Home Equity Loan Calculator
Fixed monthly payment on a second-lien home equity loan, available equity at 80–85% CLTV and total cost.
Formula
Disclaimer: Pricing varies with CLTV, credit and property type; closing costs not netted into the payment. Not financial advice.
Disclaimer: This tool is for general informational and estimation purposes only and is not professional financial, tax, accounting or legal advice. All figures are estimates — verify with a qualified professional before making decisions. Read the full disclaimer.
Need home equity loan calculator results fast? Skip the spreadsheet and get a clear, defensible answer in one step — free, private and instant, recalculating live as you change any input.
About Home Equity Loan Calculator
A home equity loan is the boring, predictable sibling of the HELOC: a fixed lump sum at a fixed rate with a fixed payment until zero — the defaults model $50,000 at 8.2% over 15 years as a second lien behind your existing mortgage, which stays exactly as it was (the feature that matters most when that first mortgage carries a pandemic-era rate worth preserving). Capacity runs on COMBINED LTV: most lenders cap first + second liens at 80–85% of value — the live 'max available' figure above. Second-lien money prices ~1–2% over first-mortgage rates because the second lender stands behind the first at foreclosure, but for $30k–$100k needs it routinely undercuts a cash-out refi once you account for NOT repricing your whole first mortgage upward, and demolishes personal-loan and card rates. Pick it over the alternatives deliberately: versus HELOC — you trade flexibility for certainty (right for a one-time, known cost; wrong for staged spending where you'd pay interest on idle funds from day one); versus cash-out refi — keep it when your first-mortgage rate is below market, fold everything when it isn't. The renovation-use case earns potential interest deductibility under buy/build/improve rules; consolidation use demands the card-curfew honesty every secured-consolidation plan does — you're converting unsecured risk into your house.
How to use Home Equity Loan Calculator
- 1Enter Home value, First mortgage balance, Max combined LTV (%), Loan amount you want, Rate (fixed) (%), Term (years) into the Home Equity Loan Calculator.
- 2The result is computed automatically using Available = value × CLTV% − first-mortgage balance ; payment = standard amortization on the amount borrowed — there is no button to press; it updates live as you type.
- 3Change any input to model a different scenario, then use “Copy result link” to share the exact numbers.
Why use Home Equity Loan Calculator?
- ✓Computes home equity loan calculator instantly with the correct formula — no spreadsheet needed
- ✓100% free and unlimited, with no sign-up, login or paywall
- ✓Runs entirely in your browser, so the figures you enter are never uploaded or stored
- ✓Shows the formula, a live worked example and references so you can defend the number
Frequently asked questions
How much home equity can I borrow?+
Lender CLTV caps × value minus what you owe: at the defaults, 85% × $450,000 − $240,000 = $142,500 theoretical max — though pricing stiffens near the cap and many lenders prefer 80%. Strong credit (740+) and documented income get the advertised rates; the appraisal moves your cap $850 per $1,000 of value at 85%.
Fixed home equity loan ya HELOC — 60-second answer?+
Ek hi baar ka known kharcha (chhat, kitchen, fees due) → equity loan: fixed rate, fixed payment, koi temptation nahi. Phase-wise ya uncertain spending → HELOC: jitna nikala utne par interest. Rate-cycle high par fixed lock karna bhi equity loan ke paksh me jata hai; falling cycle me HELOC float sasta padta hai.
What closing costs apply to a home equity loan?+
Typically 2–5% — appraisal, title, origination, recording — though many lenders run no-closing-cost promos with rate add-ons or clawbacks if you close the loan within ~36 months. On $50,000 a $1,500 cost load adds ~0.4% effective rate over 15 years; compare offers on APR, not the sticker rate.
What happens to the second lien if I refinance my first?+
The second lender must agree to 'resubordinate' (stay behind the new first) — usually granted, sometimes slowly and with a fee — or be paid off in the new loan. Plan sequencing: refinancing the first AFTER opening a second adds this friction; if a refi is imminent, do it first, then the equity loan.
Related Finance tools
Human Life Value (HLV) Calculator
The economic value of your future earnings to your family — the income-replacement basis for sizing a life-insurance cover.
● LiveTerm Life Insurance Coverage Calculator
How much term-life cover you actually need — replacing income, clearing debts and funding goals, net of existing assets and cover.
● LiveDIME Method Life Insurance Calculator
The DIME formula — Debt + Income + Mortgage + Education — a fast, complete way to size a life-insurance cover.
● Live