Home Equity Loan Calculator

✖Market Value of Property refers to the estimated price that a property would sell for on the open market under normal conditions.ⓘ Market Value of Property [MV]			+10% -10%
✖Outstanding Principal Balance of Loan refers to the amount of money that a borrower still owes to the lender on a loan.ⓘ Outstanding Principal Balance of Loan [OP]			+10% -10%

✖Home Equity Loan is a secured loan where an individual can borrow money against the equity of their home.ⓘ Home Equity Loan [HEQL]

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Formula

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Home Equity Loan

Formula

`"HEQL" = "MV"-"OP"`

Example

`"448000"="705500"-"257500"`

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Home Equity Loan Solution

STEP 0: Pre-Calculation Summary

Formula Used

Home Equity Loan = Market Value of Property-Outstanding Principal Balance of Loan
HEQL = MV-OP
This formula uses 3 Variables

Variables Used

Home Equity Loan - Home Equity Loan is a secured loan where an individual can borrow money against the equity of their home.
Market Value of Property - Market Value of Property refers to the estimated price that a property would sell for on the open market under normal conditions.
Outstanding Principal Balance of Loan - Outstanding Principal Balance of Loan refers to the amount of money that a borrower still owes to the lender on a loan.

STEP 1: Convert Input(s) to Base Unit

Market Value of Property: 705500 --> No Conversion Required
Outstanding Principal Balance of Loan: 257500 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

HEQL = MV-OP --> 705500-257500

Evaluating ... ...

HEQL = 448000

STEP 3: Convert Result to Output's Unit

448000 --> No Conversion Required

FINAL ANSWER

448000 <-- Home Equity Loan

(Calculation completed in 00.004 seconds)

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Created by Aashna

IGNOU (IGNOU), India

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Verified by Keerthika Bathula

Indian Institute of Technology, Indian School of mines, Dhanbad (IIT ISM Dhanbad), Dhanbad

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Home Equity Loan Formula

Home Equity Loan = Market Value of Property-Outstanding Principal Balance of Loan
HEQL = MV-OP

What is Home Equity Loan ?

Home Equity Loan is a type of loan that allows homeowners to borrow against the equity in their property. Equity is the difference between the current market value of the home and the outstanding balance on the mortgage. Home equity loans provide homeowners with access to a lump sum of money, which they can use for various purposes, such as home improvements, debt consolidation, education expenses, or other major expenses. The lender assesses the current market value of the home and subtracts any outstanding mortgage balance to determine the available equity. For example, if the home is worth $300,000 and the remaining mortgage balance is $200,000, the available equity is $100,000.

How to Calculate Home Equity Loan?

Home Equity Loan calculator uses Home Equity Loan = Market Value of Property-Outstanding Principal Balance of Loan to calculate the Home Equity Loan, Home Equity Loan represents the portion of the property that the homeowner truly owns outright. Home Equity Loan is denoted by HEQL symbol.

How to calculate Home Equity Loan using this online calculator? To use this online calculator for Home Equity Loan, enter Market Value of Property (MV) & Outstanding Principal Balance of Loan (OP) and hit the calculate button. Here is how the Home Equity Loan calculation can be explained with given input values -> 448000 = 705500-257500.

FAQ

What is Home Equity Loan?

Home Equity Loan represents the portion of the property that the homeowner truly owns outright and is represented as HEQL = MV-OP or Home Equity Loan = Market Value of Property-Outstanding Principal Balance of Loan. Market Value of Property refers to the estimated price that a property would sell for on the open market under normal conditions & Outstanding Principal Balance of Loan refers to the amount of money that a borrower still owes to the lender on a loan.

How to calculate Home Equity Loan?

Home Equity Loan represents the portion of the property that the homeowner truly owns outright is calculated using Home Equity Loan = Market Value of Property-Outstanding Principal Balance of Loan. To calculate Home Equity Loan, you need Market Value of Property (MV) & Outstanding Principal Balance of Loan (OP). With our tool, you need to enter the respective value for Market Value of Property & Outstanding Principal Balance of Loan and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

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