HECM Calculator is a tool used to estimate how much money a homeowner could borrow from a home equity conversion mortgage (HECM). HECM is a type of reverse mortgage available to homeowners 62 years or older to convert part of their home equity into cash without having to sell the house or make monthly mortgage payments.
HECM Mortgage Calculator |
|
| Principal Limit Factor (PLF) | 0.596 |
|---|---|
| Gross Proceeds | $238,500.00 |
| Estimated Fees | $8,000.00 |
| Net Proceeds | $230,500.00 |
| Year | Interest Accrued | Loan Balance |
|---|---|---|
| 1 | $12,521.25 | $251,021.25 |
| 2 | $13,178.62 | $264,199.87 |
| 3 | $13,870.49 | $278,070.36 |
| 4 | $14,598.69 | $292,669.05 |
| 5 | $15,365.13 | $308,034.18 |
| 6 | $16,171.79 | $324,205.97 |
| 7 | $17,020.81 | $341,226.79 |
| 8 | $17,914.41 | $359,141.19 |
| 9 | $18,854.91 | $377,996.10 |
| 10 | $19,844.80 | $397,840.90 |
| 11 | $20,886.65 | $418,727.55 |
| 12 | $21,983.20 | $440,710.74 |
| 13 | $23,137.31 | $463,848.06 |
| 14 | $24,352.02 | $488,200.08 |
| 15 | $25,630.50 | $513,830.58 |
| 16 | $26,976.11 | $540,806.69 |
| 17 | $28,392.35 | $569,199.04 |
| 18 | $29,882.95 | $599,081.99 |
| 19 | $31,451.80 | $630,533.80 |
| 20 | $33,103.02 | $663,636.82 |
| 21 | $34,840.93 | $698,477.75 |
| 22 | $36,670.08 | $735,147.83 |
| 23 | $38,595.26 | $773,743.10 |
| 24 | $40,621.51 | $814,364.61 |
| 25 | $42,754.14 | $857,118.75 |
| 26 | $44,998.73 | $902,117.49 |
| 27 | $47,361.17 | $949,478.65 |
| 28 | $49,847.63 | $999,326.28 |
| 29 | $52,464.63 | $1,051,790.91 |
| 30 | $55,219.02 | $1,107,009.94 |
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