semkuHome equity loan calculator
Estimate your borrowing limit and monthly payments.
See monthly principal and interest with the Loan amortization calculator.
Calculation rules
Available equity = home value × CLTV limit / 100 − total outstanding balances secured by the home, including the first mortgage, other mortgages and existing HELOC balances. CLTV means combined loan-to-value. Current CLTV = those balances / home value × 100; it does not include the new loan amount entered here. A limit of zero or less is shown as no equity available.
The borrowing limit is rounded down to whole cents so it is not overstated. Current CLTV is rounded to two decimal places.
Home equity loan payments use monthly compounding at the annual rate divided by 12. The regular payment and each month's interest on the remaining balance are rounded to cents, with half a cent rounded up. The final payment clears the remaining balance and interest; totals add the actual cent-rounded payments. At 0% interest, the regular payment is the loan amount divided by the number of months, rounded to cents.
HELOC calculations assume the full loan amount is drawn at the start, with interest-only payments and no principal repayment during the draw period. The repayment period then pays down the full balance through monthly principal-and-interest payments. The entered rate is held fixed throughout; a variable rate would change the result. Total interest includes both periods.
Fees, insurance and tax deductions are not included.
The 80%, 85% and 90% CLTV chips and all example values are illustrations, not recommended limits or market rates. Lender limits and terms may differ. Exceeding the calculated limit flags the loan amount but does not stop the payment estimate or determine approval.
Frequently asked questions
- How much could I borrow against a $400,000 home?
- With $220,000 in outstanding mortgage balances and an 80% CLTV limit, the calculated borrowing limit is $100,000 and current CLTV is 55%. These are example inputs, not an approval or loan offer.
- What is the monthly payment on a $50,000 home equity loan?
- At 8.25% over 15 years, the regular monthly payment is $485.07. With monthly cent rounding, the final payment is $485.14 and total interest is $37,312.67.
- How do HELOC payments change after the draw period?
- For $50,000 at a fixed 8.25%, a 10-year interest-only draw period costs $343.75 per month. A following 20-year repayment period costs $426.03 per month, an increase of $82.28. Total interest across both periods is $93,498.79 under these assumptions.
- Why is there no equity available at my CLTV limit?
- The existing balances equal or exceed home value multiplied by the entered CLTV limit. Review the home value, balances and CLTV limit; the calculator shows no available equity instead of a negative borrowing limit.
- Why can I calculate payments above the borrowing limit?
- The limit is an estimate based on your inputs. An amount above it is flagged while the payment calculation remains available for comparison; your lender determines whether a loan is available.
Privacy on this page
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For details, see the privacy policy in Korean.
Calculations run in your browser without sending the financial values you enter to the server or storing them. See “Privacy on this page” for information about access data.