Karnataka Bank Fd Interest Rates Calculator

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HELOC Borrowing Power Calculator

Estimate your available line of credit and monthly interest-only payments.

Please ensure all values are positive numbers and the mortgage balance is less than the loan limit.
Maximum Loan Limit (at LTV cap):
Available HELOC Amount:
Estimated Monthly Interest-Only Payment:

Understanding Your Home Equity Line of Credit (HELOC)

A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. It allows you to borrow against the equity you have built in your property, much like a credit card, but usually with much lower interest rates because the loan is backed by collateral.

How the HELOC Calculation Works

Lenders typically use a specific formula to determine how much you can borrow. This revolves around the Combined Loan-to-Value (CLTV) ratio. Most lenders will allow you to borrow up to 80% or 85% of your home's appraised value, minus what you still owe on your primary mortgage.

The Formula:
(Home Value × LTV Limit) – Existing Mortgage Balance = Maximum HELOC Amount

Example Calculation

Imagine your home is worth $500,000 and your lender allows a CLTV of 85%. Your existing mortgage is $300,000.

  • Step 1: Calculate the total allowable debt ($500,000 × 0.85 = $425,000).
  • Step 2: Subtract existing mortgage ($425,000 – $300,000 = $125,000).
  • Your maximum HELOC limit would be $125,000.

Draw Period vs. Repayment Period

A HELOC usually has two phases:

  1. The Draw Period: Typically lasting 10 years, where you can withdraw money as needed. During this time, most lenders only require interest-only payments on the amount you have actually borrowed.
  2. The Repayment Period: Usually lasting 10 to 20 years, where you can no longer withdraw money and must pay back both the principal and the interest.

Factors That Affect Your HELOC

While the equity in your home is the primary factor, lenders also look at your credit score, debt-to-income (DTI) ratio, and proof of steady income. Variable interest rates are common for HELOCs, meaning your monthly payments can fluctuate based on changes to the prime rate.

function calculateHELOC() { var homeValue = parseFloat(document.getElementById("homeValue").value); var mortgageBalance = parseFloat(document.getElementById("mortgageBalance").value); var ltvLimit = parseFloat(document.getElementById("ltvLimit").value); var interestRate = parseFloat(document.getElementById("interestRate").value); var errorDiv = document.getElementById("helocErrorMessage"); var resultsDiv = document.getElementById("helocResults"); // Reset display errorDiv.style.display = "none"; resultsDiv.style.display = "none"; // Validation if (isNaN(homeValue) || isNaN(mortgageBalance) || isNaN(ltvLimit) || isNaN(interestRate) || homeValue <= 0) { errorDiv.textContent = "Please enter valid numeric values."; errorDiv.style.display = "block"; return; } var ltvDecimal = ltvLimit / 100; var maxTotalDebt = homeValue * ltvDecimal; var availableHELOC = maxTotalDebt – mortgageBalance; if (availableHELOC <= 0) { errorDiv.textContent = "Based on your inputs, you do not currently have enough equity to open a HELOC at this LTV limit."; errorDiv.style.display = "block"; return; } // Monthly interest only calculation (assuming full draw for estimation) var monthlyRate = (interestRate / 100) / 12; var estMonthlyPayment = availableHELOC * monthlyRate; // Format currency var formatter = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', }); document.getElementById("resMaxLoan").innerHTML = formatter.format(maxTotalDebt); document.getElementById("resLineAmount").innerHTML = formatter.format(availableHELOC); document.getElementById("resMonthlyPayment").innerHTML = formatter.format(estMonthlyPayment); resultsDiv.style.display = "block"; }

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