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Home Equity Loan Calculator

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No.

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180

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Qualification Calculator © 2007 Vertex42 LLC
This
Thisworksheet
worksheetestimates
estimateshowhow
Download from Vertex42.com © 2007 Vertex42 LLC large
large of a homeequity
of a home equityloan
loan
you
youmight
mightqualify
qualifyfor
forbased
based
How Much Money Can I Borrow? upon
upon the current valueof
the current value ofyour
your
home, the allowable loan-to-
home, the allowable loan-to-
value
valueratio,
ratio,and
andthe
thebalance
balanceof of
Appraised Value of Home $ 175,000
all the loans you currently
all the loans you currently
Loan to Value Ratio 80.00% have
havewhere
whereyouryourhome
homeisislisted
listed
Maximum Allowable Debt $ 140,000 as security.
as security.

There
Therewill
willlikely
likelybebeother
other
Balance on 1st Mortgage $ 50,000 considerations
considerations affectinghow
affecting how
Balance on 2nd Mortgage $ - much
muchyouyoumay
mayqualify
qualifyfor,
for,
Balance on other Liens $ 10,000 such
suchas
asthose
[42] listed
those listedbelow
belowthethe
calculator.
calculator.
Total Balance Owed $ 60,000

Potential Loan Amount: $ 80,000

Other considerations affecting how much you can borrow

- State laws
- Credit history
- Income
- Other financial obligations

Hidden fees
- Property appraisal fee
- Originator fees
- Title fees
- Application fee
- Closing fees (attorney, filing, etc.)
- Early Pay-Off fees
[42]

http://www.vertex42.com/Calculators/home-equity-loan-calculator.html © 2007 Vertex42 LLC

orksheet
orksheetestimates
estimateshow how
of a homeequity
f a home equityloan
loan
ght
ghtqualify
qualifyfor
forbased
based
he
he current valueof
current value ofyour
your
the allowable loan-to-
the allowable loan-to-
atio,
atio,and
andthe
thebalance
balanceof of
oans you currently
loans you currently
here your
where yourhome
homeisislisted
listed
rity.
urity.

will
willlikely
likelybebeother
other
erations
erations affectinghow
affecting how
ou may
you mayqualify
qualifyfor,
for,
ssthose
thoselisted
listedbelow
belowthethe
tor.
tor.

http://www.vertex42.com/Calculators/home-equity-loan-calculator.html © 2007 Vertex42 LLC

Home Equity Calculator © 2007 Vertex42 LLC
This
Thisspreadsheet
spreadsheetestimates
estimatesthetheamount
amountof ofequity
equity
Download from Vertex42.com © 2007 Vertex42 LLC ininyour
yourhome
homeafter
afteraanumber
numberof ofyears
yearsbyby
subtracting
subtractingthe balance
balanceowed
theSummary owed from
fromthe
thehome's
home's
Table
value.
value.ItIttakes
takesinto
intoaccount
accountan anestimated
estimatedhomehome
Estimate Your Home Equity after N Years Years rate
appreciation
appreciation Balance
rate(enter
(enter aanegative
negativerate Equity
rateififyour
your
home1isisdecreasing
home decreasingin invalue).
value).Specifying
142,665 the
10,335
Specifying the
monthly
monthly payment amount(s) lets you consider
Current Value of Home $ 150,000 2 payment amount(s)134,746 lets you consider
21,314
amortized
amortizedfixed-rate
fixed-rateloans,
loans,interest-only
interest-onlyloans,
loans,
Yearly Appreciation Rate 2.00% and 3
monthly extra payments. Read
and monthly extra payments. Read the32,987
126,194 the cell
cell
comments
commentsfor formore
moreinfo
infoand
andinstructions.
instructions.
4 116,958 45,407
Balance on 1st Mortgage $ 100,000 This 5
Thiscalculator
calculatordoes
doesnot
not round
roundthe
106,981 theinterest
interestor payment,
58,631
or payment,
and
andthe appreciation rate isishighly variable, so the
Annual Interest Rate 7.00% the
results 6 appreciation rate
96,202 highly variable, so the
72,723
resultsare
areonly
onlyestimates.
estimates.
Monthly Payment (PI) $ 1,040 11.79 Years to Pay Off 7 84,554 87,749
8 71,965 103,784
Balance on 2nd Mortgage $ 50,000
Annual Interest Rate 10.00% Equity Balance
$160,000
Monthly Payment (PI) $ 550 14.23 Years to Pay Off
$140,000
$120,000
Number of Years from Now 4 (4 years, 0 months)
$100,000
$80,000
$60,000
Unpaid Balance: $ 116,958 $40,000
[42]
$20,000
Pre-Tax Home Equity: $ 45,407 $-
1 2 3 4 5 6 7 8
Years from Now

Interest Principle Balance Interest Principle Balance Total Home Pre-Tax

Mo. Loan 1 Loan 1 Loan 1 Loan 2 Loan 2 Loan 2 Balance Value Equity
$ 100,000 $ 50,000 $ 150,000 $ 150,000 $ -
1 583.33 456.67 99,543.33 416.67 133.33 49,866.67 149,410.00 150,247.74 837.74
2 580.67 459.33 99,084.00 415.56 134.44 49,732.22 148,816.23 150,495.88 1,679.66
3 577.99 462.01 98,621.99 414.44 135.56 49,596.66 148,218.65 150,744.44 2,525.79
4 575.29 464.71 98,157.29 413.31 136.69 49,459.96 147,617.25 150,993.41 3,376.16
5 572.58 467.42 97,689.87 412.17 137.83 49,322.13 147,012.00 151,242.78 4,230.78
6 569.86 470.14 97,219.73 411.02 138.98 49,183.15 146,402.88 151,492.57 5,089.70
7 567.12 472.88 96,746.84 409.86 140.14 49,043.01 145,789.85 151,742.78 5,952.93
8 564.36 475.64 96,271.20 408.69 141.31 48,901.70 145,172.90 151,993.39 6,820.49
9 561.58 478.42 95,792.78 407.51 142.49 48,759.21 144,552.00 152,244.42 7,692.43
10 558.79 481.21 95,311.57 406.33 143.67 48,615.54 143,927.11 152,495.87 8,568.75
11 555.98 484.02 94,827.56 405.13 144.87 48,470.67 143,298.23 152,747.72 9,449.50

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