Calculate how much you can borrow against your home equity, monthly payments, and total interest for a fixed home equity loan. Also called a second mortgage.
Home & Equity Details
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Available Equity
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Monthly Payment
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Max Borrowable
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Monthly Payment
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Total Interest
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Current LTV
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Home Value
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Existing Mortgage
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Available Equity
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Max Loan at CLTV
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Loan Requested
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Monthly Payment
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Total Paid
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Total Interest
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New Combined LTV
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FAQ
What is a home equity loan?
A home equity loan is a fixed-rate, lump-sum second mortgage that lets you borrow against your home's equity. Unlike a HELOC, you receive all funds upfront and make fixed monthly payments throughout the term.
How much equity can I borrow?
Most lenders allow CLTV up to 80%, meaning (1st mortgage + home equity loan) ≤ 80% of home value. Example: $600K home at 80% CLTV − $350K mortgage = max $130K home equity loan.
Home equity loan vs. HELOC — which is better?
Home equity loan: fixed rate, one-time lump sum, predictable payments. Best for large defined expenses like renovations. HELOC: variable rate, revolving credit line, flexible draws. Best for ongoing or uncertain expenses.
Is home equity loan interest tax deductible?
Under current tax law (Tax Cuts and Jobs Act), interest on home equity loans is only deductible if the funds are used to buy, build, or substantially improve the home securing the loan. Personal use (debt consolidation, vacations) is not deductible.