Calculators to help you when you are considering a home equity loan or home equity line of credit.
- Calculator: How Large a Line of Credit Can I Obtain? To calculate the maximum home equity line of credit you can obtain, find the maximum combined loan-to-value (CLTV) ratio the lender will consider. Loans are the sum of the amount of the proposed credit line plus the balance of any outstanding mortgage debt. Value is usually appraisal value, which is an independent appraiser's assessment of the home's current market value. A lender willing to consider a CLTV of 75% will offer a credit line amount that - added to any other mortgage debt - equals 75% of the home's appraisal value.
- Calculator: Should I Consolidate My Debts? Determine if a debt consolidation loan is right for you, by seeing how much it will save you in total, while potentially lowering your monthly payments. The preferred types of consolidation loans are home equity loans and lines of credit because the interest portions of such loans generally are tax-deductible. In comparison, a personal loan has a higher interest rate and does not offer any tax benefits.
- Calculator: Should I Use a Home Equity Loan or an Auto Loan? Calculate the maximum home equity line of credit (HELOC) or home equity loan you can obtain, by weighing the maximum combined loan-to-value (CLTV) ratio that lenders will consider against the home value and amount still owed on it. Loans are the sum of the amount of the proposed credit line plus the balance of any outstanding mortgage debt.
- Calculator: How Much Will My Loan Payments Be? Determine the monthly payments for an amortizing loan and interest-only payments on a line of credit. An amortization table is also included, showing amounts paid for interest and principal.
- Calculator: What Will My Tax Savings Be? See the mortgage interest tax savings on a home equity loan and line of credit. Since no loan principal is repaid during the borrowing period, the line of credit generates more interest expense and, thus, larger tax savings. As a result, the effective borrowing cost for a home equity line of credit is lower than for a home equity loan. The home equity loan has regular amortization of loan principal, which is not tax-deductible.
- Calculator: What Will it Take to Pay Off My Home Equity Line of Credit? Determine what monthly payment is necessary to pay off your HELOC balance in the desired period, based on your current balance, the size of your monthly payments, annual fees, etc.
- Debt Consolidation Learn how to reduce your overall interest expense, by applying your low rate home equity loan or line of credit towards consolidating one or more higher interest debts.
- Repair or Remodel Your Home Using your Provident home equity loan or line of credit to remodel or make repairs on your home will not only increase the value of your home, but remind you why you fell in love with it in the first place.
- Install Solar Panels Using Your Home Equity Installing solar panels on your home can increase the value of your home. Using a home equity line of credit (HELOC) is a smart way to finance solar installation.
- Purchasing a Car Via Your Home Equity In certain situations it can be smart to use the equity in your home to pay for a new car, and with Provident home equity loan or home equity line of credit (HELOC), you can.
- Paying Off Student Loans with Your Home Equity Using your home equity to pay for education is an easy way to compensate for the money you have not already saved.
- Emergency Line of Credit from Your Home Equity If you find yourself with expensive personal and medical bills, a home equity lines of credit (HELOC) will let you breathe a sense of relief, knowing your bills will be covered.