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Home Equity Calculators

Estimate 2nd Mortgage & HELOC Payments

Whether you need funds for a renovation or an emergency, tapping into your home’s equity may be ideal. Our home equity calculators can help you estimate your monthly fixed-rate home equity loan or a home equity line of credit (HELOC) payment!

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Calculator Disclaimer

Fixed 2nd Mortgage Interest Rates

Effective Date: April 01, 2024
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Term Rate "As Low As" APR* "As Low As" Example Loan Amount Example Monthly Payment
0 to 60 Months 6.490% 6.490% $25,000 $489.04
61 to 120 Months 6.990% 6.990% $25,000 $290.14
121 to 180 Months 7.490% 7.490% $25,000 $231.61
181 to 240 Months 7.740% 7.740% $25,000 $205.08

Your actual interest rate will be based on the available equity in your home, the amount of your loan, your credit history, and product chosen. Other programs, rates, and terms may be available. Approval is subject to our usual credit criteria. Proof of homeowner’s insurance sufficient to cover all outstanding mortgages, including your SCCU equity loan, and any other obligations secured by the home and property, is required. Certain restrictions may apply. Taxes and insurance not included; your actual payment obligation will be higher.

No Closing Costs (Home Equity Loans): SCCU will waive typical third-party fees associated with closing a Home Equity loan, such as appraisal, photo inspection, recording, state tax stamps, title exam, and title insurance. Must be primary residence. Available on loans up to $250,000. For Fixed-Rate Home Equity Loans (2nd Mortgages) in the first lien position, valued at $50,000 or more, waived costs do not include prepaid escrow amounts. Additional fees may apply for loans over $100K, and/or for special Deed preparation requirements.

You must already be a member of the credit union, or establish membership, which requires a one-time $5 deposit to open and maintain a regular savings account. Offers and rates subject to change at any time.

Adjustable Rate Home Equity Line of Credit (HELOC) Interest Rates

Effective Date: April 01, 2024
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Term 12 Month Intro Rate APR* "As Low As" Thereafter APR* "As Low As"
Principal-and-Interest Option
7/7
4.24% 8.00%
Interest-Only Option
10/10
8.75% 8.75%

Special Introductory Rate valid on Principal-and-Interest HELOC for 12 months. Thereafter, the HELOC will have a Variable Rate feature as described below. Introductory rate not available on Interest-Only HELOC.

Your actual interest rate will be based on the available equity in your home, the amount of your loan, your credit history, and product chosen. Other programs, rates, and terms may be available. Approval is subject to our usual credit criteria. Proof of homeowner’s insurance sufficient to cover all outstanding mortgages, including your SCCU equity loan, and any other obligations secured by the home and property, is required. Certain restrictions may apply.

No Closing Costs (Home Equity Loans): SCCU will waive typical third-party fees associated with closing a Home Equity loan, such as appraisal, photo inspection, recording, state tax stamps, title exam, and title insurance. Must be primary residence. Available on loans up to $250,000. For Fixed-Rate Home Equity Loans (2nd Mortgages) in the first lien position, valued at $50,000 or more, waived costs do not include prepaid escrow amounts. Additional fees may apply for loans over $100K, and/or for special Deed preparation requirements.

You must already be a member of the credit union, or establish membership, which requires a one-time $5 deposit to open and maintain a regular savings account. Offers and rates subject to change at any time.

Current Prime Rate
 
Principal-and-Interest HELOC
As low as Prime minus 0.50% w/floor (minimum rate) and ceiling (maximum rate) of 18.00%
Term: 14 years, the first 7 years you may draw against/utilize the credit line similar to that of a credit card and are required to make a monthly payments equal to 1.5% of your outstanding balance, with a $100 minimum. During these first 7 years, like a credit card, as you pay your outstanding balance your available credit will be replenished and may be drawn against/utilized again. Your available credit equals maximum credit line minus total outstanding balance. During the final 7 years you may no longer draw against/utilize the credit line. Whatever balance remains at the end of the first 7 years must be paid in monthly installments. Required monthly payment equals 1.5% of the prior month's balance, with a $100 minimum payment. There is a possibility of a balloon payment at the end of the repayment period. Once the monthly minimum payment due is satisfied, you may choose to make additional payments toward the principal. The interest rate is still variable, thus monthly payments will vary depending on the current interest rates. However, as an option you may refinance to renew your credit line or convert to a fixed home equity loan.
 
Interest-Only HELOC
As low as Prime plus 0.25% w/floor (minimum rate) and ceiling (maximum rate) of 18.00%
Term: 20 years, first 10 years you may draw against/utilize the credit line similar to that of a credit card and are required to make minimum monthly payments equal to accrued monthly interest determined by the current interest rate and your outstanding balance. During these first 10 years, if you choose to pay more than your interest-only payment, thus lowering your outstanding balance like a credit card, your available credit will be replenished and may be drawn against/utilized again. Your available credit equals maximum credit line minus total outstanding balance. During the final 10 years you may no longer draw against/utilize the credit line. Whatever balance remains at the end of the first 10 years must be paid in monthly installments. Each monthly payment includes principal and interest, and equals 1.5% of the prior month's balance, with a $100 minimum payment. There is a possibility of a balloon payment at the end of the repayment period. Once the monthly minimum payment due is satisfied, you may choose to make additional payments toward the principal. The interest rate is still variable, thus monthly payments will vary depending on the current interest rates. However, as an option you may refinance your credit line or convert to a fixed home equity loan.

About Home Equity Calculators

A home equity loan can swoop in to help fund home projects, a wedding, college tuition, and so much more. Plus, the interest rate is often much lower than that of credit cards or personal loans. How much equity you have available to borrow will depend upon your unique situation: how much your home is worth, how much you currently have in a mortgage balance, and what you qualify for in a loan. Here’s how each of our home equity calculators can help:

The Equity in Your Home

Use this calculator to calculate the amount of equity in your home. Just enter the appraised value of your home along with the balance of your first mortgage and, if applicable, your second mortgage. You can then see the amount of equity available in your home based on loan-to-value ratios of 80%, 85%, 90%, and 95%.

Using a home value of $300,000, a mortgage balance of $150,000, and a loan-to-value ratio of 85%, the formula would look something like this:

$300,000 x .85 = $255,000 - $150,000 = 105,000 equity in the home.

Calculate a Home Equity Loan Payment

If you’d like to borrow money for a one-time major expense—remodeling your home or installing a pool—you can put your equity to work. A Fixed-Rate Home Equity Loan or second mortgage, through Space Coast Credit Union (SCCU) can be an excellent source of funding. Under certain circumstances, we’ll even kick closing costs to the curb.17 Use this calculator to discover what your payment could be. 

Calculate a Home Equity Line of Credit (HELOC) Payment

With this calculator, you can quickly and easily determine your possible payment amount by entering your home loan amount, the interest rate, and the term (length of the loan). At SCCU, we offer two types of home equity lines of credit (HELOCs): principal-and-interest option (7/7) and an interest-only option (10/10). Learn more about how HELOCs work.  

Use Home Equity for a Major Purchase

With many large purchases, such as a home renovation or remodeling project, the seller or manufacturer will often offer the choice to finance with them or take a rebate. But, here’s the thing, you may be able to use a home equity loan as your source of financing instead AND take the rebate. This calculator will help you determine which option will save you more money.

Home Equity Loan or Line of Credit?

If you’re unsure whether a HELOC or a fixed-rate home equity loan would be a better choice for your needs, use this calculator. First, enter the loan amount. Then, in the equity loan section, enter the interest rate and loan term in years (see current rates here). In the line of credit section, enter the interest rate, choose your balance schedule from the dropdown containing options (1.5% of balance at SCCU), and list a minimum payment ($100 at SCCU). You’ll then be able to see your home equity loan payment and an initial payment for a HELOC. In most cases, HELOCs come with more flexible terms for repayment than a standard home equity loan.

Consolidating Debt with Home Equity

Taking out a home equity loan (2nd mortgage) or home equity line of credit (HELOC) may be a way to consolidate debt.

If you have an outstanding dollar balance on multiple credit cards, then you can easily use the worksheet available within the credit card debt section of this calculator. The same goes if you have multiple outstanding loans—a worksheet is available within the installment debt section of the calculator. 

This calculator will factor in the totals from the worksheet and help you determine if using a home equity loan to consolidate debt will help you save more money in the long run, giving you additional relief with one monthly payment at a lower interest rate versus tracking multiple payments at various high interest rates. 

Learn more about how to consolidate debt.

Paying Off a Home Equity Loan or Line of Credit (HELOC)

Interested in finding out if you could pay off a fixed-rate equity loan or a HELOC faster? This calculation is primarily driven by the interest rate that you’ll pay on the outstanding balance, the withdrawals you’re still using against your line of credit (if applicable), and what payment you make each month. To pay off your outstanding balance in a shorter time, strategies include decreasing additional spending and increasing your monthly payment.

Is a home equity loan right for you? If so, then you can quickly and easily apply online for either home equity loan typeLearn more about how HELOCs work

Frequently Asked Questions

You have two options with a home equity loan at SCCU: a fixed-rate home equity loan (second mortgage) or a home equity line of credit (HELOC). With both types of home equity loans, you’re borrowing against the built-up equity in your home up to the loan-to-value amount that the lender allows.

Here’s how the loan-to-value calculation works. Let’s say, for example, that a home is appraised at $200,000, with the owner’s first mortgage balance being $100,000. If a lender permits home equity loans up to 85% of the home’s value, the calculation would look like this:

$200,000 (home’s value) x .85 = $170,000 - $100,000 = $70,000 in equity available to borrow.

A fixed-rate home equity loan, acts much like a personal loan, but you’re using your home as the collateral. You’ll receive your equity in the form of a lump sum loan and pay back the loan amount (with interest) over time.   

A home equity line of credit (HELOC) acts much like a credit card, where you can use up to the approved limit of your equity on a revolving basis for a certain amount of time (the draw period), with minimum monthly payment requirements. But unlike a credit card, you’re using your home as collateral and the interest rate is often much, much lower. After the draw period, you’ll have the repayment period where you’ll pay back the balance and interest.

You can use our home equity calculators to estimate how much equity you have in your home and much more.

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With both a fixed-rate home equity loan and home equity line of credit (HELOC), you’re borrowing against the equity in your home without refinancing. This means you can preserve your first mortgage, as is, which may be favorable if you have a good interest rate.

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This depends upon multiple factors, including how much equity you have in your home, the maximum loan-to-value ratio, and how much of a payment you can afford based on your finances. Use “The Equity in Your Home” calculator to get estimates of available equity for your own situation.
 
Besides having enough equity in your home to meet lender guidelines, you’ll also need to qualify for the loan. Just like with a first mortgage, you’ll need to meet a minimum debt-to-income ratio requirement; in general, your debts can’t exceed 45% of your income although some lenders may allow higher debt-to-income limits. Lenders will also check your creditworthiness, and in most cases, they will look for a minimum credit score of 640. A lender will also look to see if you’ve paid your outstanding debts on time.

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One way to take equity out of your home is refinancing to cash out on available equity. Here’s an example. Let’s say that your home is worth $250,000 and you owe $150,000. The lender will allow you to borrow up to 80% of your home’s value. Here’s how that calculation would work:
 
$250,000 x .80 = $200,000 - $150,000 = $50,000 in equity left to use for other purposes.
 
Although this is one way to take equity out of your home, other options exist, including a HELOC and a home equity loan (2nd mortgage). Learn more about cash-out refinancing vs. HELOCs. SCCU offers all three options, and we’d be happy to help you decide which one is right for you.

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Calculator Disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to represent actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.