Home Equity Calculator for Self-Employed Borrowers
See how much equity you could pull out with a HELOC or a fixed second mortgage, what the payment would be, and whether your income supports it. Your first mortgage stays exactly as it is.
Estimated most you could borrow
$231,907
Your income sets this limit, not your equity.
How much equity you can reach
- Home value
- $750,000
- 90% combined limit
- $675,000
- Minus your first mortgage
- -$380,000
- Most your equity allows
- $295,000
- Most your income supports
- $231,907
Your payment
- Amount you want
- $100,000
- Combined loan to value
- 64% (Fits)
- Principal and interest (30 years)
- $841/mo
Can your income carry it?
- Qualifying income
- $11,000/mo
- First mortgage payment
- $2,900
- Other debts
- $650
- New second mortgage payment
- $841
- Total monthly debts
- $4,391/mo
- Debt-to-income
- 39.9% (Comfortable)
Looks workable
You keep your first mortgage and still reach your equity.
This is a quick estimate. Nick can run your real statements and get actual pricing on a second mortgage.
Or call or text Nick: (385) 226-9668. He picks up, even after hours.
How it's calculated
Equity: home value × 90%, minus your first mortgage balance. Most programs let both loans together reach about 80 to 90% of the home's value, and the strongest credit reaches the top of that range. Payment: a fixed second is principal and interest over the term you pick. A HELOC is interest only on what you draw during the draw period. Lenders qualify a line on the full amount, so the income check uses the full line paid down over 20 years. Income: your monthly qualifying income × 50%, minus your first mortgage payment and other debts, is the most the new payment can be. From bank deposits, income is figured the same way as the bank statement calculator. The estimate is the smaller of the equity and income answers. These numbers assume a home you live in. Rentals and second homes usually allow less.
Frequently Asked Questions
Can I get a HELOC or home equity loan if I'm self-employed?
Yes. Non-QM second mortgages can qualify you on 12 or 24 months of bank statements, a P&L, or your assets instead of tax returns, and your first mortgage stays exactly as it is.
How much equity can I take out with a second mortgage?
Most programs let both loans together reach about 80 to 90% of your home's value, depending on your credit and the property. Take that limit, subtract your first mortgage balance, and what's left is the most a second can be.
HELOC or fixed second: which is better?
A fixed second gives you one lump sum and a payment that never changes. A HELOC lets you draw as you need it and pay interest only on what you draw, but the whole line counts against your equity and the rate usually moves. If you know the amount, a fixed second is usually the cleaner fit.
These calculators give estimates for educational purposes only. They are not a loan approval, rate quote or commitment to lend. Interest rates shown are examples you can change. Your actual rate, payment and terms depend on your full application, credit, property and the program you qualify for, and can change without notice. Not all applicants will qualify.
Up to $231,907 · DTI 39.9%
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