Home equity you can borrow at your lender's CLTV limit, and HELOC payments in the interest-only draw period and the repayment period, or a fixed home equity loan.
Знаков после запятой: 2; До ближайшего, при равенстве — к чётной цифре
Home equity
$200,000.00
Equity share of the value
40.00%
Mortgage loan-to-value now
60.00%
Combined LTV after borrowing
70.00%
Payment in the draw period (interest only)
$354.17
Payment in the repayment period
$433.91
Increase when repayment starts
$79.74
Total interest
$96,638.79
Your equity is $200,000.00, and with a combined limit of 85% a lender could let you borrow up to $125,000.00. At 8.5%, drawing $50,000.00 costs $354.17 a month while you pay interest only, then $433.91 a month once repayment starts; interest over the life of the loan comes to $96,638.79.
Your home's value
Mortgage balance60.0%This loan10.0%Unused borrowing room15.0%Equity the lender won't lend against15.0%
Monthly payment
Balance owed on this loan
Year-by-year schedule Строк: 30
Год
Phase
Payments
Проценты
Основной долг
Balance at year end
1
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
2
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
3
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
4
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
5
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
6
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
7
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
8
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
9
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
10
Draw (interest only)
$4,250.00
$4,250.00
$0.00
$50,000.00
11
Repayment
$5,206.94
$4,211.82
$995.11
$49,004.89
12
Repayment
$5,206.94
$4,123.87
$1,083.07
$47,921.81
Как выполняется расчёт S
Home equity
500,000.00−300,000.00=200,000.00
Borrowing limit
500,000.00×85%−300,000.00=125,000.00
The lender also checks income, debts and credit before approving this amount.
Draw period payment (interest only)
50,000.00×128.5%=354.17
Paid for 120 months; the balance stays at $50,000.00. Lenders that charge daily interest bill slightly more in 31-day months.
Repayment period payment
(1+i)240−150,000.00×i(1+i)240=433.91,i=12008.5
The payment rises by $79.74 when the draw period ends.
Total interest
96,638.79
О калькуляторе: HELOC and home equity calculator
Lenders cap what you can borrow against a home at a percentage of its value, the combined loan-to-value (CLTV) limit, minus what you still owe on the mortgage. A home equity line of credit (HELOC) then runs in two phases: in the draw period you pay only interest on what you have borrowed, and in the repayment period the balance is paid off in equal monthly payments. A home equity loan is repaid in equal payments from the start.
With the defaults, a 500,000 home with 300,000 owed and an 85% limit supports up to 125,000. Drawing 50,000 at 8.5% costs 354.17 a month through the 10-year draw period, then 433.91 a month for the 20 years after it.
HELOC rates are typically variable (Federal Reserve); set a different rate for the repayment period under More options to test a rise. The calculator assumes the full amount is drawn on day one and charges the annual rate ÷ 12 each month.
Примеры с решением
Federal Reserve credit-limit example
Borrow with
HELOC (line of credit)
Home value
100,000
Mortgage balance owed
40,000
Lender's maximum combined LTV
75%
Amount to borrow
10,000
Interest rate (per year)
10%
Draw period
10 years
Repayment period
20 years
Borrowing limit
35,000.00
Home equity
60,000.00
Payment in the draw period (interest only)
83.00
Источник проверки: Federal Reserve Board, What you should know about home equity lines of credit: 100,000 × 75% − 40,000 = 35,000; 10,000 interest-only at 10% ≈ 83 a month
Federal Reserve example after the rate rises to 15%
Borrow with
HELOC (line of credit)
Home value
100,000
Mortgage balance owed
40,000
Lender's maximum combined LTV
75%
Amount to borrow
10,000
Interest rate (per year)
15%
Draw period
10 years
Repayment period
20 years
Payment in the draw period (interest only)
125.00
Источник проверки: Federal Reserve Board HELOC booklet: the same 10,000 interest-only at 15% costs 125 a month
Default HELOC: 50,000 at 8.5%, 10-year draw, 20-year repayment
Borrow with
HELOC (line of credit)
Home value
500,000
Mortgage balance owed
300,000
Lender's maximum combined LTV
85%
Amount to borrow
50,000
Interest rate (per year)
8.5%
Draw period
10 years
Repayment period
20 years
Borrowing limit
125,000.00
Combined LTV after borrowing
70.00%
Payment in the draw period (interest only)
354.17
Payment in the repayment period
433.91
Increase when repayment starts
79.74
Total interest
96,638.79
Источник проверки: Python decimal: 50,000 × 0.085/12; annuity over 240 months at 0.085/12; total interest = 120 × 354.1667 + 240 × 433.9116 − 50,000
15-year home equity loan at 8.5%
Borrow with
Home equity loan
Home value
500,000
Mortgage balance owed
300,000
Lender's maximum combined LTV
85%
Amount to borrow
50,000
Interest rate (per year)
8.5%
Loan term
15 years
Monthly payment
492.37
Total interest
38,626.56
Payment in the draw period (interest only)
не применимо
Источник проверки: Python decimal annuity: 50,000 at 0.085/12 over 180 months = 492.3698; interest = 180 × payment − 50,000
Вопросы
How much can I borrow against my home?
Multiply the home's appraised value by the lender's maximum combined loan-to-value and subtract the mortgage balance. The Federal Reserve's example: 75% of a 100,000 home is 75,000, less 40,000 owed, leaves a 35,000 line. At an 85% limit, a 500,000 home with 300,000 owed supports 125,000. The lender also checks your income, debts and credit before setting the final limit.
How is a HELOC payment calculated?
During the draw period an interest-only payment is the balance times the annual rate ÷ 12. The Federal Reserve's example: 10,000 at 10% costs 83 a month, rising to 125 if the rate reaches 15%. In the repayment period the balance is amortized like a mortgage: 50,000 at 8.5% over 20 years costs 433.91 a month.
What happens when the HELOC draw period ends?
You stop borrowing and start repaying principal, so the payment rises even if the rate does not. On 50,000 at 8.5%, the interest-only 354.17 becomes 433.91 over a 20-year repayment period, 22.5% more. Some plans instead require the whole balance at once as a balloon payment, which you would have to refinance or pay (Federal Reserve).
Is a HELOC or a home equity loan cheaper?
At the same rate, the loan that repays principal sooner costs less interest. Borrowing 50,000 at 8.5%, a 15-year home equity loan costs 492.37 a month and 38,626.56 in interest; a HELOC with 10 interest-only years and 20 repayment years costs 96,638.79. The HELOC's advantage is flexibility: you pay interest only on what you draw.
Насколько точен «HELOC and home equity calculator»?
Точность зависит от введённых данных и допущений метода. Десятичная арифметика использует 50 значащих цифр, но оценки, численные методы и исходные данные могут быть менее точными; округление на экране не устраняет эти ограничения. Решённые примеры, проверенные по независимым источникам: 6. Например, «Federal Reserve credit-limit example» проверяется по источнику Federal Reserve Board, What you should know about home equity lines of credit: 100,000 × 75% − 40,000 = 35,000; 10,000 interest-only at 10% ≈ 83 a month.
Откуда взята методика?
Federal Reserve Board — What you should know about home equity lines of credit; Consumer Financial Protection Bureau — What is a home equity line of credit (HELOC)?; Microsoft Excel PMT function.
Только для планирования. Кредиторы, налоговые органы и рынки применяют собственные правила округления, комиссии и нормы; уточните у них суммы, прежде чем брать обязательства.
Проверено по источникам
В калькулятор включены решённые примеры с ответами из независимых источников. Их количество: 6. Они входят в набор тестов, и вы также можете запустить их здесь.