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.
Fixed monthly payment
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- Available equity
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- Total interest
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- Note
- over limit
Combined LTV = (first mortgage + this loan) ÷ home value. Michigan lenders typically cap it at 80–90%.
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 can 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; for the full rundown of both, read the home equity loan guide.
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.