Home Equity Line of Credit (HELOC) Calculator
A home equity line of credit (HELOC) lets you borrow against the equity you've built in your home, when you need it. This calculator helps you estimate your potential borrowing capacity for a HELOC. It's intended for homeowners exploring options to fund a home remodel project or to pay for planned large expenses. The calculator allows you to see your potential borrowing capacity before you apply. Put your home's equity to work toward your goals.
Questions about home equity or a Home Equity Line of Credit (HELOC) from UMB Bank?
A home equity line of credit (HELOC) is a revolving source of funds with a variable interest rate, secured by the equity in your home. A HELOC is different from a home equity loan, which is a one-time source of home equity funds borrowed at a fixed rate.
With a HELOC, you withdraw from the available funds as you need them and repay them at the rate the lender determines. A HELOC works a bit like a credit card, but in this case, you’re borrowing from your home’s value. You only pay interest on the portion of the home equity line of credit you use.
Because a HELOC is borrowed at a variable interest rate, the amount you repay over time is subject to change. UMB offers competitive line of credit rates and personalized customer service to support your financial goals. Apply online today for a home equity line of credit from UMB.
Simply making on-time monthly mortgage payments increases your home equity. If you have an unexpected influx of cash, like a bonus or inheritance, you could apply that toward your loan principal which increases the equity you have in your home. Most lenders allow you to make additional/early payments to pay down your loan and increase your equity.
Investing in home improvements can also increase your home’s value, which in turn, can increase your home equity. Depending on the real estate market, investing in an upgrade, like a kitchen improvement, may add to your home’s value beyond the improvement’s cost.
You can start by researching your options and using our HELOC calculator to estimate how much home equity your currently have. With UMB, you can apply for a HELOC online and see how you can put your home equity to work for you.
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