acalculator

What home equity loan can I get?

See how much you can borrow against your home, and what a fixed-rate home equity loan costs each month.

Your numbers

Monthly payment
$492.37

With $450,000.00 of home value and $250,000.00 owed, you can borrow up to $110,000.00; a $50,000.00 loan at 8.5% over 15 years costs $492.37 a month.

Loan amount $50,000.00Total interest $38,626.56
56% loan amount44% total interest
Most you can borrow
$110,000.00
Loan amount
$50,000.00
Combined loan-to-value
66.7%
Equity today
$200,000.00
Equity left after the loan
$150,000.00
Total interest
$38,626.56
Total of payments
$88,626.56
Paid off in
September 2041
Months
180

Answer for the example date Tuesday, September 29, 2026. It changes to today's date when the page loads.

Monthly payment: $492.37. With $450,000.00 of home value and $250,000.00 owed, you can borrow up to $110,000.00; a $50,000.00 loan at 8.5% over 15 years costs $492.37 a month.

How much of what you repay is interest?

Where does each year of payments go?

What does every payment look like?

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Computes the most a lender’s combined loan-to-value limit lets you borrow against your home, and the monthly payment and interest of a fixed-rate home equity loan.

Example with the default inputs (Home value $450,000.00, Mortgage balance $250,000.00, Lender’s limit (CLTV) 80%, Amount you want to borrow $50,000.00, Interest rate (APR) 8.5%, Loan term (years) 15, Loan start date September 29, 2026) on the example date Tuesday, September 29, 2026: With $450,000.00 of home value and $250,000.00 owed, you can borrow up to $110,000.00; a $50,000.00 loan at 8.5% over 15 years costs $492.37 a month.

Method: most you can borrow = home value × CLTV limit − mortgage balance; payment = L × r ÷ (1 − (1 + r)^−n), with L the loan, r the APR ÷ 12, and n the months.

  • The lender’s limit applies to all loans on the home together (combined loan-to-value).
  • The loan has a fixed rate and is repaid in equal monthly payments, the first one month after the start date.
  • Closing costs and fees are not included.
  • Values are not rounded to the cent between months; only the display is rounded.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Home value $450,000.00, Mortgage balance $250,000.00, Lender’s limit (CLTV) 80%, Amount you want to borrow $50,000.00, Interest rate (APR) 8.5%, Loan term (years) 15 gives Most you can borrow $110,000.00, Monthly payment $492.37, Combined loan-to-value 66.666667%, Total interest $38,626.56.Source: hand calculation in content.mdx; Python 3 in docs/progress/WP-31/python/home_equity.py
  2. Home value $400,000.00, Mortgage balance $200,000.00, Lender’s limit (CLTV) 85%, Interest rate (APR) 7.75%, Loan term (years) 20 gives Most you can borrow $140,000.00, Loan amount $140,000.00, Monthly payment $1,149.33, Combined loan-to-value 85%, Total interest $135,838.72.Source: hand calculation in content.mdx: 400,000 × 0.85 − 200,000
  3. Home value $300,000.00, Mortgage balance $240,000.00, Lender’s limit (CLTV) 80%, Amount you want to borrow $20,000.00, Interest rate (APR) 9%, Loan term (years) 10 gives Most you can borrow $0.00, Over the limit by $20,000.00, Combined loan-to-value 86.666667%, Monthly payment $253.35.Source: hand calculation in content.mdx: 300,000 × 0.8 − 240,000 = 0

How it works

Write V for the home value, O for the mortgage balance (everything owed on the home), c for the lender's combined loan-to-value limit as a decimal, and A for the amount you want to borrow.

  1. Most you can borrow: max = V × c − O. The page shows 0 when this is negative.
  2. Loan: L = A, or L = max when the amount is left empty. With the amount empty and max not above 0, there is no answer.
  3. Over the limit: when L is more than max, the page shows L − max (with max counted as 0 when it is negative).
  4. Combined loan-to-value: (O + L) ÷ V.
  5. Equity: today it is V − O; after the loan it is V − O − L.
  6. Payment: payment = L × r ÷ (1 − (1 + r)^−n), with r = APR ÷ 12 as a decimal and n = years × 12. At 0% it is L ÷ n.
  7. Schedule: each month, interest = balance × r and the rest of the payment lowers the balance; the last payment (number n) pays whatever is left. Total interest is the sum of the monthly interest; total of payments is L plus the interest. The first payment is one month after the start date.

Assumptions

  • The limit applies to all loans on the home together.
  • The loan has a fixed rate and equal monthly payments.
  • Closing costs, fees, and taxes are not included.
  • Values are not rounded to the cent between months; only the display is rounded.

Worked examples by hand

A $450,000 home with $250,000 owed, an 80% limit, and $50,000 at 8.5% over 15 years. The most you can borrow is 450,000 × 0.8 − 250,000 = $110,000. The combined loan-to-value is (250,000 + 50,000) ÷ 450,000 = 66.7%. r = 0.085 ÷ 12 = 0.0070833, n = 180, and (1 + r)^−180 = 0.280690, so the payment is 50,000 × 0.0070833 ÷ (1 − 0.280690) = $492.37. The interest is 180 × 492.370 − 50,000 = $38,626.56.

A $400,000 home with $200,000 owed and an 85% limit, borrowing the most at 7.75% over 20 years. The most is 400,000 × 0.85 − 200,000 = $140,000, which makes the combined loan-to-value exactly 85%. r = 0.0775 ÷ 12 = 0.0064583, n = 240, and (1 + r)^−240 = 0.213308, so the payment is 140,000 × 0.0064583 ÷ (1 − 0.213308) = $1,149.33.

A $300,000 home with $240,000 owed, an 80% limit, and $20,000 wanted at 9% over 10 years. The limit allows 300,000 × 0.8 − 240,000 = $0, so the loan is $20,000 over the limit and the combined loan-to-value would be 260,000 ÷ 300,000 = 86.7%. The payment would be 20,000 × 0.0075 ÷ (1 − 1.0075^−120) = $253.35.

Other questions people ask

How much can I borrow with a home equity loan?

Lenders cap the total of all loans on your home at a share of its value, called the combined loan-to-value (CLTV) limit. The most you can borrow is the home value × that limit, minus what you owe. A $450,000 home with $250,000 owed and an 80% limit leaves 450,000 × 0.8 − 250,000 = $110,000.

What is combined loan-to-value (CLTV)?

It is everything you owe on the home, the new loan included, divided by the home's value. Owing $250,000 on a $450,000 home and borrowing $50,000 more gives a CLTV of 300,000 ÷ 450,000 = 66.7%. Lenders set their own limits; ask yours for its number and enter it.

How is a home equity loan different from a HELOC?

A home equity loan pays you a lump sum and usually has a fixed rate and equal monthly payments, which is what this page works out. A home equity line of credit (HELOC) is a revolving line, like a credit card, with a rate that usually changes, and you pay only on what you draw.

What is my equity?

Your equity is the home's value minus what you owe on it. With a $450,000 home and a $250,000 mortgage it is $200,000. A lender will not usually let you borrow all of it, because the limit keeps a cushion of equity in the home.

What are the risks?

The loan is secured by your home, so if you cannot repay it you could lose the home. It also adds a second monthly payment. Borrow only what you need, and compare the APR and closing costs of several lenders.

Why does the page say I am over the limit?

When the amount you want is more than the most the limit allows, the page still works out the payment but shows how far over the limit it is. A lender with that limit would offer less, or nothing.