$650,000 loan · 6.500% rate · about $4,908/mo tested payment
Test how your equity could work
ESTIMATED EQUITY
$285,000
$0$750K
EQUITY TO USE
$200,000
$0$285K
PAYMENT I WANT TO TEST
$5,000/mo
$1,500$10,000/mo
RATE TO TEST
6.500%
3%10%
EST. TAXES + INSURANCE + MI
$900/mo
$0$3,000/mo
Equity you’re using
About 70% of estimated equity
$200,000
Estimated next-home price
Based on your tested payment
$850,000
Down payment
About 24% down
$200,000
Estimated loan
30-year fixed test
$650,000
Tested payment
P&I + other monthly estimate
$5,008/mo
WHAT YOUR EQUITY COULD CHANGE
Using $200,000 of equity could put roughly an $850,000 next home into this payment scenario.
This is an educational scenario, not a loan quote, preapproval or determination that your equity is available to use. Gross home equity is different from net sale proceeds or borrowable equity. Selling costs, other liens, loan requirements, taxes, insurance, mortgage insurance, HOA fees and actual rates can change the result.
What do you want to figure out next?
YOUR HOME PLAN
Updated ✓
$200,000 equity → about an $850,000 next home
$650,000 loan · 6.500% rate tested · about $5,000/mo