Home Equity Loan Calculator
Estimate a fixed-rate home equity loan payment, see every payment to the cent, and check it against a combined loan-to-value (CLTV) limit you choose.
Fixed-rate estimate, not a loan offer or approval.
Estimated payment
Monthly principal and interest only. Your home is collateral: missing payments can lead to foreclosure (Consumer Financial Protection Bureau). Taxes, insurance, closing costs and fees aren't included, this doesn't tell you whether the payment is affordable, and the rate is an interest rate, not an APR.
Against your assumed equity limit
Year-by-year summary
Totals by loan year, from the monthly schedule
| Year | Payments | Paid | Interest | Principal | Ending balance |
|---|
Monthly schedule
Every monthly payment, to the cent
| Month | Beginning balance | Payment | Interest | Principal | Ending balance |
|---|
Example: $50,000 at 8% for 10 years
A $50,000 loan at an 8% fixed interest rate over 120 months has a regular payment of $606.64. In month 1, $333.33 goes to interest and $273.31 to principal, leaving $49,726.69. The 120th payment is $606.20 and brings the balance to $0.00. The payments add up to $72,796.36, so the interest is $22,796.36.
How much equity can I borrow?
It depends on each lender's CLTV limit, your credit and the appraisal; this check only shows the arithmetic under a limit you enter. Combined loan-to-value (CLTV) compares everything owed on the home with its value. If the home is worth $400,000, you owe $200,000 and you assume an 80% maximum, the room is $400,000 × 80% − $200,000 = $120,000, and a $50,000 loan would bring the CLTV to 62.5%. With $380,000 owed, the same assumption leaves no room, and the calculator shows that conflict right next to the payment. The limit is whatever you enter; lenders set their own.
Rate versus APR
The payment depends on the interest rate. According to the Consumer Financial Protection Bureau (CFPB), an APR also reflects certain fees, so it's useful for comparing offers but isn't the rate used to figure the monthly payment. Enter the note rate here and compare total costs on each lender's Loan Estimate (CFPB).
Home equity loan, HELOC or cash-out refinance?
A home equity loan lets you borrow a lump sum against your home's equity. If you already have a first mortgage, it is generally a separate second mortgage. You repay it in installments, usually at a fixed rate (this calculator models fixed only). A HELOC is a credit line you draw on over time, usually at a variable rate. A cash-out refinance replaces your current mortgage with a larger one and pays you the difference, so it changes your first mortgage's rate and term. This calculator models only the first option.
How rounding affects the totals
This schedule rounds each month's interest to the cent, and the last payment settles what's left. The totals add up those actual payments, so a formula-only total can differ, sometimes by several dollars or more on long, higher-rate loans.
What's left out
Your home secures the loan, and missing payments can lead to foreclosure (CFPB). The estimate doesn't include closing costs, fees, taxes, insurance, other liens you didn't enter, variable rates, HELOC draws, cash-out refinancing or tax treatment, it doesn't tell you whether the payment is affordable, and it isn't a loan offer. Your figures stay in this browser tab: they aren't saved, added to the page address or sent in analytics.
Frequently asked questions
Can I use an APR as my interest rate?
No. Enter the loan's interest (note) rate. An APR also spreads certain fees and costs over the loan, so putting it in here would usually overstate the monthly principal-and-interest payment and mix up two different numbers.
Why is my final payment different?
Each month's interest is rounded to the cent, and the regular payment is rounded too. Those small differences add up, so the last payment settles whatever balance is left, which is usually a little more or less than the regular payment. The totals add up the actual payments in the schedule, so they can differ from a formula-only total, sometimes by several dollars or more on long, higher-rate loans.
Does available equity mean I'll be approved?
No. The optional check only compares your loan amount with room under a maximum combined loan-to-value (CLTV) you enter yourself. Lenders also look at credit, income, debts, the appraisal and their own limits.
Does this include closing costs?
No. The payment is principal and interest only. Closing costs, origination or appraisal fees, taxes, insurance and HOA dues aren't included and aren't added to the loan amount. Compare them on a lender's Loan Estimate.
How is a home equity loan different from a HELOC?
A home equity loan pays you a lump sum up front and is repaid in regular installments; this calculator models only a fixed rate. A HELOC is a line of credit you draw on over time, usually with a variable rate, so its payments work differently and aren't estimated here.