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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.
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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