How Much Cash IsYour Home Holding?
Borrow against your home's value with a HELOC or Home Equity Loan, and keep the low rate on the mortgage you already have.
Compare With Your Numbers
Enter your numbers to see your estimated payment with each option.
How will you use the money?
HELOC
$2,627/ mo total to start
Your current mortgage plus interest on the cash you take out
- HELOC interest
- $625/mo
- Total after 10 years
- $2,808/mo
- Your mortgage rate
- Stays at 3.5%
Home Equity Loan
$3,002/ mo total
Your current mortgage plus a fixed loan payment
- Loan payment
- $999/mo
- Cash you get
- $100,000
- Your mortgage rate
- Stays at 3.5%
Why this fits you
You need all the money at once. A Home Equity Loan gives you $100,000 at closing, with a fixed payment of about $999 a month.
These numbers are examples, not an offer. They're calculated using sample rates of 7.5% for a HELOC (can change over time) and 8.75% for a Home Equity Loan (fixed). They are not Loaning.ai rates or APRs. Your rate depends on your credit, home, and loan amount. Monthly totals include your current mortgage payment, estimated from the numbers you entered. For a HELOC, the draw period is 10 years by default. If you choose a little at a time, we use the period you select (currently 10 years) and assume you take out 25% of the cash you need now. During the draw period, you pay only interest on the money you take out, which doesn't lower what you owe. After that, you repay it over 20 years. If your current mortgage would be paid off by then, it isn't included in the later total. Some HELOCs require principal payments sooner. Because HELOC rates can change, your payment can go up or down, and it usually goes up when repayment begins. For a Home Equity Loan, we assume a 15-year loan with the same payment every month. Estimates include principal and interest only, not fees, closing costs, taxes, insurance, mortgage insurance, or HOA dues. We used an 80% limit on total borrowing against your home's value; many lenders allow 80% to 85%, and actual limits vary. A lower monthly payment doesn't always mean you'll pay less overall.
HELOC or Home Equity Loan?
Both let you keep your current mortgage and its rate. The difference is how you get the money: a little at a time, or all at once.
Example: Your home is worth $1,000,000, you owe $400,000, and you need $100,000.
HELOC
Take money as you need it
Example: Kitchen remodel in stages
$25,000 Taken out
$75,000 Still available
You open a $100,000 line and take out $25,000 for the first stage. You're charged interest only on that $25,000, about $156 a month at a 7.5% sample rate. The other $75,000 stays available during the draw period.
- Take money out any time during the draw period (often 10 years)
- Pay interest only on the money you take out
- Your rate can go up or down over time
Best forCosts that come in stages, or a backup fund for emergencies
Home Equity Loan
Get it all at once
Example: Home addition with a set price
$100,000 Paid out
$0 Left to take out
You get the full $100,000 at closing and repay about $999 a month for 15 years at an 8.75% sample rate.
- Get the full amount at closing
- Fixed rate, so your payment stays the same
- May let you borrow more than a HELOC
Best forOne big cost you know upfront, like paying off debt
Your current mortgage
How you get the money
You pay interest on
Interest rate
Monthly payment
Best for
Not sure which loan fits?
Call us or chat with a loan officer. We'll walk through it with your numbers.
Why Tap Your Equity With Loaning.ai
Your home. Your rate. Better options.
Keep the rate you have
A HELOC or Home Equity Loan is added on top of your current mortgage, so its rate doesn't change.
Clear numbers upfront
See every rate and fee before you commit, so you know exactly what you're getting.
Real loan officers
Talk to a real person who will work through it with you, even if your situation isn't simple.
Home Equity Questions, Answered
Common questions before borrowing against your home.
Yes, with a HELOC or Home Equity Loan. Your current mortgage stays exactly as it is, with the same rate and payment. A cash-out refinance is different: it replaces your mortgage with a new one at today's rate.
All loans are subject to credit and property approval, and not all applicants will qualify. Loan terms, borrower, and property must meet applicable program guidelines. Not available in all states. HELOCs and Home Equity Loans are second mortgages secured by your home and generally keep your existing first mortgage in place. A cash-out refinance replaces your existing mortgage. Refinancing may increase charges over the life of the loan. Using home equity to consolidate debt may extend your repayment period and increase the total amount you pay. Failure to repay a loan secured by your home may result in foreclosure. Home value estimates are for informational purposes only and are not appraisals. Maximum loan amounts depend on the product, property, credit, and combined loan-to-value limits. Loaning.ai reserves the right to modify or discontinue product offerings at any time. This is not a commitment to lend.
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