1
Enter property and mortgage details
Add estimated home value, current mortgage balance, requested loan amount, and the lender's combined loan-to-value limit.
Second mortgage calculator
Free Home Equity Loan Calculator
A home equity loan calculator estimates your available equity, fixed monthly payment, total interest, and cash after fees for a lump-sum second mortgage.
Available equity
$161,250
Monthly payment
$873.13
Cash after costs
$87,900.00
Calculator inputs
Model your equity loan
Property equity
Estimate the borrowing room left after your current mortgage.
Loan pricing
Model a fixed-rate home equity loan offer.
Results
Home equity loan estimate
Based on a $525,000 home value and $285,000 current mortgage balance, the estimated fixed payment is:
$873.13
Approved amount: $90,000 at 71.43% combined LTV.
Available equity
$161,250
Approved loan amount
$90,000
Total interest
$67,162.74
Total payments
$157,162.74
Total fees
$2,100.00
Total cost
$159,262.74
Cash estimate
Fees and net proceeds
Origination fee$900.00
Other closing costs$1,200.00
Cash after costs$87,900.00
2
Add loan pricing
Enter the fixed interest rate, repayment term, origination fee, and closing costs for the home equity loan offer.
3
Review equity and payment results
Compare available equity, approved amount, monthly payment, total interest, cash after fees, and total cost.
Home equity loan FAQ
Common second mortgage questions
What is a home equity loan calculator?
A home equity loan calculator estimates how much you may be able to borrow against your home and what the fixed monthly payment could be.
How much home equity can I borrow?
Many lenders cap total mortgage debt at 80 to 85 percent of home value. This calculator subtracts your current mortgage balance from that combined loan-to-value limit.
Does this calculator include closing costs?
Yes. It subtracts an origination fee and flat closing costs from the approved loan amount so you can estimate cash after fees.
Is a home equity loan the same as a HELOC?
No. A home equity loan is usually a fixed-rate lump-sum second mortgage. A HELOC is a revolving credit line that often has a variable rate.
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