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Home Equity Loan Calculator

Your fixed monthly payment, total interest and how much you could borrow, next to a HELOC on the same amount.

Step 1 of 3: Your home

Count every loan on the home. Caps vary by lender; the calculator uses 85%.

A home equity loan pays you one lump sum against the part of your home you own, usually at a fixed rate, with the same payment every month until it is paid off. Enter your home value and what you owe to see the estimated maximum, then the amount, rate and term to see the payment.

  • Free, no sign-up
  • Fixed payment and payoff year
  • HELOC comparison

Your home equity loan breakdown

Borrowing limit: 85% of $450,000 is $382,500. Minus the $250,000 you owe, that leaves a loan of up to $132,500. The calculator uses 85%, PNC's cap for home equity loans of $50,000 or more. Caps vary by lender and loan size (PNC itself uses 80% below $50,000), so your limit may be lower. This is an estimate, not an offer: the lender sets the amount after its own review of the home's value, your credit and your income.

Payment on $50,000 at 8% for 10 years: $607 a month, the same for all 120 payments. The formula is loan × r ÷ (1 − (1 + r)−n), where r is the monthly rate (8% ÷ 12 = 0.6667%) and n is the number of payments (120).

Total cost: $22,797 in interest, $72,797 in all. Interest is highest at the start: in year 1, $3,877 of the $7,280 you pay is interest; in year 10, $306. Taken out in 2026, the loan is paid off in 2036.

The same $50,000 as a HELOC at 8% (the example rate in our HELOC calculator: the prime rate plus 1 point): $333 a month interest-only for 10 years, then $418 a month for 20 years. Interest comes to $90,373, $67,576 more than the loan, because the balance stays at $50,000 for 10 years and repayment runs to year 30. For comparison, repaid over the same 30 years, the loan itself would cost $82,078 in interest. HELOC rates are usually variable, so those payments can change; paying principal early lowers the interest.

Yr 1Yr 10Yr 30
Home equity loan balance HELOC balance, interest only for 10 years
Year-by-year schedule
YearPaid that yearInterestPrincipalBalance at year end
1$7,280$3,877$3,403$46,597
2$7,280$3,595$3,685$42,912
3$7,280$3,289$3,991$38,921
4$7,280$2,958$4,322$34,599
5$7,280$2,599$4,681$29,918
6$7,280$2,210$5,069$24,849
7$7,280$1,790$5,490$19,359
8$7,280$1,334$5,946$13,413
9$7,280$840$6,439$6,974
10$7,280$306$6,974$0

What this does not include

  • Closing costs and fees, such as an appraisal or title search. Navy Federal, Truist and U.S. Bank say they pay these or charge none on their home equity loans, PNC charges none apart from prepaid interest, and TD lists a $99 origination fee among fees that may apply.
  • Property taxes, insurance and your current mortgage payment. The payment above is for the new loan only.
  • Prepaid interest, discount points and rate discounts, for example for paying automatically from the lender's checking account.
  • HELOC rate changes. The comparison keeps the HELOC rate at 8% for all 30 years.

How to use this home equity loan calculator

  1. Your home. Enter what your home is worth today and everything you owe on it: your mortgage plus any other loan secured by the home, such as a HELOC balance. Pick your state and property type, because the calculator uses a lower cap in Texas and for condos.
  2. Your loan. Enter the amount you want, the fixed rate and the term. The calculator starts at 8% as an example; replace it with the rate in a lender's offer.
  3. Results. You see the payment, its total cost, the payoff year and the same amount as a HELOC; the breakdown above adds the math and a year-by-year schedule.

How much can you borrow with a home equity loan?

Lenders cap everything you owe on the home, the new loan included, at a share of its value: the combined loan-to-value ratio (CLTV). The CFPB describes the amount as generally a percentage of the appraised value of your home minus what you owe on your mortgage.

Maximum loan = home value × lender's CLTV cap − everything you owe on the home
Example: $450,000 × 85% − $250,000 = $132,500

Caps differ by lender and loan size: PNC allows 85% CLTV on home equity loans of $50,000 or more and 80% on smaller ones. In Texas, the state constitution limits a home equity loan on a homestead, together with all other debt on it, to 80% of the home's fair market value. The calculator uses 85%, and 80% in Texas and for condos.

How the monthly payment is calculated

A home equity loan is repaid like a mortgage: the same payment every month, part interest and part principal, until the balance reaches zero.

Payment = loan × r ÷ (1 − (1 + r)−n), where r = yearly rate ÷ 12 and n = number of monthly payments
Example: $50,000 at 8% for 10 years: r = 0.6667%, n = 120, payment = $607 a month

A longer term lowers the payment and raises the total interest. The same $50,000 at 8% costs $607 a month over 10 years with $22,797 in interest, or $367 a month over 30 years with $82,078 in interest.

Home equity loan payments on common amounts

Monthly payments at a fixed rate of 8%. Use the calculator for your own rate and term.

Monthly home equity loan payments at 8% fixed
Loan amount10 years15 years20 years30 years
$25,000$303/mo$239/mo$209/mo$183/mo
$50,000$607/mo$478/mo$418/mo$367/mo
$75,000$910/mo$717/mo$627/mo$550/mo
$100,000$1,213/mo$956/mo$836/mo$734/mo
$150,000$1,820/mo$1,433/mo$1,255/mo$1,101/mo
$200,000$2,427/mo$1,911/mo$1,673/mo$1,468/mo

Home equity loan vs. HELOC

Both borrow against your home and put it at risk if you do not repay; they differ in how you get the money and pay it back.

Home equity loanHELOC
How you get moneyOne lump sumA credit line you draw as needed
RateUsually fixed (the CFPB notes it can also be adjustable)Usually variable
PaymentsEqual payments that pay off the whole loanCan be interest-only during the draw period, then principal and interest
Need more money laterApply for a new loanDraw again up to the limit during the draw period

On $50,000, with both at 8%: the loan costs $607 a month for 10 years and $22,797 in interest. A HELOC that is interest-only for 10 years and then repaid over 20 costs $333 a month at first, then $418, and $90,373 in interest if its rate never changes. The lower early payment comes with $67,576 more interest, mostly because the HELOC is repaid over 30 years: a 30-year home equity loan at 8% would cost $82,078 in interest. A home equity loan suits one cost you know up front; a HELOC suits costs that arrive over time. Our HELOC calculator shows a line in more detail.

Home equity loan rates

Your fixed rate depends on your credit score, how much equity you keep, the amount and the term. Lenders advertise their lowest rates, which assume strong credit and plenty of equity:

  • U.S. Bank: 7.65% APR for a 10-year loan of $50,000 to $99,999 with a loan-to-value ratio of 60% or less, a FICO score of 730 or higher and automatic payments, as of October 1, 2026.
  • Navy Federal: from 7.34% APR for 5 years to 8.35% for 20 years, assuming a 750 FICO score (read October 7, 2026).
  • PNC: 8.04% to 12.44% APR without a discount point (read October 7, 2026).

The calculator starts at 8%, a round example near the low end of these. Lenders quote the APR, which the CFPB explains reflects the interest rate plus other charges; the monthly payment is based on the interest rate, so enter that number from your offer.

Costs and risks to check before you apply

  • Your home is the collateral. If you cannot keep up with the payments, the lender can foreclose.
  • Closing costs vary. Navy Federal and Truist say they pay them on their home equity loans, U.S. Bank says its loans have none, PNC charges none apart from prepaid interest, and TD lists a $99 origination fee among fees that may apply. Ask for the full list of fees.
  • Selling the home. Repayment is often required when you sell; Truist, for example, says its loan must be paid in full before the title can be transferred.
  • Three business days to change your mind. On a loan secured by your main home, federal law lets you cancel until midnight of the third business day after closing (or after you get the required notice and disclosures, if later). The lender cannot pay out the money before then, and if you cancel, it must return what you paid within 20 calendar days.
  • Texas has extra rules. On a homestead, the loan cannot close before the 12th day after you apply or get the lender's required notice, whichever is later; you generally cannot take another one within a year; and fees paid to the lender or anyone else are capped at 2% of the loan, not counting some costs such as an appraisal or survey.

Is home equity loan interest tax-deductible?

Only if you use the money to buy, build or substantially improve the home that secures the loan, according to the IRS. The loan also counts toward the cap on mortgage debt whose interest you can deduct: $750,000 in total, or $375,000 if married filing separately, for debt taken out after December 15, 2017. The deduction only helps if you itemize. The 2025 tax law (Public Law 119-21) made this rule permanent. Check with a tax professional for your situation.

Home equity loan questions people ask

How much is the monthly payment on a $50,000 home equity loan?

At a fixed rate of 8%: about $607 a month over 10 years, $478 over 15, $418 over 20 or $367 over 30. A longer term costs more in total: $22,797 in interest over 10 years against $82,078 over 30.

How much is a $100,000 home equity loan payment?

At a fixed rate of 8%: about $1,213 a month over 10 years, $956 over 15, $836 over 20 or $734 over 30. Property taxes, insurance and your first mortgage are paid on top.

What is the current going rate for a home equity loan?

It depends on your credit, your equity, the amount and the term. Lowest advertised rates in early October 2026, for strong credit and plenty of equity: U.S. Bank 7.65% APR for 10 years, Navy Federal 7.34% for 5 years to 8.35% for 20 years. PNC's range was 8.04% to 12.44%. Compare quotes from several lenders.

Can you borrow 100% of your home equity?

Usually not. Most lenders cap everything you owe on the home below its full value: PNC at 85% for loans of $50,000 or more (80% below that), and Texas law at 80% for a homestead. A few advertise more: Navy Federal says up to 100% of your home's equity, subject to approval.

What disqualifies you from getting a home equity loan?

Too little equity, a credit score below the lender's minimum (660 at U.S. Bank, 680 at PNC), or income too low for the payment on top of your other debts. The property matters too: TD does not lend on mobile homes or homes for sale.

What are the closing costs on a home equity loan?

It depends on the lender. Navy Federal and Truist pay them on their home equity loans, U.S. Bank says its loans have none, and PNC charges none apart from prepaid interest unless you buy discount points. TD lists a $99 origination fee among fees that may apply. Ask each lender for its full list of fees.

How is a $50,000 home equity loan different from a $50,000 home equity line of credit?

The loan pays $50,000 at once with a fixed payment; the line lets you draw what you need, usually at a variable rate, and may allow interest-only payments at first. With both at 8%: the loan costs $607 a month for 10 years, $22,797 in interest; the HELOC $333 a month for 10 years, then $418 for 20, $90,373 in interest if its rate never changes. Most of that gap comes from repaying over 30 years instead of 10.

Is it easier to get a HELOC or home equity loan?

Lenders check the same things for both: equity, credit, debts and income. U.S. Bank, for example, asks for a FICO score of 660 or higher for either one.

Are home equity loans a trap?

They carry real risks. Your home is the collateral, so if you cannot repay, the lender can foreclose. Paying off credit cards with one turns unsecured debt into debt secured by your home, and repayment is often required when you sell. If you already struggle with your mortgage, the CFPB suggests talking to a HUD-approved housing counselor first: (855) 411-2372.

Sources

  1. CFPB: Home equity loan vs. HELOC
  2. CFPB: What you should know about home equity lines of credit - comparison of a HELOC, a home equity loan and a cash-out refinance
  3. CFPB: Mortgage interest rate vs. APR
  4. 12 CFR 1026.23: right of rescission (Regulation Z)
  5. IRS Publication 936: Home Mortgage Interest Deduction
  6. Public Law 119-21, section 70108 (qualified residence interest)
  7. Texas Constitution, Article XVI, Section 50 (home equity lending)
  8. Federal Reserve Bank of St. Louis (FRED): Bank Prime Loan Rate - HELOC comparison rate
  9. U.S. Bank: Home equity loan - rate, credit score, closing costs, terms
  10. Navy Federal: Fixed-rate equity loan - closing costs, sample payment
  11. Navy Federal: Home equity rates
  12. PNC: Home equity loan - CLTV caps, credit score, rates, fees, Texas
  13. TD Bank: Home equity loan - terms, origination fee, eligible properties
  14. Truist: Home equity loan - closing costs, repayment when you sell
  15. U.S. Bank: Home equity line of credit - HELOC credit score
  16. PenFed: Home Equity Line of Credit - condo CLTV cap

Last reviewed October 7, 2026. See how we calculate. This page is general information, not financial or tax advice.

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