Home equity loan calculator
A home equity loan is a fixed-rate lump sum with the same payment every month. Enter your amount, rate and term to see your monthly payment and total interest.
Fixed monthly payment
$716.74/mo
principal + interest, fixed for 15 years.
- Principal
- $75,000
- Total interest
- $54,013
- Total of payments
- $129,013
A home equity loan has a fixed rate, so this payment stays the same for the full term.
How the payment is calculated
A home equity loan fully amortizes — every payment is identical and chips away at both interest and principal:
payment = P × r ÷ (1 − (1 + r)^−n) P = loan amount r = monthly rate n = term in months
Because the rate is fixed, the payment never changes — unlike a HELOC, where a variable rate can move your payment up or down.
How to compare home equity loan offers
A fixed rate locks in your payment, so the rate you start with is the rate you keep. Comparing lenders up front is the biggest lever on total cost.
What to compare before you sign
- Look at the ongoing rate, not the teaser. Many HELOCs advertise a low intro APR for 6–12 months, then switch to a variable rate (the prime rate plus a margin). Compare the margin and the lifetime rate cap — that's what you'll pay for years.
- Check the draw and repayment terms. How long you can borrow (the draw period, often 10 years) and how long you have to repay it. Interest-only draws keep early payments low but raise them sharply later.
- Add up every fee. Annual fees, closing costs, appraisal fees and early-closure penalties vary widely. A slightly higher rate with no fees can beat a low rate loaded with costs.
- Get at least three quotes. Rates and CLTV limits differ by lender and by state. Comparing several offers is the single biggest factor in what a HELOC actually costs you.
Free, unbiased basics: CFPB: comparing home equity options.
Frequently asked questions
How is a home equity loan payment calculated?+
A home equity loan is a fixed-rate, fully amortizing second mortgage. Your monthly payment covers principal and interest evenly over the term, using the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate and n is the number of months.
What is the difference between a home equity loan and a HELOC?+
A home equity loan gives you a one-time lump sum at a fixed rate with a fixed monthly payment. A HELOC is a revolving line of credit you draw from as needed, usually at a variable rate with interest-only payments during the draw period. Both are second mortgages secured by your home.
What term lengths are available for home equity loans?+
Home equity loans commonly run 5 to 30 years. A shorter term means a higher monthly payment but far less total interest; a longer term lowers the payment but costs more over time.
How much can I borrow with a home equity loan?+
Most lenders cap your combined loan-to-value (mortgage plus the new loan) at 80–90% of your home's value. Use the 'How much HELOC can I get?' calculator to estimate your available equity, then enter that amount here to see the payment.
More home equity calculators
How Much HELOC Can I Get?
→See your borrowing power from home value minus your mortgage.
HELOC Calculator by State
→Estimate your HELOC with your state's typical home value.
HELOC Payment Calculator
→Interest-only draw payment vs. principal + interest repayment.
Cash-Out Refinance Calculator
→New loan, new payment and cash out from a refinance.
Refinance Break-Even Calculator
→Months to recoup closing costs after a refinance.
HELOC vs. Home Equity Loan
→Side-by-side: revolving line vs. fixed lump sum.
HELOC vs. Cash-Out Refinance
→Side-by-side: second lien vs. replacing your mortgage.