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Home Equity Line of Credit Calculator

The Home Equity Line of Credit calculator will help you calculate how much of a credit line is available to you. The calculator will also help you determine how the credit line amount will change if the appraised value of your home changes.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

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Home Equity Line of Credit Calculator Overview

There are two different types of credit lines that are attached to your home, usually as a second mortgage. HELOCs are home equity lines of credit. They are revolving lines of credit that are available for you to use, pay down and then use again. This line of credit is a revolving line of credit that works very similar to a credit card, but it associated with your home. Many lenders offer HELOCs with very little or no closings costs. Borrowers are only charged interest on the amount of the HELOC that they use, not the amount of the equity line that has been established. Again, this is very similar to a credit card because you are only required to make payments on the balance that you keep on your credit card.

Equity loans are more like a regular mortgage so they are not a revolving line of credit. With a home equity loan the borrower receives the amount of the loan in a lump sum payment, which they are charged interest on right away. Once the borrower pays down or pays off the equity loan it is not available for them to use again.

Both HELOCs and equity loans usually have higher interest rates than regular first mortgages. Both are usually variable rate options, but some lenders do offer equity loans at a fixed rate, but there are usually closing costs involved in getting fixed rate home equity loans.

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