Home Equity Loan Calculator

Estimate the monthly payment on a fixed-rate home equity loan, how much you might be able to borrow against your home at common lender limits, and how much cash you actually receive after closing costs. Your inputs stay in your browser.

Your home and the loan

Your home

Your best estimate. The lender will use an appraisal or valuation.

Enter 0 if the home is paid off.

Balances on any other loan or line secured by the home.

The home equity loan

The fixed rate on your quote (not the APR, if they differ).

Loan term

Appraisal, origination and title fees from your Loan Estimate.

Unchecked: they come out of the money you receive.

Added to every payment and applied to principal.

Shows your payoff date.

$485.07/month · $37,312.63 total interest. See full results CLTV 72.5%.

Example: a $400,000.00 home with $240,000.00 left on the mortgage, borrowing $50,000.00 at 8.25% for 15 years with $1,500.00 closing costs (illustrative rate). Enter your numbers to update.

Your estimate

Monthly payment
$485.07
180 payments at 8.25% interest
Cash you receive
$48,500.00
$1,500.00 closing costs deducted
Combined loan-to-value
72.5%
Up from 60%
Total interest
$37,312.63
Total of payments
$87,312.63
Paid off
15 years
Where your payments go
  • Loan balance: $50,000.00 (57.3%)
  • Interest: $37,312.63 (42.7%)

Principal and interest on a fixed-rate loan. Property taxes and insurance are not included.

How much you might be able to borrow

You have $160,000.00 of equity; 60% of the home's value is already borrowed. Lenders usually cap total home debt at a percentage of its value (the CLTV limit); the cap, your income and your credit decide the actual amount.

Largest new loan at common CLTV limits

CLTV limitTotal home debt allowedLargest new loanYour loan fits?
80% $320,000.00$80,000.00Yes
85% $340,000.00$100,000.00Yes
90% $360,000.00$120,000.00Yes

This loan brings total debt on the home to 72.5% of its value, within all three common limits.

Cash in hand vs. what you repay

What you receive and what you repay

ItemAmount
Loan amount requested $50,000.00
Closing costs, taken from the loan − $1,500.00
Cash you receive $48,500.00
Balance you repay $50,000.00
Total of payments $87,312.63
Cost of borrowing (interest + closing costs) $38,812.63

Extra payments

Add an extra monthly payment above to see how much interest and time it could save.

Compare loan terms

A shorter term raises the monthly payment but cuts total interest.

Same loan and rate over common home equity terms

TermMonthly paymentTotal interestInterest vs. your term
5 years $1,019.81$11,188.75−$26,123.88
10 years $613.26$23,591.58−$13,721.06
15 years (yours) $485.07$37,312.63—
20 years $426.03$52,247.88+$14,935.25
30 years $375.63$85,227.99+$47,915.36

Amortization schedule

Amortization by year, with the required payment

YearPaidPrincipalInterestEnding balance
Year 1 $5,820.84$1,761.46$4,059.38$48,238.54
Year 2 $5,820.84$1,912.40$3,908.44$46,326.14
Year 3 $5,820.84$2,076.28$3,744.56$44,249.86
Year 4 $5,820.84$2,254.20$3,566.64$41,995.66
Year 5 $5,820.84$2,447.37$3,373.47$39,548.29
Year 6 $5,820.84$2,657.09$3,163.75$36,891.20
Year 7 $5,820.84$2,884.78$2,936.06$34,006.42
Year 8 $5,820.84$3,131.98$2,688.86$30,874.44
Year 9 $5,820.84$3,400.37$2,420.47$27,474.07
Year 10 $5,820.84$3,691.75$2,129.09$23,782.32
Year 11 $5,820.84$4,008.11$1,812.73$19,774.21
Year 12 $5,820.84$4,351.57$1,469.27$15,422.64
Year 13 $5,820.84$4,724.47$1,096.38$10,698.17
Year 14 $5,820.84$5,129.32$691.53$5,568.86
Year 15 $5,820.84$5,568.86$251.98$0.00
Show all 180 monthly payments

Every monthly payment, with the required payment

Payment #PaymentPrincipalInterestBalance
1 $485.07$141.32$343.75$49,858.68
2 $485.07$142.29$342.78$49,716.39
3 $485.07$143.27$341.80$49,573.12
4 $485.07$144.25$340.82$49,428.86
5 $485.07$145.25$339.82$49,283.62
6 $485.07$146.25$338.82$49,137.37
7 $485.07$147.25$337.82$48,990.12
8 $485.07$148.26$336.81$48,841.86
9 $485.07$149.28$335.79$48,692.57
10 $485.07$150.31$334.76$48,542.27
11 $485.07$151.34$333.73$48,390.92
12 $485.07$152.38$332.69$48,238.54
13 $485.07$153.43$331.64$48,085.11
14 $485.07$154.49$330.59$47,930.63
15 $485.07$155.55$329.52$47,775.08
16 $485.07$156.62$328.45$47,618.46
17 $485.07$157.69$327.38$47,460.77
18 $485.07$158.78$326.29$47,301.99
19 $485.07$159.87$325.20$47,142.12
20 $485.07$160.97$324.10$46,981.15
21 $485.07$162.07$323.00$46,819.08
22 $485.07$163.19$321.88$46,655.89
23 $485.07$164.31$320.76$46,491.58
24 $485.07$165.44$319.63$46,326.14
25 $485.07$166.58$318.49$46,159.56
26 $485.07$167.72$317.35$45,991.84
27 $485.07$168.88$316.19$45,822.96
28 $485.07$170.04$315.03$45,652.92
29 $485.07$171.21$313.86$45,481.72
30 $485.07$172.38$312.69$45,309.34
31 $485.07$173.57$311.50$45,135.77
32 $485.07$174.76$310.31$44,961.00
33 $485.07$175.96$309.11$44,785.04
34 $485.07$177.17$307.90$44,607.87
35 $485.07$178.39$306.68$44,429.48
36 $485.07$179.62$305.45$44,249.86
37 $485.07$180.85$304.22$44,069.01
38 $485.07$182.10$302.97$43,886.91
39 $485.07$183.35$301.72$43,703.56
40 $485.07$184.61$300.46$43,518.96
41 $485.07$185.88$299.19$43,333.08
42 $485.07$187.16$297.91$43,145.92
43 $485.07$188.44$296.63$42,957.48
44 $485.07$189.74$295.33$42,767.74
45 $485.07$191.04$294.03$42,576.70
46 $485.07$192.36$292.71$42,384.35
47 $485.07$193.68$291.39$42,190.67
48 $485.07$195.01$290.06$41,995.66
49 $485.07$196.35$288.72$41,799.31
50 $485.07$197.70$287.37$41,601.61
51 $485.07$199.06$286.01$41,402.55
52 $485.07$200.43$284.64$41,202.12
53 $485.07$201.81$283.26$41,000.32
54 $485.07$203.19$281.88$40,797.12
55 $485.07$204.59$280.48$40,592.53
56 $485.07$206.00$279.07$40,386.54
57 $485.07$207.41$277.66$40,179.12
58 $485.07$208.84$276.23$39,970.29
59 $485.07$210.27$274.80$39,760.01
60 $485.07$211.72$273.35$39,548.29
61 $485.07$213.18$271.89$39,335.12
62 $485.07$214.64$270.43$39,120.47
63 $485.07$216.12$268.95$38,904.36
64 $485.07$217.60$267.47$38,686.76
65 $485.07$219.10$265.97$38,467.66
66 $485.07$220.61$264.47$38,247.05
67 $485.07$222.12$262.95$38,024.93
68 $485.07$223.65$261.42$37,801.28
69 $485.07$225.19$259.88$37,576.09
70 $485.07$226.73$258.34$37,349.36
71 $485.07$228.29$256.78$37,121.07
72 $485.07$229.86$255.21$36,891.20
73 $485.07$231.44$253.63$36,659.76
74 $485.07$233.03$252.04$36,426.73
75 $485.07$234.64$250.43$36,192.09
76 $485.07$236.25$248.82$35,955.84
77 $485.07$237.87$247.20$35,717.97
78 $485.07$239.51$245.56$35,478.46
79 $485.07$241.16$243.91$35,237.30
80 $485.07$242.81$242.26$34,994.49
81 $485.07$244.48$240.59$34,750.00
82 $485.07$246.16$238.91$34,503.84
83 $485.07$247.86$237.21$34,255.98
84 $485.07$249.56$235.51$34,006.42
85 $485.07$251.28$233.79$33,755.15
86 $485.07$253.00$232.07$33,502.14
87 $485.07$254.74$230.33$33,247.40
88 $485.07$256.49$228.58$32,990.91
89 $485.07$258.26$226.81$32,732.65
90 $485.07$260.03$225.04$32,472.62
91 $485.07$261.82$223.25$32,210.80
92 $485.07$263.62$221.45$31,947.17
93 $485.07$265.43$219.64$31,681.74
94 $485.07$267.26$217.81$31,414.48
95 $485.07$269.10$215.97$31,145.39
96 $485.07$270.95$214.12$30,874.44
97 $485.07$272.81$212.26$30,601.63
98 $485.07$274.68$210.39$30,326.95
99 $485.07$276.57$208.50$30,050.38
100 $485.07$278.47$206.60$29,771.90
101 $485.07$280.39$204.68$29,491.51
102 $485.07$282.32$202.75$29,209.20
103 $485.07$284.26$200.81$28,924.94
104 $485.07$286.21$198.86$28,638.73
105 $485.07$288.18$196.89$28,350.55
106 $485.07$290.16$194.91$28,060.39
107 $485.07$292.15$192.92$27,768.24
108 $485.07$294.16$190.91$27,474.07
109 $485.07$296.19$188.88$27,177.89
110 $485.07$298.22$186.85$26,879.67
111 $485.07$300.27$184.80$26,579.39
112 $485.07$302.34$182.73$26,277.06
113 $485.07$304.42$180.65$25,972.64
114 $485.07$306.51$178.56$25,666.13
115 $485.07$308.62$176.45$25,357.52
116 $485.07$310.74$174.33$25,046.78
117 $485.07$312.87$172.20$24,733.91
118 $485.07$315.02$170.05$24,418.88
119 $485.07$317.19$167.88$24,101.69
120 $485.07$319.37$165.70$23,782.32
121 $485.07$321.57$163.50$23,460.75
122 $485.07$323.78$161.29$23,136.98
123 $485.07$326.00$159.07$22,810.97
124 $485.07$328.24$156.83$22,482.73
125 $485.07$330.50$154.57$22,152.23
126 $485.07$332.77$152.30$21,819.45
127 $485.07$335.06$150.01$21,484.39
128 $485.07$337.36$147.71$21,147.03
129 $485.07$339.68$145.39$20,807.34
130 $485.07$342.02$143.05$20,465.32
131 $485.07$344.37$140.70$20,120.95
132 $485.07$346.74$138.33$19,774.21
133 $485.07$349.12$135.95$19,425.09
134 $485.07$351.52$133.55$19,073.57
135 $485.07$353.94$131.13$18,719.63
136 $485.07$356.37$128.70$18,363.25
137 $485.07$358.82$126.25$18,004.43
138 $485.07$361.29$123.78$17,643.14
139 $485.07$363.77$121.30$17,279.37
140 $485.07$366.27$118.80$16,913.09
141 $485.07$368.79$116.28$16,544.30
142 $485.07$371.33$113.74$16,172.97
143 $485.07$373.88$111.19$15,799.09
144 $485.07$376.45$108.62$15,422.64
145 $485.07$379.04$106.03$15,043.60
146 $485.07$381.65$103.42$14,661.96
147 $485.07$384.27$100.80$14,277.69
148 $485.07$386.91$98.16$13,890.78
149 $485.07$389.57$95.50$13,501.20
150 $485.07$392.25$92.82$13,108.96
151 $485.07$394.95$90.12$12,714.01
152 $485.07$397.66$87.41$12,316.35
153 $485.07$400.40$84.67$11,915.95
154 $485.07$403.15$81.92$11,512.80
155 $485.07$405.92$79.15$11,106.88
156 $485.07$408.71$76.36$10,698.17
157 $485.07$411.52$73.55$10,286.65
158 $485.07$414.35$70.72$9,872.30
159 $485.07$417.20$67.87$9,455.11
160 $485.07$420.07$65.00$9,035.04
161 $485.07$422.95$62.12$8,612.09
162 $485.07$425.86$59.21$8,186.22
163 $485.07$428.79$56.28$7,757.43
164 $485.07$431.74$53.33$7,325.70
165 $485.07$434.71$50.36$6,890.99
166 $485.07$437.69$47.38$6,453.30
167 $485.07$440.70$44.37$6,012.59
168 $485.07$443.73$41.34$5,568.86
169 $485.07$446.78$38.29$5,122.07
170 $485.07$449.86$35.21$4,672.22
171 $485.07$452.95$32.12$4,219.27
172 $485.07$456.06$29.01$3,763.21
173 $485.07$459.20$25.87$3,304.01
174 $485.07$462.36$22.72$2,841.65
175 $485.07$465.53$19.54$2,376.12
176 $485.07$468.73$16.34$1,907.39
177 $485.07$471.96$13.11$1,435.43
178 $485.07$475.20$9.87$960.23
179 $485.07$478.47$6.60$481.76
180 $485.07$481.76$3.31$0.00

What a home equity loan is

A home equity loan lets you borrow against the equity in your home, the part of its value you own outright. You receive the money as a lump sum and repay it in fixed monthly payments, usually at a fixed rate. Your home is the collateral, so if you cannot repay, the lender could foreclose (CFPB: what is a home equity loan?).

How much you can borrow: combined loan-to-value

Lenders cap the total of all loans secured by the home, your mortgage plus the new loan, at a percentage of its value. This is the combined loan-to-value ratio (CLTV). The largest new loan is home value × CLTV limit − what you already owe.

For the example home worth $400,000.00 with $240,000.00 owed, an 80% limit allows $320,000.00 of total debt, so the largest new loan is $80,000.00. At 85% it is $100,000.00, and at 90% it is $120,000.00. The limit varies by lender, and your income, debts, credit and the appraised value also decide what you are offered, so treat these figures as a ceiling, not an approval.

Closing costs: deducted or added to the loan

If $1,500.00 of closing costs comes out of the loan, you receive $48,500.00 and repay $50,000.00 at $485.07 a month. Adding the costs to the loan instead gives you the full $50,000.00, but you repay $51,500.00 at $499.62 a month, and the total cost of borrowing rises from $38,812.63 to $39,932.01. Your Loan Estimate lists the expected closing costs.

Choosing a term

The same $50,000.00 at 8.25% costs $613.26 a month over 10 years with $23,591.58 of interest, or $375.63 a month over 30 years with $85,227.99 of interest. The results compare common terms side by side.

Home equity loan or HELOC?

A home equity loan pays out once, with a fixed payment. A home equity line of credit (HELOC) lets you draw as you need, and its payment usually changes with the balance and a variable rate (CFPB: home equity loan vs. HELOC). A loan suits a known, one-time cost; a line suits costs that arrive over time.

How the payment is calculated

The payment is the fixed-rate payment P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the amount you repay (the loan plus any closing costs added to it), r is the annual rate ÷ 12 and n is the number of months: the same formula as our loan payment calculator. The schedule applies each payment to interest first, then principal. Amounts are calculated at full precision and rounded to cents only for display.

What this calculator does not include

  • Whether you qualify: lenders also look at income, other debts, credit history and an appraisal.
  • Property taxes, homeowners insurance and any change to your first mortgage.
  • Tax deductibility of the interest. Ask a tax professional.
  • Variable-rate loans and lines of credit. The rate stays fixed, with monthly interest at the annual rate ÷ 12.
  • No rates or CLTV limits are assumed for any lender. Results are estimates, not a loan offer or financial advice.

Methodology and testing

The payment and schedule come from the same tested amortization engine as every loan calculator on this site. Automated tests check the payment, total interest, CLTV and borrowing limits against independent calculations for 300 random homes and loans, including financed closing costs and other liens. How we build and test calculators.

Sources

  • HELOC Payment Calculator

    Draw-period and repayment payments, the payment jump when repayment starts, rate what-ifs and a yearly schedule.

  • Mortgage Refinance Calculator

    New payment, true break-even that counts the balance owed, savings if you sell after N years, and a full-term comparison.

  • Loan Payment Calculator

    Monthly payment, total interest, term comparison, extra-payment savings and a full amortization schedule.