West Ridge Financial
Mortgage calculators
See how much equity you may be able to use, then compare keeping your mortgage and adding a HELOC with one new cash-out loan.
Home equity
There are two common ways to borrow against your home: add a line of credit on top of your current mortgage, or replace it with a larger one. Which costs less depends a lot on the rate you have today.
Enter your home’s value, your current loan, and how much you need. The comparison updates as you type, and Mike can help you weigh what the monthly numbers don’t show.
Estimates only. Example rates are not current offers or a commitment to lend. Results are rounded and rely on the assumptions shown, which you can change. Your actual terms depend on your full application, including credit, income, property, and loan program.
Good to know
Most HELOCs have a variable rate and start with an interest-only draw period. When the draw period ends, payments include principal and can rise significantly, so plan for the later payment, not just the first one.
If your current rate is lower than today’s rates, keeping it and adding a HELOC may cost less each month. The blended rate shows the weighted average across both balances, which makes the comparison easier.
Combined loan-to-value (CLTV) is everything owed on the home divided by its value. The 80% here is an example; limits vary by lender, loan program, occupancy, and credit.
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