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Home equity loans are second mortgages with fixed rates and terms, unlike variable-rate HELOCs. Payment uses the same amortization formula as a first mortgage. Maximum loan = (appraised value × 80–85% CLTV) − first mortgage balance. Interest may be tax-deductible if used to buy, build, or substantially improve the home (consult a tax advisor). Foreclosure risk is real if you default.
Interest-only payment on an average balance (revolving line). Your draw schedule changes actual interest.