Equity Loan Calculator

Formatting only. This does not change the calculation.
Appraised or estimated market value of the home.
Everything already secured on the property - the first mortgage plus any existing second.
The combined loan-to-value ceiling the lender will lend to. 80-90% is typical.
The amount you have borrowed, or plan to borrow, against the line.
The current rate on the line. HELOC rates vary; this is held constant for the projection.
Monthly payment during the draw period
483.62
HELOC and Home Equity Calculator
Home equity
200,000.00
Loan-to-value
55.5556 %
Combined LTV including the drawn line
66.6667 %
Maximum credit line
132,500.00
Credit still available
82,500.00
Monthly payment during the repayment period
483.62
Payment increase at the end of the draw period
0.00
Interest paid during the draw period
0.00
Interest paid during the repayment period
37,050.37
Total interest over the life of the line
37,050.37
Total of all payments
87,050.37
Total months to repay
180
Worked out from Home-Equity Arithmetic Calculator and 3 other sources.
The rate is held constant. A real HELOC rate moves with its index and margin.
An estimate only. A real HELOC carries a variable rate (index plus margin, subject to caps and a floor), lender minimum payments, and fees that are not modelled here. Confirm every figure against your lender's disclosures.

How this is worked out

6 steps
  1. Home equity = 450000 - 250000 = 200000
  2. Loan-to-value = 100 x 250000 / 450000 = 55.5556%
  3. Credit line = 85% x 450000 - 250000 = 132500
  4. Level payment across 180 months = 483.62
  5. Repayment-period payment = P i / (1 - (1+i)^-n) on 50000 over 180 months = 483.62
  6. Total interest = 0 in the draw period + 37050.37 in repayment = 37050.37

Results are general information, not financial, tax, legal, medical or engineering advice.