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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.

Loan amount

Interest rate (APR)fixed

Term

yrs

5 yrs30 yrs

Fixed monthly payment

$716.74/mo

principal + interest, fixed for 15 years.

Principal: $75,000
Total interest: $54,013
Total of payments: $129,013

Compare home equity loan rates→

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.

Compare home equity loan rates

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.

Lender comparison coming soon.

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.