MichiganMortgageLoan
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Calculator

Home equity loan calculator

A home equity loan turns the value you've built into a fixed-rate lump sum. This calculator shows both how much you can borrow — based on your combined loan-to-value — and what the fixed monthly payment would be.

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Estimates only. Adjust any value to recalculate instantly.

Results
Available home equity $122,500 up to 85% CLTV on a $450,000 home
Monthly payment $582.08 on $60,000 borrowed
Total interest $44,775
Total of payments $104,775
New combined LTV 71.1%
Cost of the loan
Cost of the loan Principal: $60kInterest: $45k
  • Principal $60k
  • Interest $45k
Paid per year PrincipalInterest
Paid per year: Principal vs Interest $7.0k$5.2k$3.5k$1.7k$0 Yr 1Yr 4Yr 7Yr 10Yr 13

Borrowing $60,000 brings your combined loan-to-value to 71%. Home-equity loans carry a fixed rate, so this payment never changes.

Yearly amortizationView table
YearPrincipalInterestBalance
1$2,114$4,871$57,886
2$2,295$4,690$55,591
3$2,492$4,493$53,100
4$2,705$4,280$50,395
5$2,937$4,048$47,458
6$3,189$3,797$44,269
7$3,462$3,523$40,808
8$3,758$3,227$37,049
9$4,080$2,905$32,969
10$4,430$2,555$28,539
11$4,810$2,175$23,729
12$5,222$1,763$18,507
13$5,669$1,316$12,838
14$6,155$830$6,683
15$6,683$302$0

How much equity can you actually borrow?

Lenders don't let you borrow all of your equity — they cap your combined loan-to-value, the total of your first mortgage plus the new loan divided by the home's value, usually at 80–90% in Michigan.

The calculator flags when your requested amount pushes past that ceiling, so you see your real borrowing power, not just your paper equity.

Because the payment is fixed, a home equity loan suits a defined cost. For flexible, draw-as-you-go access, compare the HELOC calculator; to see the fixed payment on top of your first mortgage, use the full payment calculator; for the full rundown of both, read the home equity loan guide.

Related: a reverse mortgage calculator for homeowners 62 and older.

Frequently asked questions

How much can I borrow with a home equity loan?

Most Michigan lenders let your first mortgage plus the home equity loan reach 80–90% of the home's value (your combined loan-to-value). On a $350,000 home with a $200,000 first mortgage at 85% CLTV, that's roughly $97,500 of available equity to borrow.

Is a home equity loan payment fixed?

Yes. Unlike a variable HELOC, a home equity loan is a fixed-rate second mortgage: you receive a lump sum and repay it with equal monthly payments over a set term. That predictability is its main advantage for a one-time expense like a renovation or debt consolidation.

Home equity loan or cash-out refinance in Michigan?

If your first mortgage rate is well below today's, a home equity loan usually wins — it leaves that low rate untouched and adds a fixed second loan. A cash-out refinance replaces the whole first mortgage at current rates. See our home equity loan guide.