NewRez Home Equity Loan Calculator
Estimate your loan amount, monthly payments, and interest for home equity loans with NewRez. Plan your home improvement or refinancing goals effectively.
Calculate Your Home Equity Loan
What is a Home Equity Loan?
A home equity loan allows you to borrow money based on the equity in your home. This equity is the difference between your home's value and the outstanding mortgage balance.
How to Use This Calculator?
- Enter your home's current market value.
- Provide the outstanding mortgage balance.
- Input the loan-to-value ratio (as a percentage).
- Specify the interest rate and loan term.
Why Use a Home Equity Loan?
- Home Improvements: Finance renovations to increase your home's value.
- Debt Consolidation: Combine multiple debts into a single loan with lower interest rates.
- Major Expenses: Cover significant costs like education or medical bills.
Example Calculation
Assume the following details:
- Current Home Value: ₹50,00,000
- Outstanding Mortgage: ₹20,00,000
- Loan-to-Value Ratio: 80%
- Interest Rate: 7%
- Loan Term: 120 months
Results:
- Maximum Loan Amount: ₹20,00,000
- Monthly Payment: ₹23,222.11
- Total Interest: ₹7,86,653.20
- Total Cost: ₹27,86,653.20