Estimate a fixed-term second loan, combined LTV, fee financing and extra-principal savings without treating it as a revolving HELOC.
01 / CALCULATION INPUTS
02 / RESULT & SUPPORTING CALCULATIONS
Planning estimate, not lender approval. Property values, allowable CLTV, costs and underwriting requirements vary. Taxes, insurance and existing mortgage payments are not part of this second-loan payment.
| Month | Opening | New draw | Annual rate % | Interest | Regular principal | Extra principal | Payment | Closing | Cash fee |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 100000.00 | 0.00 | 12.0000 | 1000.00 | 7884.88 | 0.00 | 8884.88 | 92115.12 | 0.00 |
| 2 | 92115.12 | 0.00 | 12.0000 | 921.15 | 7963.73 | 0.00 | 8884.88 | 84151.39 | 0.00 |
| 3 | 84151.39 | 0.00 | 12.0000 | 841.51 | 8043.37 | 0.00 | 8884.88 | 76108.02 | 0.00 |
| 4 | 76108.02 | 0.00 | 12.0000 | 761.08 | 8123.80 | 0.00 | 8884.88 | 67984.22 | 0.00 |
| 5 | 67984.22 | 0.00 | 12.0000 | 679.84 | 8205.04 | 0.00 | 8884.88 | 59779.18 | 0.00 |
| 6 | 59779.18 | 0.00 | 12.0000 | 597.79 | 8287.09 | 0.00 | 8884.88 | 51492.09 | 0.00 |
| 7 | 51492.09 | 0.00 | 12.0000 | 514.92 | 8369.96 | 0.00 | 8884.88 | 43122.13 | 0.00 |
| 8 | 43122.13 | 0.00 | 12.0000 | 431.22 | 8453.66 | 0.00 | 8884.88 | 34668.47 | 0.00 |
| 9 | 34668.47 | 0.00 | 12.0000 | 346.68 | 8538.20 | 0.00 | 8884.88 | 26130.27 | 0.00 |
| 10 | 26130.27 | 0.00 | 12.0000 | 261.30 | 8623.58 | 0.00 | 8884.88 | 17506.69 | 0.00 |
| 11 | 17506.69 | 0.00 | 12.0000 | 175.07 | 8709.81 | 0.00 | 8884.88 | 8796.88 | 0.00 |
| 12 | 8796.88 | 0.00 | 12.0000 | 87.97 | 8796.88 | 0.00 | 8884.85 | 0.00 | 0.00 |
| Scenario | Monthly P&I | Extra principal | Months | Interest |
|---|---|---|---|---|
| Standard | 8884.88 | 0.00 | 12 | 6618.53 |
| Selected | 8884.88 | 0.00 | 12 | 6618.53 |
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Separate loan proceeds, financed fees and cash closing costs while comparing standard amortization with capped extra principal and earlier payoff.
Separate loan proceeds, financed fees and cash closing costs while comparing standard amortization with capped extra principal and earlier payoff. Supporting calculations and limitations are shown alongside the result, with relevant local examples.
Home Equity Loan Calculator inputs are processed in browser memory. Entered measurements, addresses, dates and financial amounts are not sent to external calculation services or saved by this calculator. Ordinary website page requests may still be logged. Clipboard copying occurs only when you choose it.
This is a fixed-term loan with all entered proceeds borrowed at origination. It does not model a revolving unused credit line or a separate interest-only draw period.
The initial principal equals loan proceeds plus financed closing fees. That principal is also counted toward combined LTV. Cash-paid fees instead remain outside the amortized principal and receive no loan interest.
For monthly nominal rate i and n payments, M = P times i divided by 1 minus (1+i) raised to -n. At zero interest, M = P/n. This implementation explicitly supports monthly payments only.
The calculator validates new principal, including financed fees, against property value times the configured CLTV minus existing secured balances. Exceeding that assumption is rejected rather than described as approved borrowing.
Extra principal is applied after the regular payment and capped at the remaining balance. The schedule stops at zero and is compared with the same loan without extra principal to estimate interest and period savings.
Regular payments and each month’s interest are rounded to cents; the final installment clears any remaining balance. Total cost includes modeled payments plus cash-paid closing fees, without adding financed fees twice. Taxes and ownership costs are excluded.