Mortgage Calculator

Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. Use our free Purchase calculator above to enter your home price, down payment, rate, and term to get an instant estimate including principal, interest, property taxes, insurance, and HOA.

LTV (Loan-to-Value) is your loan amount divided by your home's appraised value, expressed as a percentage. For a refinance, LTV determines your eligibility and rate. Most conventional loans require LTV at or below 80% to avoid PMI. Our Refinance calculator automatically computes your LTV and CLTV as you enter your balances.

CLTV (Combined Loan-to-Value) includes all liens on the property — your first mortgage plus any HELOC or HELOAN — divided by the home value. If you have a HELOC you are not paying off in a refinance, that balance is counted in the CLTV. Lenders use CLTV to assess total risk on the property.

A HELOC (Home Equity Line of Credit) is a revolving line of credit secured by your home equity. It has a draw period — typically 5 or 10 years — during which you make interest-only payments on the amount drawn. After the draw period ends, the balance amortizes over the remaining repayment period. Full terms are usually 20, 25, or 30 years. A HELOAN (Home Equity Loan) is a closed-end, fixed-rate lump-sum second mortgage with no draw period or interest-only phase. Payments are fully amortizing principal and interest from day one, typically over 20, 25, or 30 years. Use the product selector in our HELOC/HELOAN tab to model either scenario.

During the HELOC draw period (5 or 10 years), you can borrow up to your credit line limit and make interest-only payments on the amount drawn. Our calculator uses your initial draw amount to estimate the monthly interest payment during this phase. Once the draw period ends, the outstanding balance converts to a fully amortizing loan for the remaining repayment period — typically 15 to 25 years depending on your full term. The calculator shows both the draw-period payment and the higher repayment-phase payment side by side.

No. A HELOAN is a closed-end loan — there is no draw period and no interest-only phase. From the first payment, you pay both principal and interest on the full loan amount. This makes your payment predictable and your balance decreases from day one. Select HELOAN in the product dropdown on our HELOC/HELOAN tab to calculate your fully amortizing payment.

Yes. In our Refinance calculator, enter your current first lien balance and the additional cash out amount you want to receive. The calculator automatically adds these together (plus any HELOC payoff if selected) to show your new loan amount, updated LTV, and estimated monthly payment.

The calculator defaults to a sample rate for illustration. For an accurate California mortgage rate quote based on your credit score, loan type, and property, contact Resolution Equity or click "Get Pre-Qualified" to start your application.