Home equity calculator
Find the key to unlocking your equity
Answer a few questions to uncover your best option for getting cash from your home
Find the key to unlocking your equity
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Answer a few questions to uncover your best option for getting cash from your home
Explore other options by changing your answers
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Explore other options by changing your answers
Your credit range or equity amount may be too low to qualify for a home loan at this moment.
Learn about how to qualify for a home loan to access equity in our Learning Center.
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Home Equity Loan
- Take out a lump sum of cash
- Keep your current mortgage rate and payment
- Add a fixed-rate second mortgage payment
Cash-out refinance
- Get the cash you need
- A fixed interest rate for long-term stability
- One monthly payment, to keep things simple
Curious about your cash-out options?
How it works
Payment structure
Core benefit
Rate type
Rocket Mortgage®
Home equity loan 1
Home equity loan 1
How it works
A second loan alongside your current mortgage.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash while keeping your rate.
Rate type
Fixed
How it works
A new mortgage that replaces your current one.
Payment structure
Payments rolled into a new mortgage.
Core benefit
Access cash and you could adjust your rate.
Rate type
Fixed
How it works
Flexible loan that doesn’t require home equity.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash fast without using your home.
Rate type
Fixed, often higher
Rocket Mortgage®
Cash-out refi
Cash-out refi
How it works
A second loan alongside your current mortgage.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash while keeping your rate.
Rate type
Fixed
How it works
A new mortgage that replaces your current one.
Payment structure
Payments rolled into a new mortgage.
Core benefit
Access cash and you could adjust your rate.
Rate type
Fixed
How it works
Flexible loan that doesn’t require home equity.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash fast without using your home.
Rate type
Fixed, often higher
Rocket Loans®
Personal loan
Personal loan
How it works
A second loan alongside your current mortgage.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash while keeping your rate.
Rate type
Fixed
How it works
A new mortgage that replaces your current one.
Payment structure
Payments rolled into a new mortgage.
Core benefit
Access cash and you could adjust your rate.
Rate type
Fixed
How it works
Flexible loan that doesn’t require home equity.
Payment structure
Fixed monthly payments on a lump sum.
Core benefit
Access cash fast without using your home.
Rate type
Fixed, often higher
Rocket Mortgage®
Rocket Mortgage®
Home equity loan 1
Cash-out refi
How it works
A second loan alongside your current mortgage.
A new mortgage that replaces your current one.
Payment structure
Fixed monthly payments on a lump sum.
Payments rolled into a new mortgage.
Core benefit
Access cash while keeping your rate.
Access cash and you could adjust your rate.
Rate type
Fixed
Fixed
Popular next steps
Discover what’s possible
Dive into the details
Know the ins and outs of home equity loans with a complete guide
Unlocking your equity
Get a quick explanation on cash-out refinancing and if it’s right for you
Explore refi options
Read up on types of refinancing to see how to access your home equity
Dive into the details
Know the ins and outs of home equity loans with a complete guide
Unlocking your equity
Get a quick explanation on cash-out refinancing and if it’s right for you
Explore refi options
Read up on types of refinancing to see how to access your home equity
Building home equity is a gradual process.
Some things that affect equity are out of your control — like the housing market — but there are other things you can do to help your equity grow.
Regular payments
Simply making your payment each month will increase your equity over time as the loan balance decreases.
Extra payments
Additional payments toward your loan balance can increase your equity and decrease the length of your loan.
Home improvements
Home upgrades and energy-saving renovation projects can increase the value of your home, building equity.
Home equity is the amount of your home that you actually own. Specifically, equity is the difference between what your home is worth and what you owe your lender. As you make payments on your mortgage, you reduce your principal – the balance of your loan – and you build equity.
When you sell your home, you can use your equity as a down payment on your next home.
You may also be able to take some of your equity out as cash. Rocket Mortgage offers a couple ways to do this:
- Cash-out refinance
- Home equity loan
You won’t be able to take out the full amount of equity that you have. Most lenders require you to leave a certain percentage in your home.
Yes! A home equity loan lets you access your equity with refinancing your current mortgage. There are a few things you’ll need to qualify for a home equity loan:
- You’ve paid down your mortgage enough to take out at least $45,000.
- You can afford a second payment. Home equity loans have fixed interest rates, so the payment won’t change.
- Your FICO® score is at least 680.
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