Home Equity Loan Calculator - Use Your Home to Take Out Cash

Home Equity Loan Calculator - Use Your Home to Take Out Cash
IN THIS ARTICLE:
  • Use Bills.com Home Equity Loan Calculator to see how much equity you have in your home. Also check your loan-to-value ratio (LTV).
  • Check how much money you can borrow based on lenders LTV requirements, usually 80-85% maximum.
  • Calculate your monthly payments for the HEL and your current mortgage.

Home Equity Loan Calculator - 5 Steps to Getting a HEL

Home equity loans (HEL) are a great option if your home value is significantly more than your mortgage balance. You can use a HEL for many reasons, including debt consolidation, home improvements, or paying for college.

A combination of rising home values and paying off your mortgage greatly increases your current home equity position. Use Bills.com Home Equity Calculator to find out how much you can borrow and your projected monthly payments.

Home Equity Loan Calculator - 5 Steps

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Home Equity Loans: People also ask

What Kinds of Home Equity Loans are Available?

There are three types of mortgage loans that you can use to tap into your home equity. 

Cash out Mortgage: If you have a mortgage and want to refinance into a lower rate, or extend the payment period and lower your monthly payments and also take out additional money, then a cash-out mortgage is a great option. One popular reason to take a cash-out mortgage is consolidate your mortgage and credit card debt into one monthly payment.

Home Equity Loan: If you built up equity through paying off your mortgage or rising home prices, you can take out a mortgage (or second mortgage if you already have one). A HEL allows you to tap into you home for many reasons including debt consolidation and home improvements.

Home Equity Line of Credit (HELOC): Do you need money over an extended period of time? Instead of taking a traditional installment payment mortgage, consider an HELOC, which is a revolving line of credit. Similar to a credit card, it allows you to borrow money over time, pay it back, and take out up to your line of credit. A HELOC has variable payments, so you need to budget carefully.

 

Check out Bills.com Home Equity Loan Option Calculator.

What is a Home Equity Loan?

home equity loan is a special type of mortgage, which allows you to tap into your home’s value to take out cash. There are many reasons to take out a home equity loan including debt consolidation, home improvements, or paying for college.