Estimate the cost of borrowing against your home equity with a fixed-rate home equity loan.
How the Home Equity Loan Calculator works
A home equity loan is a fixed-rate second mortgage against the equity in your home. The calculator amortizes the borrowed amount over the term, showing the monthly payment and total interest.
Example calculation
Borrowing $50,000 at 8.5% over 15 years is about $492 a month with roughly $38,600 in interest over the life of the loan.
Tips for using the Home Equity Loan Calculator
- Your home secures the loan — missed payments risk foreclosure.
- Use it for value-adding projects, not short-term spending.
- Compare a lump-sum equity loan against a flexible HELOC.
Home Equity Loan Calculator — frequently asked questions
- Is my home at risk?
- Yes — a home equity loan is secured by your house, so missed payments can lead to foreclosure.
- Tax deductible?
- Interest may be deductible if funds improve the home. Check current tax rules with a professional.
- Home equity loan vs HELOC?
- An equity loan is a fixed lump sum at a fixed rate; a HELOC is a revolving line, usually variable-rate.
- How much can I borrow?
- Lenders typically allow total mortgage debt up to 80–85% of your home's value.
Related calculators
Mortgage Calculator · Loan Calculator · Auto Loan Calculator · Student Loan Calculator · Business Loan Calculator · Boat Loan Calculator