Home Equity Loan Calculator
How much your home lets you borrow, the fixed payment and the whole schedule.
Try before you buy.
- Free preview: how much you can borrow and the payment in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden.
- Locked until you unlock it: download, copy and print.
- Unlock: Pro pass, ₹179 for 30 days or ₹79 for 1 week, a one-time payment that never renews. Unlock: Pro pass, $5.99 for 30 days or $2.99 for 1 week, a one-time payment that never renews.
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Interest and principal paid each year
Amortisation schedule
How this was calculated
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Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
How this tool is checked
- Sources
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This guide cites 3 sources:
- Tests
- 10 automated tests check its results.
- Found an error?
- Report a problem or write to support@mysmartcopilot.com, with what you entered and the result you expected.
About the Home Equity Loan Calculator
A home equity loan — often called a second mortgage — lends you a lump sum against the equity in your home, usually at a fixed rate, repaid in equal monthly payments over a set term. How much a lender will lend depends on its combined loan-to-value (CLTV) limit: the share of the home’s value that your mortgage and the new loan together may reach.
This calculator works out the largest loan that limit allows, the monthly payment on it (or on the amount you choose), the total interest, the equity you keep and an amortisation schedule by year and by month — and, if you enter the upfront fees, the yearly rate the loan really costs on the money you receive. Without a Pro pass the result is a free preview: the most you can borrow and the payment in full, the first rows of the schedule and the first step of the working; the other figures, the CSV, copying and printing unlock with the pass. Nothing you type leaves your browser.
How to use it
- Pick your currency, then enter the home’s value, what the mortgage still owes and the lender’s CLTV limit.
- Leave the amount empty to see the most you can borrow, or enter the amount you need.
- Enter the fixed interest rate and the term in years, and any points or fees you pay for the loan.
- Read the amount, the payment, the total interest and the schedule. The free preview shows the amount and the payment; the full schedule, the CSV, copy and print come with a pass or by unlocking this result.
Examples
Mortgage $200,000 · CLTV limit 80% · 8% · 15 years
$120,000 · $1,146.78 a month · $86,421.28 of interest
$400,000 × 80% − $200,000 = $120,000; the payment repays it in 180 months at 0.6667% a month.
$492.37 a month · $38,626.48 of interest over the loan
9.016% a year on the $48,500 you receive, against the 8.5% rate
Common uses
- Find out how much you could borrow against your home before you talk to lenders.
- Check the monthly payment and total interest of a renovation or debt-consolidation loan.
- Compare offers with different rates, terms and fees on the rate including the fees.
- See how much equity you keep after the loan.
How much you can borrow
Your equity is what the home is worth minus what you owe on it (CFPB). Lenders lend a share of it through the CLTV limit: most you can borrow = home value × CLTV limit − mortgage balance. With a $400,000 home, a $200,000 mortgage and an 80% limit that is $120,000. Lenders also look at your income, your other debts and your credit, and order an appraisal, so the offer can be lower; ask each lender for its limit.
The payment and the schedule
A fixed-rate loan L repaid over n months at the monthly rate r has the level payment L × r ÷ (1 − (1 + r)^−n). Each month’s interest is the balance × the annual rate ÷ 12, worked to the cent, and the rest of the payment repays principal, so early payments are mostly interest. The last payment is adjusted by a few cents so the balance ends at exactly zero, as lenders’ schedules do.
Fees and the rate with fees
Points, origination and other charges you pay make the loan cost more than its rate. The rate with fees is the yearly rate at which your payments repay the amount you actually receive after the fees you enter — the way an annual percentage rate spreads costs over the loan. A lender’s official APR leaves out some real-estate charges such as title, appraisal, document, notary and credit-report fees (Regulation Z, 12 CFR 1026.4(c)(7)), so enter only the fees you want to count when you compare it with one.
Home equity loan or HELOC?
A home equity loan gives you the money at once at a fixed rate, with the same payment until it is repaid. A home equity line of credit lets you draw as you need, usually at a variable rate, often with interest-only payments first and a higher payment later (CFPB booklet on HELOCs). Both put your home at risk if you cannot repay.
Limitations
- The limit is the lender’s CLTV only: lenders also check income, debts, credit and the appraisal, and may lend less.
- Interest is worked monthly (balance × rate ÷ 12); a lender that charges daily interest or another payment date gives slightly different figures.
- Insurance, taxes, prepayment penalties and late fees are not included.
- The rate with fees counts the fees you enter as paid when the loan starts; it is not a lender’s official APR.
Privacy
On this device: nothing is sent
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
What do I get without a pass?
Without a pass, Home Equity Loan Calculator shows how much you can borrow and the payment in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden. Until you unlock it, the result can’t be downloaded, copied or printed. A Pro, Premium or Ultimate pass, a one-time payment that never renews, unlocks the full result. The pricing page lists the passes and their prices.
How much can I borrow with a home equity loan?
Usually the home’s value × the lender’s CLTV limit, minus what you owe on the mortgage. With a $400,000 home, a $200,000 mortgage and an 80% limit, that is up to $120,000, if your income and credit also qualify.
How is the monthly payment calculated?
With the level-payment formula L × r ÷ (1 − (1 + r)^−n). $50,000 at 8.5% over 15 years is $492.37 a month: 180 payments that add up to $88,626.48.
What is CLTV?
The combined loan-to-value ratio: everything secured on the home (the mortgage plus the new loan) as a share of its value. A $200,000 mortgage and a $50,000 loan on a $400,000 home is 62.5%.
Do fees change what the loan costs?
Yes. Fees paid for the loan mean you receive less than you repay on. $1,500 of fees on $50,000 at 8.5% over 15 years makes the loan cost about 9.02% a year on the $48,500 you get.
Is my information sent anywhere?
No. Everything is calculated in your browser; nothing you enter is uploaded or stored on a server.