Home Equity Loan Calculator
A home equity loan is a fixed-rate second mortgage. Calculate the monthly payment and fee-adjusted APR for the amount you want, and check your borrowing power — usually capped at 80% of home value minus your existing mortgage balance.
TheCalculators — Home Equity Loan Calculator
Printed thecalculators.com
Monthly Payment
$1,433.48
$150,000 over 180 months at 8.00%
Loan cost
- Loan Amount
- $150,000.00
- Total of Payments
- $258,026.06
- Total Interest
- $108,026.06
Borrowing power
- Home Value
- $600,000
- Mortgage Balance
- $250,000
- Current LTV
- 41.7%
- Max Borrow at 80% LTV
- $230,000
- Your Request
- $150,000
Where your payments go
- Loan Amount$150,000
- Interest$108,026
Amortization schedule (annual)
Your home secures this loan — default can mean foreclosure. Credit scores below ~630 or DTI above ~43% often disqualify applicants. A HELOC trades this fixed rate/payment for a variable-rate line of credit with a draw period.
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Formula
Payment = P·r(1+r)^n/((1+r)^n−1); Max borrow = Home value × LTV% − mortgage balance
Pro tips
- • Compare the real APR (with closing costs) across lenders — teaser rates hide fees.
- • Don't borrow to 100% of your borrowing power; keep a cushion against price drops.
- • Interest may be deductible only when used to buy/build/substantially improve the home.
FAQ
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