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Home Equity Loan Calculator
A home equity loan is a fixed-rate second mortgage on top of your existing first lien. Estimate the fixed monthly payment, total interest, combined loan-to-value, and the equity you would have left after taking the loan.
Your numbers
$
$
What you still owe on your primary loan
$
How much you want to borrow
%
Illustrative example rate. Not an available or quoted rate.
yrs
Common terms are 10, 15, or 20 years
Fixed monthly payment
Loan summary
Loan amount$60,000
Total interest over loan$46,352
Total paid over loan$106,352
Equity position
Combined loan-to-value (CLTV)65.71%
Equity before this loan$240,000
Equity remaining after this loan$180,000
Most lenders cap CLTV around 80 to 85% on a home equity loan. Going higher generally means a higher rate or no approval.
Results are estimates based on user inputs and do not represent loan terms, APR, or a financing offer. Pre-filled values are illustrative examples, not available or quoted rates. Actual terms depend on credit, property, program, and underwriting. Every result applies to the entered planning scenario, not an observation period or local market statistic. Replace price, tax, insurance and fee allowances with dated, property-specific figures. Missing inputs are not assumed to be zero.
Want to know which equity option fits best?
A home equity loan, HELOC, and cash-out refinance each have trade-offs. Get a quick read on which one makes sense for your situation.
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Frequently asked questions
How is a home equity loan different from a HELOC?
A home equity loan is a fixed-rate, fixed-term second mortgage with a lump-sum payout. A HELOC is a variable-rate revolving line of credit you draw on as needed.
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