You've built up equity in your home. Let's see what that means.
A line of credit is a pool of money you can tap into anytime you want for almost any reason. When AbbyBank approves a Home Equity Line of Credit (HELOC), it's based on a percentage of your home's equity. Basically, "equity" is the current market value minus any outstanding mortgage balances. This calculator can help you figure out your equity level - and borrowing power.1
Home Equity Line of Credit Calculator
Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. 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. This includes first mortgages, second mortgages and any other debt you have secured by your home.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Financial Calculators from
Dinkytown.net
What if my appraised value changes? Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Financial Calculators from
Dinkytown.net
You may qualify for a $10,000.00 credit line.
What if my appraised value changes? |
Definitions
Assessed value of your home
Current assessed 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 assessed 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 assessed value 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.
AbbyBank is a full-service financial institution with Wisconsin locations in Abbotsford, Appleton, Gresham, Medford, Shawano, Wausau and Weston.
1Max credit limit from AbbyBank may apply.