How to Use the Home Equity Calculator

Our Home Equity Calculator is a user-friendly tool to help you assess your home’s equity and estimate potential loan payments, whether you’re in Texas, the UK, or elsewhere. Follow these step-by-step instructions to calculate your available equity, borrowing potential, and more.

Step 1: Enter Your Current Home Value

Input the current market value of your home. For example, enter “400000” for $400,000, a key starting point for a home equity calculator.

Step 2: Specify Your Current Mortgage Balance

Enter the remaining balance on your current mortgage. For example, input “250000” for $250,000, which helps determine your available equity using a home equity calculator free.

Step 3: Input the Interest Rate for Home Equity Loan/HELOC

Enter the annual interest rate for your home equity loan or HELOC. For example, input “4.0” for 4%, a key factor in a home equity calculator payment calculation.

Step 4: Define Interest Rate Scenarios

Input high and low interest rate scenarios to see how your payments might vary. For example, enter “5.0” for a high rate and “3.0” for a low rate, a feature similar to those in a home equity calculator zillow.

Step 5: Set the Loan Term for Home Equity Loan/HELOC

Input the term of your home equity loan or HELOC, either in years or months. For example, enter “10” for 10 years, which is useful for tracking your loan with a home equity calculator over time.

Step 6: Select Payment Frequency

Choose your payment frequency: monthly, biweekly, or weekly, a feature that makes this tool adaptable for international use like a home equity calculator nz or home equity calculator uk.

Step 7: Specify Percentage of Equity to Borrow

Enter the percentage of your available equity you wish to borrow. For example, input “50” for 50%, a feature included in a home equity calculator percentage.

Step 8: Add Extra Payment (Optional)

Input any extra payment per payment period to pay off your loan faster, such as “0” or “200” for $200, which can help reduce total interest over time.

Step 9: Calculate Your Home Equity

Click the Calculate button to see your results with the home equity calculator.

Step 10: Review Your Results

• Available Home Equity: The equity you can access, such as “$150,000.00”.
• Loan-to-Value Ratio (LTV): Your current LTV, like “62.5%”.
• Amount You Can Borrow: The amount you can borrow based on your equity percentage, such as “$75,000.00”.
• Payment: Your payment per period (monthly, biweekly, or weekly), like “$790.29”.
• Total Interest Paid: The total interest over the loan term, such as “$19,834.80”.
• Payoff Date: When you’ll pay off the loan, such as “May 23, 2035”.
• High Rate Scenario: Payment at a higher rate, such as “$828.31 at 5.0%”.
• Low Rate Scenario: Payment at a lower rate, such as “$753.38 at 3.0%”.

Step 11: Explore the Equity vs. Borrow Amount Chart

The Equity vs. Borrow Amount section shows a bar chart comparing your available equity to the amount you plan to borrow, providing a clear visual representation.

Step 12: Review Amortization Schedule

The Amortization Schedule table provides a yearly breakdown of principal, interest, and remaining balance. Use the Expand All or Collapse buttons to view more or fewer rows, and download the data as a CSV file using the Download CSV button.

Step 13: Reset

Click the Reset button to clear all inputs and start over, whether you’re calculating for a home in Texas with a home equity calculator texas or assessing equity for a divorce settlement with a home equity calculator for divorce.