Calculate your borrowing power, estimate monthly payments, and see total costs. Compare rates and find the best loan for your needs.
| Loan Amount | $50,000 |
| Interest Rate | 8.50% |
| Loan Term | 15 years |
| Total of Payments | $88,560 |
| Feature | Home Equity Loan | HELOC |
|---|
| Year | Payment | Principal | Interest | Balance |
|---|
Compare personalized rates from top lenders with no impact to your credit score.
Home equity is the difference between your home's current market value and your outstanding mortgage balance. It represents the portion of your home that you truly "own" and can borrow against.
Loan-to-Value (LTV) ratio measures your loan amount against your home's value. Lower LTV ratios typically qualify for better rates. Most lenders cap combined LTV at 80-85%.
Home Equity Loans provide a lump sum with fixed rates and payments. HELOCs offer revolving credit with variable rates. Choose based on your borrowing needs and risk tolerance.
Lenders consider credit score (typically 620+), debt-to-income ratio (ideally below 43%), employment history, and sufficient equity in your home for approval.