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.
Definitions
- Appraised value of your home
- This is current appraised value of your home. If it has been a few years since you purchased your home, it may be worth quite a bit more than your original purchase price.
- Mortgages you owe
- This is the total of all outstanding mortgages on your home. This should include your first mortgage, second mortgages and any other debt that is secured by your home.
- Loan-to-value ratio
- The loan-to-value ratio is the percent of your home's appraised value that your lender will allow. For example, an 80% loan-to-value ratio would allow you to have $80,000 in debt secured by a home appraised at $100,000. Remember - the total debt allowed includes all outstanding mortgages plus your new line of credit.
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These interactive calculators are not intended to provide or replace specific professional financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical, are for illustrative purposes only, and may differ from more in depth analysis results. They do not represent the past performance of any specific product, nor should they be viewed as a promise of future results of any product offered by Thrivent Financial for Lutherans or its affiliates. We encourage you to seek personalized analysis regarding all personal finance issues.
