Home Equity Loan Calculator — Max Borrow, LTV/CLTV, Payment & Schedule

Compute your available home equity, maximum borrowable amount under an LTV cap, CLTV, and monthly payment for a fixed home equity loan or HELOC (interest-only). Includes schedule, formulas, methodology, and FAQs.

Full original guide (expanded)

Audit: Complete
Formula (LaTeX) + variables + units
This section shows the formulas used by the calculator engine, plus variable definitions and units.
Formula (extracted LaTeX)
\[\mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}}\]
\mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}}
Formula (extracted LaTeX)
\[\mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}}\]
\mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}}
Formula (extracted LaTeX)
\[\text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens}\]
\text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens}
Formula (extracted LaTeX)
\[M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years}\]
M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years}
Formula (extracted LaTeX)
\[M_{\text{io}} = P \cdot \frac{\text{APR}}{12}\]
M_{\text{io}} = P \cdot \frac{\text{APR}}{12}
Formula (extracted text)
LTV and CLTV $ \mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}} $ $ \mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}} $ Max borrow under LTV cap $ \text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens} $ Fixed loan payment $ M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years} $ HELOC (interest-only during draw) $ M_{\text{io}} = P \cdot \frac{\text{APR}}{12} $
Variables and units
  • P = principal (loan amount) (currency)
  • r = periodic interest rate (annual rate ÷ payments per year) (1)
  • n = total number of payments (years × payments per year) (count)
  • M = periodic payment for principal + interest (currency)
Sources (authoritative):
Changelog
Version: 0.1.0-draft
Last code update: 2026-01-19
0.1.0-draft · 2026-01-19
  • Initial audit spec draft generated from HTML extraction (review required).
  • Verify formulas match the calculator engine and convert any text-only formulas to LaTeX.
  • Confirm sources are authoritative and relevant to the calculator methodology.
Verified by Ugo Candido on 2026-01-19
Profile · LinkedIn
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Audit: Complete
Formula (LaTeX) + variables + units
This section shows the formulas used by the calculator engine, plus variable definitions and units.
Formula (extracted LaTeX)
\[\mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}}\]
\mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}}
Formula (extracted LaTeX)
\[\mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}}\]
\mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}}
Formula (extracted LaTeX)
\[\text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens}\]
\text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens}
Formula (extracted LaTeX)
\[M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years}\]
M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years}
Formula (extracted LaTeX)
\[M_{\text{io}} = P \cdot \frac{\text{APR}}{12}\]
M_{\text{io}} = P \cdot \frac{\text{APR}}{12}
Formula (extracted text)
LTV and CLTV $ \mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}} $ $ \mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}} $ Max borrow under LTV cap $ \text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens} $ Fixed loan payment $ M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years} $ HELOC (interest-only during draw) $ M_{\text{io}} = P \cdot \frac{\text{APR}}{12} $
Variables and units
  • P = principal (loan amount) (currency)
  • r = periodic interest rate (annual rate ÷ payments per year) (1)
  • n = total number of payments (years × payments per year) (count)
  • M = periodic payment for principal + interest (currency)
Sources (authoritative):
Changelog
Version: 0.1.0-draft
Last code update: 2026-01-19
0.1.0-draft · 2026-01-19
  • Initial audit spec draft generated from HTML extraction (review required).
  • Verify formulas match the calculator engine and convert any text-only formulas to LaTeX.
  • Confirm sources are authoritative and relevant to the calculator methodology.
Verified by Ugo Candido on 2026-01-19
Profile · LinkedIn
]], displayMath: [['\\[','\\]']] }, svg: { fontCache: 'global' } };
Audit: Complete
Formula (LaTeX) + variables + units
This section shows the formulas used by the calculator engine, plus variable definitions and units.
Formula (extracted LaTeX)
\[\mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}}\]
\mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}}
Formula (extracted LaTeX)
\[\mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}}\]
\mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}}
Formula (extracted LaTeX)
\[\text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens}\]
\text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens}
Formula (extracted LaTeX)
\[M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years}\]
M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years}
Formula (extracted LaTeX)
\[M_{\text{io}} = P \cdot \frac{\text{APR}}{12}\]
M_{\text{io}} = P \cdot \frac{\text{APR}}{12}
Formula (extracted text)
LTV and CLTV $ \mathrm{LTV} = \frac{\text{Existing First Mortgage}}{\text{Property Value}} $ $ \mathrm{CLTV} = \frac{\text{Existing Liens} + \text{New Loan}}{\text{Property Value}} $ Max borrow under LTV cap $ \text{MaxBorrow} = (\text{LTV}_{\max} \cdot \text{Value}) - \text{Existing Liens} $ Fixed loan payment $ M = P \cdot \frac{i(1+i)^n}{(1+i)^n - 1} \quad \text{with } i=\frac{\text{APR}}{12},\ n=12\cdot \text{years} $ HELOC (interest-only during draw) $ M_{\text{io}} = P \cdot \frac{\text{APR}}{12} $
Variables and units
  • P = principal (loan amount) (currency)
  • r = periodic interest rate (annual rate ÷ payments per year) (1)
  • n = total number of payments (years × payments per year) (count)
  • M = periodic payment for principal + interest (currency)
Sources (authoritative):
Changelog
Version: 0.1.0-draft
Last code update: 2026-01-19
0.1.0-draft · 2026-01-19
  • Initial audit spec draft generated from HTML extraction (review required).
  • Verify formulas match the calculator engine and convert any text-only formulas to LaTeX.
  • Confirm sources are authoritative and relevant to the calculator methodology.
Verified by Ugo Candido on 2026-01-19
Profile · LinkedIn
Formulas

(Formulas preserved from original page content, if present.)

Version 0.1.0-draft
Citations

Add authoritative sources relevant to this calculator (standards bodies, manuals, official docs).

Changelog
  • 0.1.0-draft — 2026-01-19: Initial draft (review required).