Why Use the Home Equity Line of Credit Calculator?

Find out how much home equity is available for you to borrow

When you're considering a home renovation, or need a loan to cover college or medical expenses, you may be thinking about a home equity line of credit (HELOC) or loan. But since pre-approvals aren't available for home equity products, how do you know how much you can borrow? A home equity line of credit calculator will help you to determine the line amount you may qualify for. While your actual credit rate could differ slightly based on market conditions, the calculator will give you a baseline to help budget for your project.

How is my home equity line of credit calculated?

The home equity line of credit calculator uses your loan-to-value ratio and the current value of your home to determine the amount of equity you qualify to borrow. Your loan-to-value ratio is a measure of how much of your home is still being financed as compared to its value. You get this by dividing your remaining mortgage balance by the current value of the home. Most lenders will only let you borrow up to 80% of the home's value. The equity line calculator then multiplies your loan-to-value percentage by the appraised value of your home to determine what size HELOC you may qualify for.

How can it help if rates change?

While market fluctuations and your own credit score can alter the interest rate on your loan, the home equity line of credit calculator offers a baseline for planning. Market fluctuations can cause your home appraisal to change, which would then affect your available credit line (generally the more your home appraises for, the more you can borrow). However, your credit score and rate fluctuations will affect your ability to obtain the loan and the interest rate you will eventually pay respectively, rather than how much you can borrow. You can still use the calculator to find out if a HELOC will cover the expenses for your child's education, or how large a home expansion you can plan.

Speak to a Citizens Bank home loan advisor to learn more

Our mortgage and home equity line calculators are tools to help you research and plan, but when it comes time to apply, you'll want to talk to the experts. The home loan advisors at Citizens Bank can walk you through the home equity borrowing process, help you decide on a loan or a line of credit and get you set up with what you need to finance your next project. Talk to a home loan advisor today for more information.


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