Quick answer
Most lenders let your mortgage plus a home equity loan reach 80% to 85% of your home's value. Your maximum is home value × that percentage, minus what you owe. The payment is a standard fixed-rate amortizing payment. Example only: $60,000 at 8.25% over 15 years is about $582 a month. Rates in this calculator are examples, not quotes.
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See My Real Rate →Example rate only. Actual rates, terms and limits depend on credit, income, the property and the program. Not a loan offer; all loans subject to credit approval and underwriting.
How this calculator works
Most you could borrow = home value × the lender's combined loan-to-value (CLTV) limit − your mortgage balance. Most lenders use 80% or 85%. Some go to 90% for strong credit.
Monthly payment uses the standard fixed-rate formula. The rate and payment stay the same until the loan is paid off. That's the main difference from a HELOC, where the rate floats and you pay interest only during the draw period.
Combined loan-to-value after is your mortgage plus the new loan, divided by the home value. Lower is better for pricing.
How the term changes your payment
Example only: $60,000 at an example fixed 8.25%.
| Term | Monthly payment |
|---|---|
| 10 years | $736 |
| 15 years | $582 |
| 20 years | $511 |
| 30 years | $451 |
A shorter term costs more each month but much less in total interest. Pick the payment you can carry comfortably, then pay extra when you can, if the loan has no prepayment penalty.
What decides your actual numbers
- Credit score: sets your rate and sometimes your CLTV limit. See credit score requirements.
- Debt-to-income: the new payment has to fit under the lender's limit, usually 43% to 50%.
- Value: an appraisal or automated valuation sets the home value, not your own estimate.
- Property type: second homes, rentals and manufactured homes get lower limits.
New to these loans? Start with what a home equity loan is, or compare it with a HELOC: HELOC vs home equity loan.
FAQ
How do you calculate how much home equity loan you can get?
Multiply your home value by the lender's combined loan-to-value limit, usually 80% to 85%, then subtract your mortgage balance. On a $500,000 home with $300,000 owed at 85%, that's $125,000.
What is the monthly payment on a $50,000 home equity loan?
It depends on the rate and term. As an example, at 8.25% fixed it's about $485 a month over 15 years or about $613 over 10 years.
Is a home equity loan payment fixed?
Yes. Home equity loans have a fixed rate, so the principal and interest payment stays the same for the whole term.
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