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
  • 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 checks, Visa credit card, or online banking tools

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

You can utilize up to 95% of your home's equity. 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 (Link to calculators page)

When applying for a HELOC with UMCU, you will need:

  • 30 days of your most recent paystubs
  • Your most recent W2

Your most recent bank statement(s)

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!