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
Example calculation
Illustrative example — not advice
Worked example — the home equity loan calculator as it loads, using the default figures below.
- 01Enter home value: $420,000.
- 02Enter existing mortgage balance: $240,000.
- 03Enter maximum combined LTV: 85%.
- 04Enter interest rate: 8.5%.
- 05Enter term: 15 years.
- 06Read the equity you could borrow from the results panel: $117,000.
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.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
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.
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