Home Equity Loan Calculator - Calculate Your Monthly Payments, Total Costs and APR
Home Equity Loan Calculator
Loan Calculation Results
Amortization Tables
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| Year | Date | Principal | Interest | Ending Balance |
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Loan Payment Schedule Visualization
Why Use Our Home Equity Loan Calculator?
Use our comprehensive home equity loan calculator to determine your monthly payments, total interest costs, and real APR. Our tool helps you understand the true cost of your home equity loan by factoring in closing costs and providing detailed amortization schedules.
- Accurate APR Calculation: See the real cost of your loan including all fees and closing costs
- Detailed Amortization Schedules: View monthly and annual payment breakdowns
- Visual Analytics: Interactive charts show your payment distribution and loan balance over time
- Flexible Options: Choose whether closing costs are paid upfront or deducted from your loan
- Downloadable Reports: Export amortization schedules to CSV for your records
How to Use This Calculator
- Enter Loan Amount: The total amount you want to borrow
- Set Loan Term: Choose your repayment period in years and months
- Input Interest Rate: Enter the annual interest rate offered by your lender
- Add Closing Costs: Include origination fees and other closing costs (optional)
- Choose Payment Method: Select whether fees are deducted from loan or paid upfront
What Is a Home Equity Loan?
A home equity loan, often called a "second mortgage," allows you to borrow against the equity you've built in your home. The equity is the difference between your home's current market value and the amount you owe on your mortgage. These loans provide a lump sum of cash that you repay over a fixed term with a fixed interest rate.
What Is One Disadvantage of Using a Home Equity Loan?
One disadvantage of a home equity loan is that your home serves as collateral, so you could lose it if you can’t repay the loan.
How Much Would a $50,000 Home Equity Loan Cost Per Month?
A $50,000 home equity loan might cost about $449.41–$537.30 per month on a 15-year term at roughly 7%–10% APR (exact payment depends on your rate and term).
What Is the Average Payment on a $100,000 Home Equity Loan?
The average payment on a $100,000 home equity loan is often around $1,161.08–$1,321.51 per month on a 10-year term at roughly 7%–10% APR, depending on the exact rate and term.
Frequently Asked Questions
How Much Can I Borrow With a Home Equity Loan?
Most lenders allow you to borrow up to 80-85% of your home's appraised value, minus what you owe on your mortgage. For example, if your home is worth $300,000 and you owe $200,000, you may be able to borrow up to $40,000-$55,000.
What Credit Score Do I Need for a Home Equity Loan?
Most lenders require a credit score of at least 620, though some may require 680 or higher for the best rates. Higher credit scores typically qualify for lower interest rates.
How Long Does It Take to Get a Home Equity Loan?
The application and approval process typically takes 2-6 weeks, depending on the lender and the complexity of your situation. This includes time for home appraisal, title search, and underwriting.
Can I Pay off a Home Equity Loan Early?
Most home equity loans can be paid off early, but some lenders charge prepayment penalties. Check with your lender about prepayment terms before signing.
What's the Difference Between a Home Equity Loan and HELOC?
A home equity loan provides a lump sum with fixed payments, while a HELOC (Home Equity Line of Credit) works like a credit card with a revolving line of credit and variable interest rates.
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