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Access your equity

What would it actually cost to borrow against your home?

You don't have to sell to use your equity. A HELOC and a second mortgage both borrow against it — but one is variable, one is fixed, and they cost very differently depending on how you use the money.

Home value

$750,000

Current mortgage

$420,000

Your equity

$330,000

$750,000
$420,000
$100,000
3 years

Pay it off sooner, or let it ride — this changes which option wins.

At 85% combined loan-to-value, you could likely borrow up to $217,500 against this home.
Flexible, variable

HELOC

Draw as needed, interest-only to start

$771

per month, interest-only, at today's rate

rate typeVariable
if rates rise 2 points$938/mo
principal dueNot while interest-only

Second Mortgage

Lump sum, fixed for 20 years

$843

per month, every month, fixed

rate typeFixed
if rates riseNo change to you
principal duePaying it down from day one
Short timeline favors the HELOC. At 3 years, interest-only draws keep your payment lowest ($771/mo) while you're using the money. Just know the rate can move — a 2-point rise would take it to $938/mo.
How this is estimated. Lenders generally cap combined borrowing (your existing mortgage plus the new loan) at 80–85% of your home's value. The HELOC rate shown (9.25%) is variable and estimated from published lender averages; it can move. The second mortgage rate (8.10%) is fixed for the full 20-year term. Both usually carry closing costs of 2–5% of the amount borrowed, not included in the monthly figures above.
Other ways to access this equity
Sell the home~5–6% of sale price in costs
Cash-out refinanceNew rate on your whole loan, not just what you borrow
Do nothingEquity stays put, no new payment

How to read this

A HELOC works like a credit card against your house: a variable rate, draw what you need, often interest-only for the first several years. A second mortgage is a lump sum at a fixed rate you start repaying immediately. If you're borrowing for a short, specific need and can pay it off quickly, the HELOC's flexibility often wins. If you're borrowing a large amount for a long time, the second mortgage's fixed payment usually costs less and removes the risk of the rate rising on you.

Estimates only. Not an appraisal, tax advice, or lending offer. Checking here never touches your credit. Actual rates, terms, closing costs, and combined loan-to-value limits vary by lender — use your loan estimate for a real comparison. CasaMint does not sell your information or refer you to lenders.