Home Equity Loan Calculator
There are many ways to tap into the equity in your home, including a home equity loan. Our home equity loan calculator can help you determine how much you can get and the cost of borrowing.
You can use our home equity loan calculator to see whether a home equity loan is affordable for you. Simply input details about:
You can find out what your current loan-to-value ratio is, as well as the maximum amount you’d likely be able to borrow.
If this maximum loan amount satisfies your needs, you can then gather quotes from a few home equity loan lenders and compare those rates and terms to find the best option.
Home equity loans make sense for borrowers who have sufficient equity in their homes and who know exactly the loan amount they need. Home equity loans can have lower rates than personal loans because they are secured by your home’s equity, so aren’t as risky for lenders.
If you’re not sure how much cash you need and would prefer access to a revolving line of credit, consider a home equity line of credit (HELOC) instead.
With HELOCs, you are allowed to borrow up to a maximum amount determined by how much equity you have in your home. You can draw from the line of credit as you’d like and borrow more as you pay off what you’ve already borrowed.
Another alternative is a cash-out refinance, which could help you refinance your mortgage rate and provide cash beyond your home value, which you can use and then repay with your mortgage payments.
You can do anything you’d like with the money you get from a home equity loan, but some common uses include:
>> Read more: Best Home Improvement Loans
You can apply for a home equity loan with online lenders, banks, or credit unions. Some of the criteria your lender may look for include:
We ranked and rated lenders based on the weighted average of several data points, to help you find the best options. You can review our top picks in our guide to the best home equity loan lenders.
Compare Home Equity Loan Options