Home equity loan calculator
Free browser-based loan and savings estimates. The interactive calculator requires JavaScript; explanations and examples are available below.
Read the guideFree browser-based loan and savings estimates. The interactive calculator requires JavaScript; explanations and examples are available below.
Read the guideEnter the home equity loan amount, fixed annual interest rate and term. This model treats the loan as an installment balance with equal scheduled payments. It does not combine the payment with an existing first mortgage; include that payment separately in your overall housing budget.
A fixed-rate home equity loan normally uses a single starting balance and an amortizing repayment term. A HELOC may have a draw period and variable rate. Use the HELOC calculator for an interest-only draw period followed by repayment; even that tool holds the entered rate constant rather than forecasting future rate changes.
Upfront fees are entered as a separately paid amount. Property taxes, homeowners insurance, appraisal requirements, lien conditions and tax deductions are not calculated. The payment estimate does not establish available equity, borrowing eligibility or affordability. Because the loan may be secured by your home, review the agreement and consequences of missed payments with your lender. Extra-payment results exclude penalties and assume principal is reduced as modeled.
For a hypothetical $50,000.00 balance at 8% over 120 months, the modeled first debt payment is $606.64 and total interest is $22,796.56. No extra payment is included.
These example rates are not current market quotes. Change the calculator inputs to match your own scenario. Displayed amounts are rounded; calculations use unrounded values.
No. This tool models a fixed-rate amortizing installment loan without a draw period.
No. It does not determine tax eligibility or assume any deduction.
Read our calculation methodology and limitations before relying on an estimate.
Educational estimates, not financial advice, loan offers or guaranteed returns.