Home Equity Loan Monthly Payment Calculator
Fixed-rate second mortgage: enter amount, rate, and term to see your exact monthly payment and total interest.
Fixed rate, fixed payment, real cost
Home equity loans are popular because the payment is predictable: one rate, one term, one number every month. This home equity loan monthly payment calculator gives you that number — plus the one the brochure skips, the total interestover the life of the loan. Because you’re borrowing against your house, it pays to know both before signing.
Typical terms and what they cost
Rates on home equity loans usually sit a little above first-mortgage rates. Common terms run 5, 10, 15, or 20 years. The pattern is familiar: a $50,000 loan at 8.5% costs about $1,026/month over 5 years ($11,600 interest) versus about $434/month over 20 years — with more than $54,000 of interest. The calculator makes this trade-off concrete for your own numbers.
Borrowing against your home: two cautions
- Your home is the collateral. Miss enough payments and foreclosure is possible — this is not credit card risk.
- Consolidating cards into home equityturns unsecured debt into secured debt. The rate drops, but the stakes rise; it only works if the card balances don’t grow back.
Planning to use a home equity loan to consolidate? Model the payoff of all your debts first in our free planner and compare — sometimes the avalanche method gets you debt-free nearly as fast without touching your equity.
Frequently asked questions
How does a home equity loan payment work?
A home equity loan is a fixed-rate second mortgage: you receive a lump sum and repay it in equal monthly payments over a set term, commonly 5 to 20 years. Because the rate and term are fixed, the payment never changes — which is exactly what this calculator computes.
What’s the difference between a home equity loan and a HELOC?
A home equity loan gives you a lump sum at a fixed rate with fixed payments. A HELOC is a revolving credit line with a variable rate, interest-only payments during the draw period, and amortizing payments afterward. If you have a line of credit, use our HELOC payment calculator instead.
How much can I borrow with a home equity loan?
Most lenders cap combined mortgage debt at 80–85% of your home’s value. If your home is worth $400,000 and you owe $250,000, an 80% cap leaves up to $70,000 of borrowable equity.
Is home equity loan interest tax-deductible?
In the US, interest is generally deductible only when the loan funds buy, build, or substantially improve the home securing it — not for consolidation or other spending. Confirm with a tax professional.
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Calculations assume monthly compounding (APR ÷ 12) and fixed minimum payments. Eagle Debt Payoff is a planning tool, not financial advice.