Calculate fixed monthly payments and lifetime interest on a home equity loan, or estimate your maximum borrowing capacity based on property market value and lender CLTV limits.
• Module 1: Use the Payment Calculator to determine fixed installments, lifetime interest, and optional financed closing fees.
• Module 2: Use the Maximum Borrowing Capacity tool to calculate how much equity you can pull out without exceeding lender Combined Loan-To-Value (CLTV) ratios.
$1,433.48
Fixed monthly installment over 15 years (180 payments)Track how each monthly installment pays off principal and accumulates interest.
| Year | Interest | Principal | Ending Balance |
|---|---|---|---|
| Year 1 | $11,804.97 | $5,396.77 | $144,603.23 |
| Year 2 | $11,357.04 | $5,844.70 | $138,758.53 |
| Year 3 | $10,871.93 | $6,329.81 | $132,428.72 |
| Year 4 | $10,346.56 | $6,855.18 | $125,573.54 |
| Year 5 | $9,777.58 | $7,424.15 | $118,149.39 |
| Year 6 | $9,161.38 | $8,040.36 | $110,109.03 |
| Year 7 | $8,494.04 | $8,707.70 | $101,401.33 |
| Year 8 | $7,771.30 | $9,430.44 | $91,970.90 |
| Year 9 | $6,988.58 | $10,213.16 | $81,757.74 |
| Year 10 | $6,140.89 | $11,060.84 | $70,696.90 |
| Year 11 | $5,222.85 | $11,978.89 | $58,718.01 |
| Year 12 | $4,228.61 | $12,973.13 | $45,744.88 |
| Year 13 | $3,151.84 | $14,049.89 | $31,694.98 |
| Year 14 | $1,985.71 | $15,216.03 | $16,478.95 |
| Year 15 | $722.79 | $16,478.95 | $0.00 |
Estimate your maximum home equity borrowing capacity based on property market value and lender CLTV limits.
$230,000.00
Your current loan-to-value ratio: 41.7%There are other factors that may affect your final qualified home equity loan amount, such as your credit history. Applicants with a credit score below 630 may not qualify for a home equity loan.
Your other debts might also affect the amount you can qualify for. Lenders typically won't approve a loan for borrowers with a debt-to-income (DTI) ratio of 43% or higher.
A home equity loan is a fixed-rate second mortgage secured by the accumulated equity in your primary residence. When you take out a home equity loan, you receive a lump sum of cash upfront and repay it in equal monthly installments over a fixed term (typically 5 to 30 years).
Calculate revolving line of credit draws, interest-only payments, and repayment.
Calculate conventional mortgage monthly payments, PMI, and amortization.
Compare existing vs. refinanced loans and calculate break-even periods.
Determine how much home you can afford based on income and DTI ratios.