Often, people choose to use the home equity they have built up as collateral for a loan or line of credit. While both financing vehicles leverage your home equity to provide you with additional funds, they are structured differently. Home equity loans give you your money all at once, while a home equity line of credit (HELOC) enables you to withdraw the amount you need as you need it.
If you are considering one of these loans, VisualCalc’s Home Equity Calculator provides you with two key pieces of information:
How large of a home equity loan or HELOC can you qualify for?
What are the monthly payments and total interest charges associated with each option?
The VisualCalc Home Equity Calculator allows you to compare these two options and determine which, if either, is the best option for your needs.
