Credit Line

Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home. The calculator states the amount you may qualify for, however, there may be lending limits that could be lower than the calculated line amount.

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For more information about these financial calculators please visit: Dinkytown.net Financial Calculators from KJE Computer Solutions, Inc.

Credit Line Definitions

Appraised value of your home: This is the current appraised value of your home. If it has been a few years since you purchased your home, it may be worth quite a bit more than your original purchase price.
Outstanding home loans: Total amount of all outstanding home loan balances, including your first mortgage, second mortgage(s), and any other debt that is secured by your home.
Loan-to-value ratio: The loan-to-value ratio is the percent of your home's appraised value that your lender will allow. For example, an 80% loan-to-value ratio would allow you to have $80,000 in debt secured by a home appraised at $100,000. Remember - the total debt allowed includes all outstanding mortgages plus your new line of credit.