Calculate your total home equity and how much you can borrow.
Discover your borrowing potential with our home equity loan calculator
Ready to explore your borrowing options? Try using our home equity loan calculator to estimate the amount you could borrow and find the right financial solution for your needs.
What is home equity and how is it calculated?
Home equity is the monetary value of how much of your home you own. It’s calculated by subtracting the amount you owe on your mortgage from the home’s market value. If your home is worth $500,000 and you owe $200,000, then you have $300,000 of equity in your home.
If you own your home outright and no longer make mortgage payments, your home equity is equal to your home’s value.
Calculating how much you can borrow based on LTV
LTV is a “loan-to-value" ratio. The easiest way to explain LTV is by example.
WSECU offers home equity loans up to 90% LTV. That means members are eligible to apply for loan amounts up to 90% of their home's value, minus their existing mortgage.
Let’s take the example above. If your home's market value is $500,000, then 90% of that would be $450,000. Subtract the $200,000 still owed on the existing mortgage and you can borrow up to $250,000 with a WSECU Home Equity Loan.
Using our home equity loan calculator, you can easily determine the potential loan amount you may be eligible for based on your home's value and current mortgage balance.