Use this calculator to determine the amount you may qualify to receive from a home equity line of credit. The line of credit is based on a percentage of the value of your home, so the more your home is worth, the larger the line of credit.
Of course, the final line of credit you receive will take into account any outstanding mortgages you might have, including first mortgages, second mortgages, and any other debt you have secured by your home.
Definitions
Appraised value of your home
Current appraised value of your home.
Outstanding home loans
Total amount of all outstanding home loan balances, including your first mortgage, second mortgage(s), and any other debt that is secured by your home.
Loan-to-value ratio limit
Loan-to-value ratio limit is the maximum loan-to-value ratio (LTV) your lender will allow. LTV is the percentage of your home's appraised value that is borrowed, including all outstanding mortgages and home equity loans and lines secured by your home. For example, a lender's 80% LTV limit for a home appraised at $400,000 would mean a HELOC applicant could have no more than $320,000 in total outstanding home loan balances. Remember, the $320,000 limit would include all existing loans secured by your home plus your new HELOC.
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