Home equity loan calculators will let you identify the equity in your home and define your eligibility to obtain different types of home equity loans, such as a traditional home equity loan, a home equity line of credit and so on. These calculators will also help you to identify monthly payments and other features regarding those loans. In addition, home equity calculators let you compare between a home equity loan and a cash-out refinancing loan. Finally, home equity calculators also allow you to look at the option of debt consolidation option, to determine whether a home equity loan could help you manage and consolidate other debts you owe.
Home Equity calculator
The equity of a home can be obtained simply by entering the current value of the home and the principal due on your other mortgage(s). Not only will this calculator identify the equity of your home, but it will also give you your home’s loan-to-value ratio, which will play a factor in your ability to obtain a home equity loan.
A home equity line of credit (HELOC) is a suitable choice for those who want to utilize their home equity loan in a periodic fashion whenever necessary. A home equity line of credit is suitable for any big financial purchase that seems unrealistic paying by a credit card. This HELOC calculator can provide the monthly home-equity-line-of-credit payment based upon the expected loan amount drawn on the HELOC as well as the HELOC interest rate.
HEL vs. Refinance Calculator
Comparing the savings and monthly payments of a home equity loan versus a cash-out refinance will help you identify which option is best suitable for you. This calculator requires information on your current mortgage as well as information about your proposed home equity loan and cash-out refinance mortgage that you are comparing. This calculator will give you results for both the cash-out refinance monthly mortgage payment as well as the monthly home equity loan payments, their respective total monthly payments, and each of their respective total cost over a defined period of time. This calculator will determine the amount that you can save over a period of time by utilizing a home equity loan or cash-out refinance mortgage.
HEL payment Calculator
A Home Equity Loan payment calculator can identify your monthly payment. You can obtain results for both interest-only and fixed-rate loans.