Home equity calculator

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Home equity loan

Refinance calculator

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A white woman with red hair giving her baby a kiss of the cheek in their home.

Dive into the details

Know the ins and outs of home equity loans with a complete guide

Rocket Mortgage experts help clients like this mature Black man with silver hair understand when to refinance.

Explore refi options

Read up on types of refinancing to see how to access your home equity

Building home equity is a gradual process.

Some things that affect equity are out of your control — like the housing market — but there are other things you can do to help your equity grow.

Regular payments

Simply making your payment each month will increase your equity over time as the loan balance decreases.

Extra payments

Additional payments toward your loan balance can increase your equity and decrease the length of your loan.

Home improvements

Home upgrades and energy-saving renovation projects can increase the value of your home, building equity.

Home equity calculator FAQ

You can also get help from a Home Loan Expert.

(888) 452-8179

Home equity is the amount of your home that you actually own. Specifically, equity is the difference between what your home is worth and what you owe your lender. As you make payments on your mortgage, you reduce your principal – the balance of your loan – and you build equity.

When you sell your home, you can use your equity as a down payment on your next home. 

You may also be able to take some of your equity out as cash. Rocket Mortgage offers a couple ways to do this: 

  • Cash-out refinance 
  • Home equity loan 

You won’t be able to take out the full amount of equity that you have. Most lenders require you to leave a certain percentage in your home. 

Yes! A home equity loan lets you access your equity with refinancing your current mortgage. There are a few things you’ll need to qualify for a home equity loan: 

  • You’ve paid down your mortgage enough to take out at least $45,000. 
  • You can afford a second payment. Home equity loans have fixed interest rates, so the payment won’t change. 
  • Your FICO® score is at least 680. 

Learn about home equity

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7-minute read

Home equity loans for debt consolidation

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5-minute read

When is a home equity loan a good idea?

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11-minute read

What is home equity and how can I access it?

A man drinks a cup of orange juice while reading an article on his phone.

7-minute read

Home equity loans for debt consolidation

A stately red brick home with black shutters and white trim surrounded by a landscaped yard.

5-minute read

When is a home equity loan a good idea?

A large brick house with a well-manicured lawn

11-minute read

What is home equity and how can I access it?

A man drinks a cup of orange juice while reading an article on his phone.

7-minute read

Home equity loans for debt consolidation

A stately red brick home with black shutters and white trim surrounded by a landscaped yard.

5-minute read

When is a home equity loan a good idea?

A large brick house with a well-manicured lawn

11-minute read

What is home equity and how can I access it?

1Home Equity Loan product requires full documentation of income and assets, credit score and max loan-to-value (LTV), combined loan-to-value (CLTV), and home equity combined loan-to-value (HCLTV) ratios. Requirements were updated 2/5/2024 and are tiered as follows: 680 minimum FICO with a max LTV/CLTV/HCLTV of 80%, 700 minimum FICO with a max LTV/CLTV/HCLTV of 85%, and 740 minimum FICO with a max LTV/CLTV/HCLTV of 90%. Your debt-to-income ratio (DTI) must be 50% or below. Valid for loan amounts between $45,000.00 and $500,000.00 (minimum loan amount for properties located in Michigan is $10,000.00). Product is a second standalone lien and may not be used for piggyback transactions. Product not available on Schwab products. Guidelines may vary for self-employed individuals. Some mortgages may be considered “higher priced” based on the APOR spread test. Higher priced loans are not allowed on properties located in New York. Additional restrictions apply. This is not a commitment to lend.