value × LTV%) - Mortgage Balance Most lenders allow 80% LTV, some up to 85-90%

Frequently Asked Questions

Most lenders allow you to borrow up to 80% of your home's value minus your mortgage balance (combined loan-to-value ratio). Some lenders go up to 85-90%, but at higher rates. For example, on a $400K home with $250K mortgage: $400K × 80% - $250K = $70K available.
Yes, if you use the funds to buy, build, or substantially improve the home that secures the loan. The interest is deductible on up to $750,000 of combined mortgage debt ($375K if married filing separately). Interest on home equity used for other purposes is not deductible.
A home equity loan gives you a lump sum at a fixed rate with fixed payments. A HELOC is a revolving line of credit with a variable rate — you draw money as needed during a draw period (usually 10 years) and then repay during a repayment period (10-20 years).

Related Calculators

Refinance CalculatorPersonal Loan CalculatorDebt Consolidation CalculatorAffordability Calculator