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Home Equity Loan Calculator

Home equity loan calculator to calculate the monthly payments for your home equity loan. The home equity loan amortization schedule shows how much you will be paying on interest and principal each month.

Home Equity Loan Calculator

Loan Amount
Loan Terms
years
Interest Rate
First Payment Date
Amortization schedule
Show By Month Year

Home Equity Loan Results

Loan Amount:
$150,000.00
Monthly Payment:
$1,013.11
Total # Of Payments:
360
Start Date:
Mar, 2024
Payoff Date:
Feb, 2054
Total Interest Paid:
$214,719.65
Total Payment:
$364,719.65

Home Equity Loan Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Mar, 2024 1 $893.75 $119.36 $1,013.11 $149,880.64
Apr, 2024 2 $893.04 $120.07 $1,013.11 $149,760.57
May, 2024 3 $892.32 $120.79 $1,013.11 $149,639.78
Jun, 2024 4 $891.60 $121.51 $1,013.11 $149,518.28
Jul, 2024 5 $890.88 $122.23 $1,013.11 $149,396.04
Aug, 2024 6 $890.15 $122.96 $1,013.11 $149,273.09
Sep, 2024 7 $889.42 $123.69 $1,013.11 $149,149.39
Oct, 2024 8 $888.68 $124.43 $1,013.11 $149,024.97
Nov, 2024 9 $887.94 $125.17 $1,013.11 $148,899.80
Dec, 2024 10 $887.19 $125.92 $1,013.11 $148,773.88
Jan, 2025 11 $886.44 $126.67 $1,013.11 $148,647.22
Feb, 2025 12 $885.69 $127.42 $1,013.11 $148,519.80
Mar, 2025 13 $884.93 $128.18 $1,013.11 $148,391.62
Apr, 2025 14 $884.17 $128.94 $1,013.11 $148,262.67
May, 2025 15 $883.40 $129.71 $1,013.11 $148,132.96
Jun, 2025 16 $882.63 $130.48 $1,013.11 $148,002.48
Jul, 2025 17 $881.85 $131.26 $1,013.11 $147,871.21
Aug, 2025 18 $881.07 $132.04 $1,013.11 $147,739.17
Sep, 2025 19 $880.28 $132.83 $1,013.11 $147,606.34
Oct, 2025 20 $879.49 $133.62 $1,013.11 $147,472.72
Nov, 2025 21 $878.69 $134.42 $1,013.11 $147,338.30
Dec, 2025 22 $877.89 $135.22 $1,013.11 $147,203.08
Jan, 2026 23 $877.09 $136.03 $1,013.11 $147,067.05
Feb, 2026 24 $876.27 $136.84 $1,013.11 $146,930.22
Mar, 2026 25 $875.46 $137.65 $1,013.11 $146,792.57
Apr, 2026 26 $874.64 $138.47 $1,013.11 $146,654.10
May, 2026 27 $873.81 $139.30 $1,013.11 $146,514.80
Jun, 2026 28 $872.98 $140.13 $1,013.11 $146,374.67
Jul, 2026 29 $872.15 $140.96 $1,013.11 $146,233.71
Aug, 2026 30 $871.31 $141.80 $1,013.11 $146,091.91
Sep, 2026 31 $870.46 $142.65 $1,013.11 $145,949.27
Oct, 2026 32 $869.61 $143.50 $1,013.11 $145,805.77
Nov, 2026 33 $868.76 $144.35 $1,013.11 $145,661.42
Dec, 2026 34 $867.90 $145.21 $1,013.11 $145,516.21
Jan, 2027 35 $867.03 $146.08 $1,013.11 $145,370.13
Feb, 2027 36 $866.16 $146.95 $1,013.11 $145,223.19
Mar, 2027 37 $865.29 $147.82 $1,013.11 $145,075.36
Apr, 2027 38 $864.41 $148.70 $1,013.11 $144,926.66
May, 2027 39 $863.52 $149.59 $1,013.11 $144,777.07
Jun, 2027 40 $862.63 $150.48 $1,013.11 $144,626.59
Jul, 2027 41 $861.73 $151.38 $1,013.11 $144,475.22
Aug, 2027 42 $860.83 $152.28 $1,013.11 $144,322.94
Sep, 2027 43 $859.92 $153.19 $1,013.11 $144,169.75
Oct, 2027 44 $859.01 $154.10 $1,013.11 $144,015.65
Nov, 2027 45 $858.09 $155.02 $1,013.11 $143,860.64
Dec, 2027 46 $857.17 $155.94 $1,013.11 $143,704.69
Jan, 2028 47 $856.24 $156.87 $1,013.11 $143,547.82
Feb, 2028 48 $855.31 $157.80 $1,013.11 $143,390.02
Mar, 2028 49 $854.37 $158.74 $1,013.11 $143,231.28
Apr, 2028 50 $853.42 $159.69 $1,013.11 $143,071.59
May, 2028 51 $852.47 $160.64 $1,013.11 $142,910.94
Jun, 2028 52 $851.51 $161.60 $1,013.11 $142,749.34
Jul, 2028 53 $850.55 $162.56 $1,013.11 $142,586.78
Aug, 2028 54 $849.58 $163.53 $1,013.11 $142,423.25
Sep, 2028 55 $848.61 $164.50 $1,013.11 $142,258.75
Oct, 2028 56 $847.63 $165.49 $1,013.11 $142,093.26
Nov, 2028 57 $846.64 $166.47 $1,013.11 $141,926.79
Dec, 2028 58 $845.65 $167.46 $1,013.11 $141,759.33
Jan, 2029 59 $844.65 $168.46 $1,013.11 $141,590.87
Feb, 2029 60 $843.65 $169.46 $1,013.11 $141,421.40
Mar, 2029 61 $842.64 $170.47 $1,013.11 $141,250.93
Apr, 2029 62 $841.62 $171.49 $1,013.11 $141,079.44
May, 2029 63 $840.60 $172.51 $1,013.11 $140,906.93
Jun, 2029 64 $839.57 $173.54 $1,013.11 $140,733.39
Jul, 2029 65 $838.54 $174.57 $1,013.11 $140,558.81
Aug, 2029 66 $837.50 $175.61 $1,013.11 $140,383.20
Sep, 2029 67 $836.45 $176.66 $1,013.11 $140,206.54
Oct, 2029 68 $835.40 $177.71 $1,013.11 $140,028.83
Nov, 2029 69 $834.34 $178.77 $1,013.11 $139,850.05
Dec, 2029 70 $833.27 $179.84 $1,013.11 $139,670.22
Jan, 2030 71 $832.20 $180.91 $1,013.11 $139,489.31
Feb, 2030 72 $831.12 $181.99 $1,013.11 $139,307.32
Mar, 2030 73 $830.04 $183.07 $1,013.11 $139,124.25
Apr, 2030 74 $828.95 $184.16 $1,013.11 $138,940.09
May, 2030 75 $827.85 $185.26 $1,013.11 $138,754.83
Jun, 2030 76 $826.75 $186.36 $1,013.11 $138,568.47
Jul, 2030 77 $825.64 $187.47 $1,013.11 $138,381.00
Aug, 2030 78 $824.52 $188.59 $1,013.11 $138,192.41
Sep, 2030 79 $823.40 $189.71 $1,013.11 $138,002.69
Oct, 2030 80 $822.27 $190.84 $1,013.11 $137,811.85
Nov, 2030 81 $821.13 $191.98 $1,013.11 $137,619.87
Dec, 2030 82 $819.99 $193.13 $1,013.11 $137,426.74
Jan, 2031 83 $818.83 $194.28 $1,013.11 $137,232.47
Feb, 2031 84 $817.68 $195.43 $1,013.11 $137,037.03
Mar, 2031 85 $816.51 $196.60 $1,013.11 $136,840.44
Apr, 2031 86 $815.34 $197.77 $1,013.11 $136,642.67
May, 2031 87 $814.16 $198.95 $1,013.11 $136,443.72
Jun, 2031 88 $812.98 $200.13 $1,013.11 $136,243.59
Jul, 2031 89 $811.78 $201.33 $1,013.11 $136,042.26
Aug, 2031 90 $810.59 $202.53 $1,013.11 $135,839.73
Sep, 2031 91 $809.38 $203.73 $1,013.11 $135,636.00
Oct, 2031 92 $808.16 $204.95 $1,013.11 $135,431.06
Nov, 2031 93 $806.94 $206.17 $1,013.11 $135,224.89
Dec, 2031 94 $805.71 $207.40 $1,013.11 $135,017.50
Jan, 2032 95 $804.48 $208.63 $1,013.11 $134,808.86
Feb, 2032 96 $803.24 $209.87 $1,013.11 $134,598.99
Mar, 2032 97 $801.99 $211.12 $1,013.11 $134,387.87
Apr, 2032 98 $800.73 $212.38 $1,013.11 $134,175.48
May, 2032 99 $799.46 $213.65 $1,013.11 $133,961.84
Jun, 2032 100 $798.19 $214.92 $1,013.11 $133,746.92
Jul, 2032 101 $796.91 $216.20 $1,013.11 $133,530.71
Aug, 2032 102 $795.62 $217.49 $1,013.11 $133,313.22
Sep, 2032 103 $794.32 $218.79 $1,013.11 $133,094.44
Oct, 2032 104 $793.02 $220.09 $1,013.11 $132,874.35
Nov, 2032 105 $791.71 $221.40 $1,013.11 $132,652.95
Dec, 2032 106 $790.39 $222.72 $1,013.11 $132,430.23
Jan, 2033 107 $789.06 $224.05 $1,013.11 $132,206.18
Feb, 2033 108 $787.73 $225.38 $1,013.11 $131,980.80
Mar, 2033 109 $786.39 $226.72 $1,013.11 $131,754.08
Apr, 2033 110 $785.03 $228.08 $1,013.11 $131,526.00
May, 2033 111 $783.68 $229.43 $1,013.11 $131,296.57
Jun, 2033 112 $782.31 $230.80 $1,013.11 $131,065.77
Jul, 2033 113 $780.93 $232.18 $1,013.11 $130,833.59
Aug, 2033 114 $779.55 $233.56 $1,013.11 $130,600.03
Sep, 2033 115 $778.16 $234.95 $1,013.11 $130,365.08
Oct, 2033 116 $776.76 $236.35 $1,013.11 $130,128.73
Nov, 2033 117 $775.35 $237.76 $1,013.11 $129,890.97
Dec, 2033 118 $773.93 $239.18 $1,013.11 $129,651.79
Jan, 2034 119 $772.51 $240.60 $1,013.11 $129,411.19
Feb, 2034 120 $771.07 $242.04 $1,013.11 $129,169.15
Mar, 2034 121 $769.63 $243.48 $1,013.11 $128,925.68
Apr, 2034 122 $768.18 $244.93 $1,013.11 $128,680.75
May, 2034 123 $766.72 $246.39 $1,013.11 $128,434.36
Jun, 2034 124 $765.25 $247.86 $1,013.11 $128,186.50
Jul, 2034 125 $763.78 $249.33 $1,013.11 $127,937.17
Aug, 2034 126 $762.29 $250.82 $1,013.11 $127,686.35
Sep, 2034 127 $760.80 $252.31 $1,013.11 $127,434.04
Oct, 2034 128 $759.29 $253.82 $1,013.11 $127,180.23
Nov, 2034 129 $757.78 $255.33 $1,013.11 $126,924.90
Dec, 2034 130 $756.26 $256.85 $1,013.11 $126,668.05
Jan, 2035 131 $754.73 $258.38 $1,013.11 $126,409.67
Feb, 2035 132 $753.19 $259.92 $1,013.11 $126,149.75
Mar, 2035 133 $751.64 $261.47 $1,013.11 $125,888.28
Apr, 2035 134 $750.08 $263.03 $1,013.11 $125,625.26
May, 2035 135 $748.52 $264.59 $1,013.11 $125,360.66
Jun, 2035 136 $746.94 $266.17 $1,013.11 $125,094.49
Jul, 2035 137 $745.35 $267.76 $1,013.11 $124,826.74
Aug, 2035 138 $743.76 $269.35 $1,013.11 $124,557.39
Sep, 2035 139 $742.15 $270.96 $1,013.11 $124,286.43
Oct, 2035 140 $740.54 $272.57 $1,013.11 $124,013.86
Nov, 2035 141 $738.92 $274.19 $1,013.11 $123,739.67
Dec, 2035 142 $737.28 $275.83 $1,013.11 $123,463.84
Jan, 2036 143 $735.64 $277.47 $1,013.11 $123,186.37
Feb, 2036 144 $733.99 $279.12 $1,013.11 $122,907.24
Mar, 2036 145 $732.32 $280.79 $1,013.11 $122,626.46
Apr, 2036 146 $730.65 $282.46 $1,013.11 $122,344.00
May, 2036 147 $728.97 $284.14 $1,013.11 $122,059.85
Jun, 2036 148 $727.27 $285.84 $1,013.11 $121,774.01
Jul, 2036 149 $725.57 $287.54 $1,013.11 $121,486.47
Aug, 2036 150 $723.86 $289.25 $1,013.11 $121,197.22
Sep, 2036 151 $722.13 $290.98 $1,013.11 $120,906.24
Oct, 2036 152 $720.40 $292.71 $1,013.11 $120,613.53
Nov, 2036 153 $718.66 $294.45 $1,013.11 $120,319.08
Dec, 2036 154 $716.90 $296.21 $1,013.11 $120,022.87
Jan, 2037 155 $715.14 $297.97 $1,013.11 $119,724.90
Feb, 2037 156 $713.36 $299.75 $1,013.11 $119,425.15
Mar, 2037 157 $711.57 $301.54 $1,013.11 $119,123.61
Apr, 2037 158 $709.78 $303.33 $1,013.11 $118,820.28
May, 2037 159 $707.97 $305.14 $1,013.11 $118,515.14
Jun, 2037 160 $706.15 $306.96 $1,013.11 $118,208.18
Jul, 2037 161 $704.32 $308.79 $1,013.11 $117,899.40
Aug, 2037 162 $702.48 $310.63 $1,013.11 $117,588.77
Sep, 2037 163 $700.63 $312.48 $1,013.11 $117,276.29
Oct, 2037 164 $698.77 $314.34 $1,013.11 $116,961.96
Nov, 2037 165 $696.90 $316.21 $1,013.11 $116,645.74
Dec, 2037 166 $695.01 $318.10 $1,013.11 $116,327.65
Jan, 2038 167 $693.12 $319.99 $1,013.11 $116,007.66
Feb, 2038 168 $691.21 $321.90 $1,013.11 $115,685.76
Mar, 2038 169 $689.29 $323.82 $1,013.11 $115,361.94
Apr, 2038 170 $687.36 $325.75 $1,013.11 $115,036.20
May, 2038 171 $685.42 $327.69 $1,013.11 $114,708.51
Jun, 2038 172 $683.47 $329.64 $1,013.11 $114,378.87
Jul, 2038 173 $681.51 $331.60 $1,013.11 $114,047.27
Aug, 2038 174 $679.53 $333.58 $1,013.11 $113,713.69
Sep, 2038 175 $677.54 $335.57 $1,013.11 $113,378.13
Oct, 2038 176 $675.54 $337.57 $1,013.11 $113,040.56
Nov, 2038 177 $673.53 $339.58 $1,013.11 $112,700.98
Dec, 2038 178 $671.51 $341.60 $1,013.11 $112,359.38
Jan, 2039 179 $669.47 $343.64 $1,013.11 $112,015.75
Feb, 2039 180 $667.43 $345.68 $1,013.11 $111,670.06
Mar, 2039 181 $665.37 $347.74 $1,013.11 $111,322.32
Apr, 2039 182 $663.30 $349.81 $1,013.11 $110,972.51
May, 2039 183 $661.21 $351.90 $1,013.11 $110,620.61
Jun, 2039 184 $659.11 $354.00 $1,013.11 $110,266.61
Jul, 2039 185 $657.01 $356.10 $1,013.11 $109,910.51
Aug, 2039 186 $654.88 $358.23 $1,013.11 $109,552.28
Sep, 2039 187 $652.75 $360.36 $1,013.11 $109,191.92
Oct, 2039 188 $650.60 $362.51 $1,013.11 $108,829.41
Nov, 2039 189 $648.44 $364.67 $1,013.11 $108,464.74
Dec, 2039 190 $646.27 $366.84 $1,013.11 $108,097.90
Jan, 2040 191 $644.08 $369.03 $1,013.11 $107,728.88
Feb, 2040 192 $641.88 $371.23 $1,013.11 $107,357.65
Mar, 2040 193 $639.67 $373.44 $1,013.11 $106,984.21
Apr, 2040 194 $637.45 $375.66 $1,013.11 $106,608.55
May, 2040 195 $635.21 $377.90 $1,013.11 $106,230.65
Jun, 2040 196 $632.96 $380.15 $1,013.11 $105,850.50
Jul, 2040 197 $630.69 $382.42 $1,013.11 $105,468.08
Aug, 2040 198 $628.41 $384.70 $1,013.11 $105,083.38
Sep, 2040 199 $626.12 $386.99 $1,013.11 $104,696.39
Oct, 2040 200 $623.82 $389.29 $1,013.11 $104,307.10
Nov, 2040 201 $621.50 $391.61 $1,013.11 $103,915.49
Dec, 2040 202 $619.16 $393.95 $1,013.11 $103,521.54
Jan, 2041 203 $616.82 $396.29 $1,013.11 $103,125.25
Feb, 2041 204 $614.45 $398.66 $1,013.11 $102,726.59
Mar, 2041 205 $612.08 $401.03 $1,013.11 $102,325.56
Apr, 2041 206 $609.69 $403.42 $1,013.11 $101,922.14
May, 2041 207 $607.29 $405.82 $1,013.11 $101,516.31
Jun, 2041 208 $604.87 $408.24 $1,013.11 $101,108.07
Jul, 2041 209 $602.44 $410.67 $1,013.11 $100,697.40
Aug, 2041 210 $599.99 $413.12 $1,013.11 $100,284.28
Sep, 2041 211 $597.53 $415.58 $1,013.11 $99,868.69
Oct, 2041 212 $595.05 $418.06 $1,013.11 $99,450.63
Nov, 2041 213 $592.56 $420.55 $1,013.11 $99,030.08
Dec, 2041 214 $590.05 $423.06 $1,013.11 $98,607.03
Jan, 2042 215 $587.53 $425.58 $1,013.11 $98,181.45
Feb, 2042 216 $585.00 $428.11 $1,013.11 $97,753.34
Mar, 2042 217 $582.45 $430.66 $1,013.11 $97,322.68
Apr, 2042 218 $579.88 $433.23 $1,013.11 $96,889.45
May, 2042 219 $577.30 $435.81 $1,013.11 $96,453.64
Jun, 2042 220 $574.70 $438.41 $1,013.11 $96,015.23
Jul, 2042 221 $572.09 $441.02 $1,013.11 $95,574.21
Aug, 2042 222 $569.46 $443.65 $1,013.11 $95,130.56
Sep, 2042 223 $566.82 $446.29 $1,013.11 $94,684.27
Oct, 2042 224 $564.16 $448.95 $1,013.11 $94,235.32
Nov, 2042 225 $561.49 $451.62 $1,013.11 $93,783.70
Dec, 2042 226 $558.79 $454.32 $1,013.11 $93,329.38
Jan, 2043 227 $556.09 $457.02 $1,013.11 $92,872.36
Feb, 2043 228 $553.36 $459.75 $1,013.11 $92,412.61
Mar, 2043 229 $550.63 $462.48 $1,013.11 $91,950.13
Apr, 2043 230 $547.87 $465.24 $1,013.11 $91,484.89
May, 2043 231 $545.10 $468.01 $1,013.11 $91,016.88
Jun, 2043 232 $542.31 $470.80 $1,013.11 $90,546.07
Jul, 2043 233 $539.50 $473.61 $1,013.11 $90,072.47
Aug, 2043 234 $536.68 $476.43 $1,013.11 $89,596.04
Sep, 2043 235 $533.84 $479.27 $1,013.11 $89,116.77
Oct, 2043 236 $530.99 $482.12 $1,013.11 $88,634.65
Nov, 2043 237 $528.11 $485.00 $1,013.11 $88,149.65
Dec, 2043 238 $525.23 $487.89 $1,013.11 $87,661.77
Jan, 2044 239 $522.32 $490.79 $1,013.11 $87,170.98
Feb, 2044 240 $519.39 $493.72 $1,013.11 $86,677.26
Mar, 2044 241 $516.45 $496.66 $1,013.11 $86,180.60
Apr, 2044 242 $513.49 $499.62 $1,013.11 $85,680.99
May, 2044 243 $510.52 $502.59 $1,013.11 $85,178.39
Jun, 2044 244 $507.52 $505.59 $1,013.11 $84,672.80
Jul, 2044 245 $504.51 $508.60 $1,013.11 $84,164.20
Aug, 2044 246 $501.48 $511.63 $1,013.11 $83,652.57
Sep, 2044 247 $498.43 $514.68 $1,013.11 $83,137.89
Oct, 2044 248 $495.36 $517.75 $1,013.11 $82,620.14
Nov, 2044 249 $492.28 $520.83 $1,013.11 $82,099.31
Dec, 2044 250 $489.18 $523.94 $1,013.11 $81,575.38
Jan, 2045 251 $486.05 $527.06 $1,013.11 $81,048.32
Feb, 2045 252 $482.91 $530.20 $1,013.11 $80,518.12
Mar, 2045 253 $479.75 $533.36 $1,013.11 $79,984.77
Apr, 2045 254 $476.58 $536.53 $1,013.11 $79,448.23
May, 2045 255 $473.38 $539.73 $1,013.11 $78,908.50
Jun, 2045 256 $470.16 $542.95 $1,013.11 $78,365.55
Jul, 2045 257 $466.93 $546.18 $1,013.11 $77,819.37
Aug, 2045 258 $463.67 $549.44 $1,013.11 $77,269.93
Sep, 2045 259 $460.40 $552.71 $1,013.11 $76,717.22
Oct, 2045 260 $457.11 $556.00 $1,013.11 $76,161.22
Nov, 2045 261 $453.79 $559.32 $1,013.11 $75,601.90
Dec, 2045 262 $450.46 $562.65 $1,013.11 $75,039.26
Jan, 2046 263 $447.11 $566.00 $1,013.11 $74,473.25
Feb, 2046 264 $443.74 $569.37 $1,013.11 $73,903.88
Mar, 2046 265 $440.34 $572.77 $1,013.11 $73,331.11
Apr, 2046 266 $436.93 $576.18 $1,013.11 $72,754.94
May, 2046 267 $433.50 $579.61 $1,013.11 $72,175.32
Jun, 2046 268 $430.04 $583.07 $1,013.11 $71,592.26
Jul, 2046 269 $426.57 $586.54 $1,013.11 $71,005.72
Aug, 2046 270 $423.08 $590.03 $1,013.11 $70,415.68
Sep, 2046 271 $419.56 $593.55 $1,013.11 $69,822.13
Oct, 2046 272 $416.02 $597.09 $1,013.11 $69,225.05
Nov, 2046 273 $412.47 $600.64 $1,013.11 $68,624.40
Dec, 2046 274 $408.89 $604.22 $1,013.11 $68,020.18
Jan, 2047 275 $405.29 $607.82 $1,013.11 $67,412.36
Feb, 2047 276 $401.67 $611.44 $1,013.11 $66,800.91
Mar, 2047 277 $398.02 $615.09 $1,013.11 $66,185.82
Apr, 2047 278 $394.36 $618.75 $1,013.11 $65,567.07
May, 2047 279 $390.67 $622.44 $1,013.11 $64,944.63
Jun, 2047 280 $386.96 $626.15 $1,013.11 $64,318.48
Jul, 2047 281 $383.23 $629.88 $1,013.11 $63,688.60
Aug, 2047 282 $379.48 $633.63 $1,013.11 $63,054.97
Sep, 2047 283 $375.70 $637.41 $1,013.11 $62,417.56
Oct, 2047 284 $371.90 $641.21 $1,013.11 $61,776.36
Nov, 2047 285 $368.08 $645.03 $1,013.11 $61,131.33
Dec, 2047 286 $364.24 $648.87 $1,013.11 $60,482.46
Jan, 2048 287 $360.37 $652.74 $1,013.11 $59,829.73
Feb, 2048 288 $356.49 $656.62 $1,013.11 $59,173.10
Mar, 2048 289 $352.57 $660.54 $1,013.11 $58,512.57
Apr, 2048 290 $348.64 $664.47 $1,013.11 $57,848.09
May, 2048 291 $344.68 $668.43 $1,013.11 $57,179.66
Jun, 2048 292 $340.70 $672.41 $1,013.11 $56,507.25
Jul, 2048 293 $336.69 $676.42 $1,013.11 $55,830.83
Aug, 2048 294 $332.66 $680.45 $1,013.11 $55,150.37
Sep, 2048 295 $328.60 $684.51 $1,013.11 $54,465.87
Oct, 2048 296 $324.53 $688.58 $1,013.11 $53,777.28
Nov, 2048 297 $320.42 $692.69 $1,013.11 $53,084.60
Dec, 2048 298 $316.30 $696.81 $1,013.11 $52,387.78
Jan, 2049 299 $312.14 $700.97 $1,013.11 $51,686.82
Feb, 2049 300 $307.97 $705.14 $1,013.11 $50,981.67
Mar, 2049 301 $303.77 $709.34 $1,013.11 $50,272.33
Apr, 2049 302 $299.54 $713.57 $1,013.11 $49,558.76
May, 2049 303 $295.29 $717.82 $1,013.11 $48,840.94
Jun, 2049 304 $291.01 $722.10 $1,013.11 $48,118.84
Jul, 2049 305 $286.71 $726.40 $1,013.11 $47,392.43
Aug, 2049 306 $282.38 $730.73 $1,013.11 $46,661.70
Sep, 2049 307 $278.03 $735.08 $1,013.11 $45,926.62
Oct, 2049 308 $273.65 $739.46 $1,013.11 $45,187.16
Nov, 2049 309 $269.24 $743.87 $1,013.11 $44,443.29
Dec, 2049 310 $264.81 $748.30 $1,013.11 $43,694.98
Jan, 2050 311 $260.35 $752.76 $1,013.11 $42,942.22
Feb, 2050 312 $255.86 $757.25 $1,013.11 $42,184.98
Mar, 2050 313 $251.35 $761.76 $1,013.11 $41,423.22
Apr, 2050 314 $246.81 $766.30 $1,013.11 $40,656.92
May, 2050 315 $242.25 $770.86 $1,013.11 $39,886.06
Jun, 2050 316 $237.65 $775.46 $1,013.11 $39,110.60
Jul, 2050 317 $233.03 $780.08 $1,013.11 $38,330.53
Aug, 2050 318 $228.39 $784.72 $1,013.11 $37,545.80
Sep, 2050 319 $223.71 $789.40 $1,013.11 $36,756.40
Oct, 2050 320 $219.01 $794.10 $1,013.11 $35,962.30
Nov, 2050 321 $214.28 $798.83 $1,013.11 $35,163.47
Dec, 2050 322 $209.52 $803.59 $1,013.11 $34,359.87
Jan, 2051 323 $204.73 $808.38 $1,013.11 $33,551.49
Feb, 2051 324 $199.91 $813.20 $1,013.11 $32,738.29
Mar, 2051 325 $195.07 $818.04 $1,013.11 $31,920.25
Apr, 2051 326 $190.19 $822.92 $1,013.11 $31,097.33
May, 2051 327 $185.29 $827.82 $1,013.11 $30,269.50
Jun, 2051 328 $180.36 $832.75 $1,013.11 $29,436.75
Jul, 2051 329 $175.39 $837.72 $1,013.11 $28,599.03
Aug, 2051 330 $170.40 $842.71 $1,013.11 $27,756.33
Sep, 2051 331 $165.38 $847.73 $1,013.11 $26,908.60
Oct, 2051 332 $160.33 $852.78 $1,013.11 $26,055.82
Nov, 2051 333 $155.25 $857.86 $1,013.11 $25,197.96
Dec, 2051 334 $150.14 $862.97 $1,013.11 $24,334.99
Jan, 2052 335 $145.00 $868.11 $1,013.11 $23,466.87
Feb, 2052 336 $139.82 $873.29 $1,013.11 $22,593.58
Mar, 2052 337 $134.62 $878.49 $1,013.11 $21,715.09
Apr, 2052 338 $129.39 $883.72 $1,013.11 $20,831.37
May, 2052 339 $124.12 $888.99 $1,013.11 $19,942.38
Jun, 2052 340 $118.82 $894.29 $1,013.11 $19,048.09
Jul, 2052 341 $113.49 $899.62 $1,013.11 $18,148.48
Aug, 2052 342 $108.13 $904.98 $1,013.11 $17,243.50
Sep, 2052 343 $102.74 $910.37 $1,013.11 $16,333.14
Oct, 2052 344 $97.32 $915.79 $1,013.11 $15,417.34
Nov, 2052 345 $91.86 $921.25 $1,013.11 $14,496.09
Dec, 2052 346 $86.37 $926.74 $1,013.11 $13,569.36
Jan, 2053 347 $80.85 $932.26 $1,013.11 $12,637.10
Feb, 2053 348 $75.30 $937.81 $1,013.11 $11,699.28
Mar, 2053 349 $69.71 $943.40 $1,013.11 $10,755.88
Apr, 2053 350 $64.09 $949.02 $1,013.11 $9,806.86
May, 2053 351 $58.43 $954.68 $1,013.11 $8,852.18
Jun, 2053 352 $52.74 $960.37 $1,013.11 $7,891.82
Jul, 2053 353 $47.02 $966.09 $1,013.11 $6,925.73
Aug, 2053 354 $41.27 $971.84 $1,013.11 $5,953.88
Sep, 2053 355 $35.48 $977.63 $1,013.11 $4,976.25
Oct, 2053 356 $29.65 $983.46 $1,013.11 $3,992.79
Nov, 2053 357 $23.79 $989.32 $1,013.11 $3,003.47
Dec, 2053 358 $17.90 $995.21 $1,013.11 $2,008.25
Jan, 2054 359 $11.97 $1,001.14 $1,013.11 $1,007.11
Feb, 2054 360 $6.00 $1,007.11 $1,013.11 $0.00


What is a home equity loan?

A home equity loan, also known as a second mortgage or equity loan, is a secured loan that allows homeowners to borrow money using the borrowers' homes as collateral. The loan is payout as a lump sum to the borrower, and the borrower repays in monthly payments and interest. The interest rate on a home equity loan is usually fixed.


How does a home equity loan work?

A home equity loan gives homeowners the ability to borrow up to 85% of their home values minus whatever they owe on their mortgages. The loan size is determined by the value of the home and the outstanding balance on the mortgage. The more equity homeowners have in their homes, the more money they can borrow. Many homeowners use home equity loans to make home improvements, repairs, and renovations to increase the value of their homes. However, borrowers are free to use the loan for other purposes, such as college, vacation, paying down credit card debts, or any other personal usage.


Home equity loan vs HELOC

Many people are confused between a home equity loan and a home equity line of credit or HELOC. Although both loans use homeowners' houses as collateral and borrowers may lose their homes if they stop making payments, there are many differences between the two types of loans. A home equity loan allows a borrower to withdraw money in a lump sum and pay it back in monthly install payments, whereas a HELOC behaves more like a credit card. With a HELOC, the borrower is given a line of credit and he is free to use up to the limit. He can pay off the balance and borrow some more. The homeowner borrows what he needs, and the interest is charged based on how much the borrower uses. Home equity usually comes with a fixed interest whereas a HELOC is often a variable rate. Therefore, a rising interest rate would cost the homeowner more interest payment with a HELOC than with a home equity loan, whereas a declining interest rate would benefit the homeowner with a HELOC. A HELOC often comes with an interest payment option whereas a home equity loan does not. Interest payment only allows the borrower to pay only the interest which is a much lower monthly payment. However, once the initial period is over, the borrower is faced with a much high monthly payment when the principal payments kick in. In a nutshell, the following table shows the similarity and differences between a home equity loan and a home equity line of credit.


Home Equity Loan HELOC
Use home as collateral Yes Yes
Borrow against home equity Yes Yes
Lump-Sum Payout Yes No
Fixed Interest Rate Yes Optional
Variable Rate No Yes
Borrow Money as Needed No Yes
Only Pay Interest on What's Borrow No Yes

Pros and cons of home equity loan

There are both advantages and drawbacks to getting a home equity loan. Pros of home equity loan

  • Lower interest rate - home equity loans have a much lower interest rate than most other loans, such as personal loans and credit cards. This lowers the homeowners borrowing costs and saves money on interest payments.
  • Fixed payment - homeowners pay back the loan with fixed interest payment. Even when the interest rate rises, the homeowner still pays the same amount each month for the length of the loan. This offers peace of mind to homeowners as their monthly payments are predictable.
  • Interest is tax-deductible - the interest that borrowers pay may be tax-deductible if they use the home equity loan to improve their home conditions.
  • Large Lump sum payout - homeowners can borrow up to 85% of their home equity which is a large amount of money.
  • Use the loan for any purpose - homeowners may use the home equity loan for any purpose, paying down other debts with a higher interest rate, college tuition, home improvement, or others.

Cons of home equity loan

  • Home at risk - since a home equity loan uses the borrower's home as collateral, that means the homeowner's house is at risk in case they default on the loan. Their house could go into foreclosure and homeowners may lose their homes.
  • Substantial equity in the house - homeowners need significant equity in their house to borrow against their home. Many lenders required the homeowners to have at least 15% equity in their houses.
  • Good credit score and lower debt - to get a home equity loan, the lenders check the borrower's credit score and financial background. A homeowner needs to have a good credit score with lower debt to be approved for the loan.
  • Two mortgage payments - a home equity loan is like a second mortgage. If the homeowner still has a mortgage balance with his home, now he has two mortgages to pay for. A default on either mortgage and the borrower may face foreclosure.
  • Closing costs - there may be closing costs of getting a home equity loan. In some cases, the borrower can negotiate with the lender to get a discount. Some lenders are more flexible than others.
  • More money than needed - if a homeowner ends up not using some of the money borrowed, he still needs to pay interest on the whole amount.

Home equity loan FAQs

Following are some common questions about home equity loans.

Can you get a home equity loan without a mortgage?

  • Yes, you can get a home equity loan whether or not you still have a mortgage on the house. If you are mortgage-free, that means you have 100% equity in your house which gives you the option to borrow more.

Is there a closing cost on a home equity loan?

  • Yes, there are closing costs with a home equity loan, usually 2% to 5% of the loan amount, but it is often negotiable.

Is interest on a home equity loan tax-deductible

  • Yes, the interest payment on a home equity loan is tax-deductible. But consult with your local accountant or tax advisor to confirm.

Is a home equity loan fixed interest?

  • Yes, a home equity loan is a fixed interest. Therefore, the monthly payments stay the same throughout the loan.

How much equity can I borrow from my home?

  • You can borrow up to 85% of your equity minus the outstanding mortgage balance.

The bottom line

Homeowners should be careful with a home equity loan or HELOC as they are risking their houses if they fail to make payments. If homeowners need the money to make home improvements or pay off a credit card balance and decide to get a home equity loan or HELOC, make sure not to run up the credit card bills again after they are paid off.

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