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With $360,000 still owed on a $600,000 home you hold $240,000 of equity — but the 80% lender limit caps borrowing at $120,000.
A $600,000 home with $360,000 left on the mortgage gives you $240,000 of equity on paper. You cannot borrow all of it. Lenders cap total debt against the property at a percentage of its value — commonly 80% — which on this house means $480,000 of combined borrowing, and since $360,000 of that is already used by the mortgage, $120,000 is what is actually available.
Borrowing the full $120,000 over 15 years at 7.5% costs $1,112 a month and $80,235 in interest over the life of the loan. That is on top of the mortgage you already pay. The calculator below is set to this scenario — change the balance to your real one, and try a HELOC instead of a fixed loan to compare the interest-only draw period.
Calculate your borrowing limits and project monthly payments for home equity loans
Monthly Payment
Loan Term: 15 yrs
62.2%
73.3%
Home Equity Breakdown
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With $360,000 still owed. The LTV cap is the lender's policy, not a law, so it is worth shopping.
| LTV limit | Max total debt | Available to you | Monthly payment |
|---|---|---|---|
| 80% | $480,000 | $120,000 | $1,112 |
| 85% | $510,000 | $150,000 | $1,391 |
| 90% | $540,000 | $180,000 | $1,669 |
Home values