If you've built up equity in your home, a home equity loan lets you borrow against it as a lump sum, at a fixed rate, with predictable monthly payments. Our home equity loan calculator estimates how much equity you can access, your monthly payment, and total interest costs based on your home's current value, mortgage balance, and loan terms.
Home Equity Loan & HELOC Calculator
Estimate how much equity you can access and what your monthly payments would be.
Adjust your loan details and click Calculate Payments to see your results.
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Important home equity loan terms to know
Current home value: The estimated market value of your home today. This is the starting point for calculating how much equity you have available. If you're unsure, a recent appraisal or online estimate can give you a working figure, though lenders will order their own appraisal before approving a loan.
Current mortgage balance: What you still owe on your primary mortgage. Your available equity is determined by subtracting this from your home's value, subject to the lender's utilization cap.
Equity utilization cap: The maximum percentage of your home's value a lender will allow you to borrow against, including your existing mortgage balance. Most lenders cap this at 80–90% of the home's value. A 90% cap on a $455,000 home with a $228,000 mortgage balance, for example, leaves roughly $182,000 available to borrow.
Max equity available: The amount you can actually borrow, calculated as: (home value × utilization cap) − current mortgage balance. This is your borrowing ceiling, not a requirement, as you can take out less.
Interest rate (APR): Home equity loans carry fixed interest rates, meaning your rate and payment stay the same for the life of the loan. Rates are typically higher than first mortgage rates but lower than credit cards or personal loans.
Repayment period: Home equity loans are repaid over a fixed term: commonly 5, 10, 15, or 20 years. Shorter terms mean higher monthly payments but significantly less interest paid overall.
Home equity loan vs. HELOC: A home equity loan gives you a lump sum at a fixed rate. A HELOC (home equity line of credit) works more like a credit card: a revolving line you draw from as needed, usually at a variable rate. The calculator covers both; use the tabs to compare.
Get help with a home equity loan
Lenders vary significantly on rates, utilization caps, and approval requirements for home equity products. A mortgage broker can help you compare options across multiple lenders rather than applying one at a time.
Best Interest Financial can help you find the right fit. With decades of experience and over $1 billion in closed loans, their team knows how to match borrowers with home equity solutions that large retail banks often overlook. Talk with a Best Interest loan officer about your home equity options.