Mortgage Calculators
Home Equity Loan Calculator
See how much equity you can release as a second-charge loan and what the fixed monthly repayment would be.
Equity you could borrow
$117,000
- Monthly payment on that amount
- $1,152.15
- Total equity in the home
- $180,000
- Total interest
- $90,386
- Mortgage
- Borrowable equity
- Retained equity
Home equity loan schedule — yearly
| Year | Interest paid | Principal paid | Balance remaining |
|---|---|---|---|
| 1 | $9,790 | $4,036 | $112,964 |
| 2 | $9,433 | $4,392 | $108,572 |
| 3 | $9,045 | $4,781 | $103,792 |
| 4 | $8,623 | $5,203 | $98,589 |
| 5 | $8,163 | $5,663 | $92,926 |
| 6 | $7,662 | $6,164 | $86,762 |
| 7 | $7,117 | $6,708 | $80,054 |
| 8 | $6,524 | $7,301 | $72,753 |
| 9 | $5,879 | $7,947 | $64,806 |
| 10 | $5,177 | $8,649 | $56,157 |
How this calculator works
Available = value × max CLTV − existing balance
- CLTV
- combined loan-to-value across all charges on the property
Important considerations
- The loan is secured on your home, so missed payments put the property at risk.
- Lenders apply their own valuation, which may be lower than your estimate.
Related calculators
- HELOC Payment CalculatorDraw-period and repayment-period payments on a HELOC.
- Loan-to-Value CalculatorLTV ratio, equity and the gap to the next rate band.
- Mortgage Refinance CalculatorMonthly saving and break-even point on a refinance.
- Mortgage CalculatorEstimate your total monthly mortgage payment and see the amortisation schedule.
- Mortgage Payment CalculatorPrincipal and interest payment on any home loan amount.
- Mortgage Affordability CalculatorHow much house your income and debts realistically support.
Learn more
Fixed vs. Variable Mortgage Rates: A Side-by-Side Comparison
How rate structure affects monthly payments, total interest, and the risk you carry over a full loan term.
When Refinancing a Mortgage Changes Your Total Cost
How break fees, remaining term, and the new rate combine to decide whether refinancing saves anything.
Home Loan Deposits and Loan-to-Value Bands, Explained
What a deposit changes about pricing, and why lenders group applications into LTV bands.
Terms used here
Frequently asked questions
How is this different from a HELOC?
A home equity loan advances a lump sum at a fixed rate. A HELOC is a revolving line you draw on, usually at a variable rate.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01