Equity Take Out Calculator
Calculate how much equity you can access from your property through refinancing or a second mortgage. See your net cash available, monthly payments, and total cost of borrowing.
Understanding Equity Take Out
What is Equity Take Out?
Equity take out allows you to access the value you've built up in your property. This can be done through refinancing your existing mortgage or taking out a second mortgage.
How It Works
- We assess your property's current value
- We calculate your available equity
- We determine how much you can borrow based on LTV ratios
- We show you net cash after fees and costs
Key Factors
- Property Value: Current market value of your property
- Current Mortgage: Outstanding balance on existing mortgage
- LTV Ratio: Loan-to-Value ratio (typically 50-80%)
- Interest Rate: Annual interest rate on new loan
- Fees: Lender, brokerage, legal, and other costs
Important Notes
- Calculations use Canadian semi-annual compounding
- APR includes all fees except discharge and prepayment penalties
- Higher LTV ratios may result in higher interest rates
- This calculator provides estimates for planning purposes