# Home Equity Loan Calculator

> Estimate a fixed home equity loan payment, borrowing costs, amortization, and an LTV-based borrowing limit.

Page: https://askcalculators.com/calculator/home-equity-loan-calculator/
Definition: https://askcalculators.com/calculator/home-equity-loan-calculator/definition.json
JSON Schema: https://askcalculators.com/calculator/home-equity-loan-calculator/schema.json
Version: 1.0.0
Maintained by: AskCalculators (software project; not a credentialed reviewer)
Qualified review: pending. Automated checks do not establish professional approval.
Page status: Live
Review status: Pending

## Use
Open the calculator page and enter values. Query-string parameters can restore and bookmark a calculation.
Example: https://askcalculators.com/calculator/home-equity-loan-calculator/?loanAmount=150000&annualRate=8&termYears=15&includeClosingCosts=0&homeValue=500000&mortgageBalance=230000&maxLtv=80

## Inputs
- loanAmount: Loan amount; type=money; required; default=150000; min=1
- annualRate: Interest rate; type=percent; required; default=8; min=0; max=50
- termYears: Loan term; type=number; required; default=15; min=1; max=50
- includeClosingCosts: Include closing costs; type=checkbox; optional; default=false
- closingCostValue: Closing cost value; type=number; required; default=2; min=0; showWhen=includeClosingCosts:true
- closingCostUnit: Closing cost unit; type=select; required; default=percent; values=percent|amount; showWhen=includeClosingCosts:true
- closingCostTreatment: Closing cost treatment; type=select; required; default=deducted; values=deducted|upfront; showWhen=includeClosingCosts:true
- homeValue: Current home value; type=money; required; default=500000; min=1
- mortgageBalance: Current mortgage balance; type=money; required; default=230000; min=0
- maxLtv: Maximum combined LTV; type=percent; required; default=80; min=1; max=100

## Outputs
- monthlyPayment: Monthly payment; format=currency; primary
- totalOfPayments: Total of loan payments; format=currency
- totalInterest: Total interest; format=currency
- closingCosts: Closing costs; format=currency
- totalBorrowingCost: Interest + closing costs; format=currency
- cashReceived: Loan proceeds received; format=currency
- cashDueAtClosing: Cash due at closing; format=currency
- estimatedApr: Cash-flow APR estimate; format=percent
- estimatedBorrowingLimit: LTV-based borrowing limit; format=currency
- combinedLtv: Combined LTV with this loan; format=percent

## Formula
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]; limit = home value × LTV − mortgage balance

- M: monthly principal-and-interest payment
- P: home equity loan amount
- r: monthly interest rate
- n: number of monthly payments
- LTV: maximum combined loan-to-value ratio

The APR estimate solves the monthly cash flows after closing costs. The lender's disclosed APR may use additional rules or charges.

## Rules
- Empty optional inputs are undefined, not zero.
- Hidden conditional inputs are ignored.
- Do not invent missing required inputs.

Notice: Your home secures this loan. This estimate is not a lender approval or loan offer.