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Home Equity Loan Calculator

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No.

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http://www.vertex42.com/Calculators/home-equity-loan-calculator.html © 2007 Vertex42 LLC

Qualification Calculator © 2007 Vertex42, LLC v 1.1
Download from Vertex42.com This
Thisworksheet
worksheetestimates
estimateshowhow
large
large of a homeequity
of a home equityloan
loan
How Much Money Can I Borrow? you
youmight
mightqualify
qualifyfor
forbased
based
upon
upon the current valueof
the current value ofyour
your
home, the allowable loan-to-
home, the allowable loan-to-
Appraised Value of Home
value
valueratio,
ratio,and
andthe
thebalance
balanceofof
Loan to Value Ratio all the loans you currently
all the loans you currently
Maximum Allowable Debt $ - have
havewhere
whereyouryourhome
homeisis
listed as security.
listed as security.
Balance on 1st Mortgage $ 30,000 There
Therewill
willlikely
likelybebeother
other
Balance on 2nd Mortgage $ - considerations
considerations affectinghow
affecting how
Balance on other Liens $ 10,000 much
muchyouyoumay
mayqualify
qualifyfor,
for,
such
suchas
asthose
thoselisted
listedbelow
belowthethe
Total Balance Owed $ 40,000 calculator.
calculator.
Potential Loan Amount: $ (40,000)

Other considerations affecting how much you can borrow

- State laws
- Credit history
- Income
- Other financial obligations

Hidden fees
- Property appraisal fee
- Originator fees
- Title fees
- Application fee
- Closing fees (attorney, filing, etc.)
- Early Pay-Off fees

http://www.vertex42.com/Calculators/home-equity-loan-calculator.html © 2007 Vertex42 LLC

 orksheet estimates
worksheet estimateshowhow
of a homeequity
f a home equityloan
loan
ght
ightqualify
qualifyfor
forbased
based
the current valueof
he current value ofyour
your
the allowable loan-to-
the allowable loan-to-
atio, and
ratio, andthe
thebalance
balanceofof
loans you currently
loans you currently
where
whereyour yourhome
homeisis
as security.
as security.

will
willlikely
likelybebeother
other
erations
erations affectinghow
affecting how
you
youmaymayqualify
qualifyfor,
for,
s those
as thoselisted
listedbelow
belowthethe
tor.
ator.

http://www.vertex42.com/Calculators/home-equity-loan-calculator.html © 2007 Vertex42 LLC

Home Equity Calculator © 2007 Vertex42, LLC v 1.1.1
This
Download from Vertex42.com Thisspreadsheet
spreadsheetestimates
estimatesthe theamount
amountof ofequity
equity
ininyour
yourhome
homeafterafteraanumber
number of
of years
yearsbyby
subtracting Summary Table
subtractingthe thebalance
balanceowedowedfrom
fromthe
thehome's
home's
Estimate Your Home Equity after N Years Years
value.
value.ItIttakes
takesinto
Balancean estimated
intoaccount
Equity
account an estimatedhome home
1
appreciation
appreciation rate
rate(enter aanegative
142,665
(enter negativerate ififyour
rate10,335your
Current Value of Home $ 150,000 home
home2isisdecreasing
decreasingin invalue).
value).Specifying
Specifying the
the
134,746 21,314
monthly
monthlypayment
paymentamount(s)
amount(s)letsletsyou
youconsider
consider
Yearly Appreciation Rate 2.00% 3 fixed-rate
amortized
amortized fixed-rate126,194
loans,
loans,interest-only
interest-only 32,987
loans,
loans,
and monthly
4
and monthly extra payments.
extra payments.
116,958 Read the cell
Read the45,407
cell
comments
commentsfor formore
moreinfoinfoand
andinstructions.
instructions.
Balance on 1st Mortgage $ 100,000 5 106,981 58,631
Annual Interest Rate 7.00% This 6
Thiscalculator
calculatordoes
doesnot round
roundthe
not96,202 theinterest
interestor payment,
72,723
or payment,
and
andthe appreciation rate isishighly variable, so the
Monthly Payment (PI) $ 1,040 11.79 Years to Pay Off
results
7
the appreciation rate
84,554 highly variable, so the
87,749
resultsare
areonly
onlyestimates.
estimates.
8 71,965 103,784
Balance on 2nd Mortgage $ 50,000
Annual Interest Rate 10.00%
Monthly Payment (PI) $ 550 14.23 Years to Pay Off

Number of Years from Now 4 (4 years, 0 months) 160,000 Equity Balance

140,000
120,000
100,000
Unpaid Balance: $ 116,958 80,000
60,000
40,000
20,000
Pre-Tax Home Equity: $ 45,407 0
1 2 3 4 5 6 7 8
Years from Now

Mo. Loan 1 Loan 1 Loan 1 Loan 2 Loan 2 Loan 2 Balance Value Equity
$ 100,000 $ 50,000 $ 150,000 $ 150,000 $ -
1 583.33 456.67 99,543.33 416.67 133.33 49,866.67 149,410.00 150,247.74 837.74
2 580.67 459.33 99,084.00 415.56 134.44 49,732.22 148,816.23 150,495.88 1,679.66
3 577.99 462.01 98,621.99 414.44 135.56 49,596.66 148,218.65 150,744.44 2,525.79
4 575.29 464.71 98,157.29 413.31 136.69 49,459.96 147,617.25 150,993.41 3,376.16
5 572.58 467.42 97,689.87 412.17 137.83 49,322.13 147,012.00 151,242.78 4,230.78
6 569.86 470.14 97,219.73 411.02 138.98 49,183.15 146,402.88 151,492.57 5,089.70
7 567.12 472.88 96,746.84 409.86 140.14 49,043.01 145,789.85 151,742.78 5,952.93
8 564.36 475.64 96,271.20 408.69 141.31 48,901.70 145,172.90 151,993.39 6,820.49
9 561.58 478.42 95,792.78 407.51 142.49 48,759.21 144,552.00 152,244.42 7,692.43
10 558.79 481.21 95,311.57 406.33 143.67 48,615.54 143,927.11 152,495.87 8,568.75
11 555.98 484.02 94,827.56 405.13 144.87 48,470.67 143,298.23 152,747.72 9,449.50

http://www.vertex42.com/Calculators/home-equity-loan-calculator.html © 2007 Vertex42 LLC

Method 1
As of Now Last Due i.e
Jun'2008 Due

Interst Amount
Per month

Method 2
As per my earlier Plan

Interst Amount
Per month

Method 3
As per my new suggestion

Interst Amount
Per month

Take Jewel Loan for 2 Lakhs at the rate 8% per Annum

t Due i.e
2008 Due