Free Calculator · Updated October 2026

Home Equity Loan Calculator

Find out how much you can borrow with a fixed-rate home equity loan (also called a HELOAN or second mortgage) and what the monthly payment will be. Your first mortgage and its rate stay in place.

Home value ($)Mortgage balance ($)Max combined LTVAmount you want ($)Fixed rate (%)TermClosing costs (% of loan)Lender max loan ($)

Estimates only, not a loan offer or commitment. Rates, terms and eligibility depend on credit, property, income and lender guidelines. Save Financial, NMLS #377740, DRE #01875766.

Fixed monthly payment

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Maximum you could borrow–

Amount used in this estimate–

Total interest over the term–

Estimated closing costs–

Net cash after costs–

Combined LTV after the loan–

How the home equity loan calculator works

A home equity loan is a second mortgage paid out as one lump sum, with a fixed rate and a fixed payment until it is paid off. Lenders cap how much you can borrow using combined loan-to-value (CLTV):

Maximum loan = (home value × max CLTV) − first mortgage balance

The calculator applies that limit, then works out the payment on the amount you want using a standard fully amortizing formula. It also estimates closing costs so you can see the cash that actually reaches your account.

Payment by term: $150,000 example

Same $150,000 loan at an assumed 8.50% fixed rate (example only, not a quote):

Term	Monthly payment	Total interest
10 years	$1,860	$73,174
15 years	$1,477	$115,880
20 years	$1,302	$162,416

A shorter term costs more each month but far less in total interest. If you need flexibility instead of a lump sum, a HELOC lets you borrow only what you use.

When a home equity loan makes sense

You have a low first-mortgage rate. Refinancing a 3% loan to pull cash would raise the rate on your whole balance. A second loan only charges today's rate on the new money.
You need one known amount. Paying off high-interest debt, a fixed-bid remodel, an ADU build or a business purchase.
You want payment certainty. Unlike most HELOCs, the rate and payment never change.

It makes less sense if your first mortgage rate is already close to current rates, or if you need more than second-lien programs allow. In that case compare a cash-out refinance.

What California lenders look at

CLTV: commonly up to 80% to 90% on a primary residence, lower on rentals and second homes.
Loan size: many programs cap between $250,000 and $500,000.
Credit: stronger scores get higher CLTVs and lower rates.
Debt-to-income: the new payment is added to your existing debts. Check yours with the DTI calculator.
Income documents: W-2s and tax returns for most borrowers. Self-employed owners can look at bank statement home equity loans that skip tax returns.

Home equity loan vs. HELOC

	Home equity loan	HELOC
Rate	Fixed	Usually variable
Funds	Lump sum at closing	Draw as needed
Payment	Same every month	Interest-only during draw, then higher
Best for	One known cost, payment certainty	Staged or uncertain costs

Home equity loan calculator FAQ

How much can I get from a home equity loan?

Multiply your home value by the lender's maximum combined loan-to-value, usually 80% to 90%, then subtract your mortgage balance. A $1,200,000 home with $550,000 owed at an 85% limit supports up to $470,000, subject to the lender's loan cap.

Is a home equity loan the same as a second mortgage?

Yes. A home equity loan, or HELOAN, is a fixed-rate second mortgage. Your first mortgage stays in place.

What term should I choose?

Shorter terms such as 10 or 15 years cost more per month but much less in total interest. Longer terms lower the payment. The calculator shows both so you can pick a payment you are comfortable with.

Are there closing costs?

Usually yes, often in the range of a few percent of the loan, though some lenders reduce or cover fees. Enter your own figure in the closing cost field.

Can self-employed borrowers get a home equity loan?

Yes. Some lenders offer home equity loans that qualify you on 12 or 24 months of bank statements instead of tax returns, typically at a lower maximum CLTV.

Is the result a loan offer?

No. It is a planning estimate. Your real rate, amount and payment depend on credit, income, property value and lender guidelines.