Home equity loan calculator
Your home is worth more than you still owe: that gap can secure a new loan. We work out the payment and the cap, based on the share of the value the lender accepts.
Result
421.93New loan monthly payment
- Total loans ÷ home value (CLTV)
- 67.5%
- Maximum you can borrow
- 100,000.00
- Equity (value − owed)
- 180,000.00
- Interest cost
- 25,947.11
Inputs
- Home value
- 400000
- Left to pay on current mortgage
- 220000
- Amount to borrow
- 50000
- Rate per year
- 6
- Term
- 15
- Maximum share of value
- 80
How it is calculated
Equity = home value − amount owed.
Result
New loan monthly payment
- Total loans ÷ home value (CLTV)
- 67.5%
- Maximum you can borrow
- 100,000.00
- Equity (value − owed)
- 180,000.00
How it is calculated
- Equity = home value − amount owed.
- Cap = value × maximum share − amount owed.
- Payment = amount × i ÷ (1 − (1 + i)^−n), with i = rate ÷ 12.
Example
Home worth 400,000, 220,000 still owed, borrowing 50,000 at 6% over 15 years: payment 421.93, total loans 67.5% of the value, cap 100,000 at 80%.
Good to know
- Financial mechanics only: real products (home equity loan, further advance, second mortgage…) and their rules differ by country and bank.
- Closing, guarantee and insurance costs not included.
Frequently asked questions
What is this tool used for?
Your home is worth more than you still owe: that gap can secure a new loan. We work out the payment and the cap, based on the share of the value the lender accepts.
How is the result calculated?
Equity = home value − amount owed.
What should I check before using the result?
Financial mechanics only: real products (home equity loan, further advance, second mortgage…) and their rules differ by country and bank.