The Equity in Your Home Calculator

Calculate how much home equity you could borrow against.

Check RatesView Our HELOCs

How to Calculate Your Home Equity

  1. Enter Your Home's Value - Input the current market value of your home.
  2. Enter the Mortgage Balance - Input the remaining balance on your mortgage.
  3. Second Mortgage Balance - If you have a second mortgage, enter the amount.


Pros and Cons of a HELOC

Like any financial solution, a HELOC has its advantages and disadvantages, depending on your situation. 

Pros

  1. Flexibility - Borrow only what you need when you need it and repay it at your own pace.
  2. Lower Interest Rates - HELOCs typically have lower interest rates compared to credit cards and personal loans because they are secured by your home.
  3. Interest-Only Payments - During the draw period, you might be allowed to make interest-only payments, reducing your monthly obligations.
  4. Tax Benefits - Interest paid on a HELOC may be tax-deductible if the funds are used for home improvements.

Cons

  1. Variable Interest Rates - Many HELOCs have variable interest rates, which can increase over time, making your payments higher.
  2. Risk of Foreclosure - Since your home secures the HELOC, failing to repay can result in foreclosure.
  3. Fees and Costs - There may be upfront costs, annual fees, or early termination fees associated with a HELOC.
  4. Temptation to Overspend - Easy access to funds can lead to unnecessary spending and increased debt.

Common Questions

A HELOC (Home Equity Line of Credit) is a flexible loan that uses your home's equity to finance other things. Common reasons members take out HELOCs include home renovations, educational expenses, and debt consolidation. A HELOC with UMCU provides you access to various benefits.

  • Funds you can access as often as you wish — for any reason
  • A revolving line of credit with limit ranging from $10,000 - $750,000
  • Utilize up to 95% of your home's equity less any current mortgage balance
  • 10 year draw period followed by 15 year repayment period
  • No annual fee or prepayment penalty
  • Low variable interest rates
  • No closing costs
  • Convenient access to funds via Visa® credit card, online or mobile banking, or checks


Loan payment protection coverage available to protect your family, assets, and credit

You can utilize up to 95% of your home's equity less any current mortgage balance. Be sure to use our HELOC calculators for estimates on:

  • How much equity is in your home
  • How much you can borrow from your equity
  • Monthly payment estimates
  • How much you can save by paying off your loan ahead of schedule


Explore HELOC Calculators

UMCU may request the following information during the HELOC application process:

  • Income verification
  • Proof of insurance
  • Current mortgage statement (if applicable)

Our HELOCs are incredibly flexible! You can use the funds for a variety of things including home repairs, home renovations, educational expenses, debt consolidation, and more!