Home Equity Calculator
Discover how much cash you have in your home and ways you can access it.
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Building home equity is a gradual process.
Regular payments
Extra payments
Home improvements
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.
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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.