Calculate your available home equity and the estimated monthly payment on a home equity loan.
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Available equity is simply your home's current value minus what you still owe on your mortgage. The monthly payment on the home equity loan itself uses the standard amortizing loan formula, applied to whatever loan amount you enter, spreading principal and interest evenly across the term.
Lenders typically cap total borrowing (your existing mortgage plus the new home equity loan) at 80-85% of your home's value, known as combined loan-to-value (CLTV). Your available equity is the theoretical maximum, but your actual approved amount depends on your lender's CLTV limit, credit profile and income.
A home equity loan gives you a lump sum with a fixed rate and fixed monthly payments, like a second mortgage. A HELOC (home equity line of credit) works more like a credit card, a revolving credit line you draw from and repay over time, often with a variable rate.
Usually not. Lenders typically limit combined borrowing to 80-85% of your home's value, so your actual approved loan amount is likely less than your full calculated equity.
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