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.
You have XX.XX% of your home’s value in equity, so you may be able to borrow up to $XXX.³Get my offer
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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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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 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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