Blog · 4min read
The 8 best HELOC uses beyond home improvements
Paying for home improvements is the most popular reason people apply for a HELOC. Yet there are...
Read moreHOME EQUITY CALCULATOR
How much home equity can you tap into?
Use this calculator to estimate the maximum credit line or loan amount you could borrow with a home equity line of credit (HELOC) or home equity loan (HELoan) through Prosper.
About your property
Your estimated home equity
$0
You have XX.XX% of your home’s value in equity, so you may be able to borrow up to $XXX.³
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This calculator is a self-help tool for your independent use and is intended for illustration purposes only. Results aren’t guaranteed, and may not be relevant to your specific circumstance.
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About our home equity calculator
Back up to calculatorHow to use our home equity calculator
- Enter your property’s estimated value. If you’re not sure, check your most recent appraisal or look up your address online.
- Enter your remaining mortgage balance amount. You can find this on your most recent mortgage statement.
- Click or tap “Calculate”.
- This calculator will show the estimated amount of home equity you may be able to borrow with a home equity line of credit (HELOC) or home equity loan (HELoan) through Prosper.
How home equity is calculated
Home equity is calculated by subtracting the amount of money still owed on a property from the property’s fair market value.
Here’s an example of how it could look: if your property is valued at $100,000 and your owe $40,000 on your mortgage, your current equity would be $60,000.
| $100,000 (estimated home value) | |
| - | $40,000 (mortgage balance still owed) |
| = | $60,000 (current equity) |
Home equity resources
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How to use your home equity
Ever since making your very first mortgage payment years ago, you’ve been slowly building up...
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How much equity do you need for a HELOC?
You may already know that a home equity line of credit (HELOC) may be one of the smartest ways to fund...
Read moreFrequently asked questions
Visit the Prosper Help Center for more answered questions
How is my home equity calculated?
Home equity is calculated by subtracting the amount of money you still owe on your mortgage from the total value of your home.
When you apply for a HELOC or HELoan, your lender will generate its own appraisal of your property. That will provide the most accurate calculation of your current home equity value.
Keep in mind your APR for a HELoan will be fixed, while your APR for a HELOC can change over time.
If you still have questions, check out our Home Equity Help Center articles or reach out to one of our home equity customer support specialists any time at 800-954-2172.
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Prosper help center
Answers to home equity questions, from your application to payments.