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Home equity loan

A fixed-rate loan secured by your home, paid out as a lump sum and repaid in equal monthly payments over a set term. It sits behind your first mortgage as a second lien. Unlike a HELOC, the amount, rate and payment are fixed from the start, which is how this calculator treats it.

Home equity

The market value of your home minus what you still owe on it. With the defaults, a $450,000 home and a $240,000 mortgage balance leave $210,000 of equity. Lenders let you borrow against only part of it, since they keep a cushion in case the home’s value falls.

Combined loan-to-value (CLTV)

All loans secured by the home, the first mortgage plus the new equity loan, divided by the home’s value, as a percentage. Many lenders cap it, commonly at 85%, which is the cap this calculator uses. A higher CLTV means less equity cushion and usually a higher rate or a smaller approval.

Max available

The largest equity loan that keeps combined borrowing within 85% of the home’s value: 85% of the value minus the current mortgage balance. With the defaults, that is $382,500 minus $240,000, or $142,500. A lender’s actual limit depends on its own cap, the appraisal, and your credit and income.

Second mortgage

A loan secured by a home that already has a first mortgage. If the home is sold or foreclosed, the first mortgage is paid before the second, so second liens carry more risk for the lender and usually a higher rate. A home equity loan is one kind of second mortgage.

Interest rate

The annual percentage the lender charges on the unpaid balance, not including fees. A home equity loan’s rate is fixed, so the payment never changes. This calculator divides it by 12 to get the monthly rate used in the payment formula.

Loan term

The number of years over which the equity loan is repaid in equal monthly payments. A shorter term raises the payment but cuts total interest; a longer term does the opposite. The term of the equity loan is independent of the years left on your first mortgage.

Total interest

The interest paid over the full term if the loan runs to maturity with regular payments: total repaid minus the loan amount. It does not include closing costs or fees, which some lenders charge on equity loans and which raise the true cost of borrowing.

Closing costs

Fees charged to set up the loan, such as appraisal, origination, title and recording fees. Some lenders cover them or roll them into the loan; others charge them in cash. This calculator does not include them, so compare lender offers on both rate and fees.