Maybe you are planning to fund a major purchase or finance your home improvement, but would not like to tap into your savings. Instead of taking out a loan for financing, as long as you earn equity in your home, you can consider JPMorgan Chase Bank home equity products ? turn your equity into cash flow.
JPMorgan Chase Bank home equity products come in two options ? home equity line of credit and home equity loan. Home equity line of credit offers you the amount you need based on your financial demand, while home equity loan provides you with the money you want in a lump sum, and then you pay off the money through fixed monthly payments.
However, no matter which product you choose, Chase home equity line or loan, you must have sufficient equity accumulated in your home. In general, you can use your home equity to improve or remodel your home, purchase a new car, consolidate your debt, and fund other life goals, such as wedding, vacation, or education.
Maybe you are wondering if home equity loan or line of credit would work to your advantage. All right, if you still have hesitation, try Chase five calculators, which help you get the estimates on your home value, tax savings, size of home equity line of credit, monthly payments, as well as the savings if having a debt consolidation.
1. Your Home Value Calculator
This free estimator will calculate your home?s current market value based on its database, which includes millions of home records as reference. You just need to enter the location of your property and then click ?Get Value,? then you can get the estimated market value of your home. You can also use this calculator to estimate the value of a home which you are interested in.
2. Home Loan Payment Calculator
For most forms of home equity loans, including home equity line of credit, interest-only payments are allowed. This calculator estimates the monthly payments on an amortizing loan and home equity line of credit which just requires interest-only payments.
Enter the home equity loan amount you are considering, as well as interest rate, months to pay off and your state & federal tax rate, plus the predicted rate change (none, increase or decrease). The results will show how much monthly payments you should make for the loan and line of credit. Compare the results and you will see the total interest amount you pay after the specified months.
3. Home Equity Line of Credit Calculator
This calculator will help calculate the maximum home equity line of credit you qualify for. Enter the appraised market value of your property (appraised by an independent appraiser), remaining mortgage balance on the property, as well as the loan-to-value ratios that Chase would accept. Then you will see the maximum home equity lines of credit you would obtain based on different loan-to-value ratios.
4. Tax Savings Calculator
The interest on your Chase home equity line of credit may be tax-deductible. Since there are no payments for principal during the repayment term, home equity line of credit requires higher monthly interest payments, therefore, your tax savings will be larger. As for the home equity loan which is not tax-deductible, you need to make regular payments for both principal and interest.
After you enter your loan amount, interest rate, repayment term, your state and federal tax rate, and other settlement service fees, this Chase calculator will clearly show how much savings on the tax you will obtain on a home equity loan and home equity line of credit by the end of the loan term.
5. Debt Consolidation Calculator
If you are struggling with multiple monthly payments, such as credit card, car loans, home mortgage, and other debts, Chase encourages you to consolidate these payments into a single home equity loan or line of credit, as the interest portion on such loan may be tax-deductible, while common personal loans usually do not provide tax benefits.
Use Chase debt consolidation calculator to calculate how much savings you will get over the consolidation term. You can compare the results of consolidating into a home equity line of credit, personal line of credit, home equity loan, and personal loan to see which ensures you the maximum savings.
Note: This web site is not affiliated with or associated to JPMorgan Chase Bank. Visit JPMorgan Chase Bank official service pages if you are looking for guaranteed information or professional financial advice.
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