Home Equity Loan Calculator
Estimate the monthly payment and total cost of a home equity loan.
Your details
- Total interest
- $22,796.56
- Total cost
- $72,796.56
Principal vs interest
- Principal
- $50,000.0069%
- Interest
- $22,796.5631%
Formula
Amortized payment M = P·r(1+r)^n / ((1+r)^n − 1).
How it works
A home equity loan lends against the equity you have built, repaid in fixed monthly installments over a set term. Each payment covers interest plus principal, so the balance amortizes to zero by the end — much like a second mortgage.
Frequently asked questions
How is a home equity loan different from a HELOC?⌄
A home equity loan gives you a lump sum at a fixed rate with set payments. A HELOC is a revolving line you draw from as needed, usually at a variable rate.
How much can I borrow?⌄
Lenders typically let you borrow up to about 80-85% of your home's value minus what you still owe on your first mortgage.
What happens if I can't repay?⌄
The loan is secured by your home, so defaulting risks foreclosure. Borrow only what you can comfortably repay alongside your first mortgage.
Sources & methodology
- •CFPB — home equity loans — CFPB
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