Home Equity Loan Calculator
Enter your home value, mortgage balance and the amount you want to borrow to see the maximum loan, the monthly payment and total interest.
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Estimate how much equity you can borrow and what the loan costs.
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How a home equity loan works
A home equity loan lets you borrow against the equity you have built in your home: its value minus what you still owe on the mortgage. You get a lump sum and repay it with fixed monthly payments over a set term, with your home as collateral. Lenders usually cap your combined loan-to-value (CLTV), the first mortgage plus the new loan divided by the home value, often at around 80–85%. This calculator shows how much you could borrow under the limit you choose, and the payment and interest on the amount you want.
Example: $450,000 home, $250,000 mortgage, 85% limit
The maximum is $450,000 × 85% − $250,000 = $132,500. Borrowing $50,000 at 8% over 15 years costs about $478 a month and $36,009 in total interest.
| Term and rate | Monthly payment | Total interest |
|---|---|---|
| 10 years at 8% | $607 | $22,797 |
| 15 years at 8% | $478 | $36,009 |
| 20 years at 8.5% | $434 | $54,139 |
Home equity loan or HELOC?
A home equity loan pays out once at a fixed rate; a HELOC is a revolving credit line, usually with a variable rate. For a HELOC, use the HELOC calculator. If you want to replace your whole mortgage instead, see the refinance break-even calculator. Remember that missing payments can put your home at risk, and closing costs may apply. This is an estimate for a fixed-rate loan, not a loan offer or financial advice; your lender’s figures are what count.
How to use the home equity loan calculator
- Enter your home value, your current mortgage balance and the maximum combined loan-to-value your lender allows.
- Enter how much you want to borrow, the interest rate and the term.
- Read the maximum you could borrow, the monthly payment and the total interest.
Frequently asked questions
How much can I borrow with a home equity loan?
Most lenders let you borrow up to roughly 80–85% of your home’s value minus your mortgage balance. For a $450,000 home with a $250,000 mortgage and an 85% limit, that is about $132,500.
What is the monthly payment on a $50,000 home equity loan?
At 8% over 15 years it is about $478 a month, with about $36,009 in total interest. Change the rate and term above for your own figure.
What is the difference between a home equity loan and a HELOC?
A home equity loan gives a lump sum with a fixed rate and fixed payments. A HELOC is a revolving line of credit, usually with a variable rate.
Are there closing costs on a home equity loan?
Often yes: appraisal, origination and other fees vary by lender. Ask for the full cost in writing and compare offers.
What happens if I cannot repay a home equity loan?
Your home secures the loan, so missed payments can lead to foreclosure. Borrow only what you can comfortably repay.
Related tools: HELOC calculator · Mortgage calculator · Refinance break-even