mortgage calculator

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:
Feb, 2025
Payoff Date:
Jan, 2055
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
Feb, 2025 1 $893.75 $119.36 $1,013.11 $149,880.64
Mar, 2025 2 $893.04 $120.07 $1,013.11 $149,760.57
Apr, 2025 3 $892.32 $120.79 $1,013.11 $149,639.78
May, 2025 4 $891.60 $121.51 $1,013.11 $149,518.28
Jun, 2025 5 $890.88 $122.23 $1,013.11 $149,396.04
Jul, 2025 6 $890.15 $122.96 $1,013.11 $149,273.09
Aug, 2025 7 $889.42 $123.69 $1,013.11 $149,149.39
Sep, 2025 8 $888.68 $124.43 $1,013.11 $149,024.97
Oct, 2025 9 $887.94 $125.17 $1,013.11 $148,899.80
Nov, 2025 10 $887.19 $125.92 $1,013.11 $148,773.88
Dec, 2025 11 $886.44 $126.67 $1,013.11 $148,647.22
Jan, 2026 12 $885.69 $127.42 $1,013.11 $148,519.80
Feb, 2026 13 $884.93 $128.18 $1,013.11 $148,391.62
Mar, 2026 14 $884.17 $128.94 $1,013.11 $148,262.67
Apr, 2026 15 $883.40 $129.71 $1,013.11 $148,132.96
May, 2026 16 $882.63 $130.48 $1,013.11 $148,002.48
Jun, 2026 17 $881.85 $131.26 $1,013.11 $147,871.21
Jul, 2026 18 $881.07 $132.04 $1,013.11 $147,739.17
Aug, 2026 19 $880.28 $132.83 $1,013.11 $147,606.34
Sep, 2026 20 $879.49 $133.62 $1,013.11 $147,472.72
Oct, 2026 21 $878.69 $134.42 $1,013.11 $147,338.30
Nov, 2026 22 $877.89 $135.22 $1,013.11 $147,203.08
Dec, 2026 23 $877.09 $136.03 $1,013.11 $147,067.05
Jan, 2027 24 $876.27 $136.84 $1,013.11 $146,930.22
Feb, 2027 25 $875.46 $137.65 $1,013.11 $146,792.57
Mar, 2027 26 $874.64 $138.47 $1,013.11 $146,654.10
Apr, 2027 27 $873.81 $139.30 $1,013.11 $146,514.80
May, 2027 28 $872.98 $140.13 $1,013.11 $146,374.67
Jun, 2027 29 $872.15 $140.96 $1,013.11 $146,233.71
Jul, 2027 30 $871.31 $141.80 $1,013.11 $146,091.91
Aug, 2027 31 $870.46 $142.65 $1,013.11 $145,949.27
Sep, 2027 32 $869.61 $143.50 $1,013.11 $145,805.77
Oct, 2027 33 $868.76 $144.35 $1,013.11 $145,661.42
Nov, 2027 34 $867.90 $145.21 $1,013.11 $145,516.21
Dec, 2027 35 $867.03 $146.08 $1,013.11 $145,370.13
Jan, 2028 36 $866.16 $146.95 $1,013.11 $145,223.19
Feb, 2028 37 $865.29 $147.82 $1,013.11 $145,075.36
Mar, 2028 38 $864.41 $148.70 $1,013.11 $144,926.66
Apr, 2028 39 $863.52 $149.59 $1,013.11 $144,777.07
May, 2028 40 $862.63 $150.48 $1,013.11 $144,626.59
Jun, 2028 41 $861.73 $151.38 $1,013.11 $144,475.22
Jul, 2028 42 $860.83 $152.28 $1,013.11 $144,322.94
Aug, 2028 43 $859.92 $153.19 $1,013.11 $144,169.75
Sep, 2028 44 $859.01 $154.10 $1,013.11 $144,015.65
Oct, 2028 45 $858.09 $155.02 $1,013.11 $143,860.64
Nov, 2028 46 $857.17 $155.94 $1,013.11 $143,704.69
Dec, 2028 47 $856.24 $156.87 $1,013.11 $143,547.82
Jan, 2029 48 $855.31 $157.80 $1,013.11 $143,390.02
Feb, 2029 49 $854.37 $158.74 $1,013.11 $143,231.28
Mar, 2029 50 $853.42 $159.69 $1,013.11 $143,071.59
Apr, 2029 51 $852.47 $160.64 $1,013.11 $142,910.94
May, 2029 52 $851.51 $161.60 $1,013.11 $142,749.34
Jun, 2029 53 $850.55 $162.56 $1,013.11 $142,586.78
Jul, 2029 54 $849.58 $163.53 $1,013.11 $142,423.25
Aug, 2029 55 $848.61 $164.50 $1,013.11 $142,258.75
Sep, 2029 56 $847.63 $165.49 $1,013.11 $142,093.26
Oct, 2029 57 $846.64 $166.47 $1,013.11 $141,926.79
Nov, 2029 58 $845.65 $167.46 $1,013.11 $141,759.33
Dec, 2029 59 $844.65 $168.46 $1,013.11 $141,590.87
Jan, 2030 60 $843.65 $169.46 $1,013.11 $141,421.40
Feb, 2030 61 $842.64 $170.47 $1,013.11 $141,250.93
Mar, 2030 62 $841.62 $171.49 $1,013.11 $141,079.44
Apr, 2030 63 $840.60 $172.51 $1,013.11 $140,906.93
May, 2030 64 $839.57 $173.54 $1,013.11 $140,733.39
Jun, 2030 65 $838.54 $174.57 $1,013.11 $140,558.81
Jul, 2030 66 $837.50 $175.61 $1,013.11 $140,383.20
Aug, 2030 67 $836.45 $176.66 $1,013.11 $140,206.54
Sep, 2030 68 $835.40 $177.71 $1,013.11 $140,028.83
Oct, 2030 69 $834.34 $178.77 $1,013.11 $139,850.05
Nov, 2030 70 $833.27 $179.84 $1,013.11 $139,670.22
Dec, 2030 71 $832.20 $180.91 $1,013.11 $139,489.31
Jan, 2031 72 $831.12 $181.99 $1,013.11 $139,307.32
Feb, 2031 73 $830.04 $183.07 $1,013.11 $139,124.25
Mar, 2031 74 $828.95 $184.16 $1,013.11 $138,940.09
Apr, 2031 75 $827.85 $185.26 $1,013.11 $138,754.83
May, 2031 76 $826.75 $186.36 $1,013.11 $138,568.47
Jun, 2031 77 $825.64 $187.47 $1,013.11 $138,381.00
Jul, 2031 78 $824.52 $188.59 $1,013.11 $138,192.41
Aug, 2031 79 $823.40 $189.71 $1,013.11 $138,002.69
Sep, 2031 80 $822.27 $190.84 $1,013.11 $137,811.85
Oct, 2031 81 $821.13 $191.98 $1,013.11 $137,619.87
Nov, 2031 82 $819.99 $193.13 $1,013.11 $137,426.74
Dec, 2031 83 $818.83 $194.28 $1,013.11 $137,232.47
Jan, 2032 84 $817.68 $195.43 $1,013.11 $137,037.03
Feb, 2032 85 $816.51 $196.60 $1,013.11 $136,840.44
Mar, 2032 86 $815.34 $197.77 $1,013.11 $136,642.67
Apr, 2032 87 $814.16 $198.95 $1,013.11 $136,443.72
May, 2032 88 $812.98 $200.13 $1,013.11 $136,243.59
Jun, 2032 89 $811.78 $201.33 $1,013.11 $136,042.26
Jul, 2032 90 $810.59 $202.53 $1,013.11 $135,839.73
Aug, 2032 91 $809.38 $203.73 $1,013.11 $135,636.00
Sep, 2032 92 $808.16 $204.95 $1,013.11 $135,431.06
Oct, 2032 93 $806.94 $206.17 $1,013.11 $135,224.89
Nov, 2032 94 $805.71 $207.40 $1,013.11 $135,017.50
Dec, 2032 95 $804.48 $208.63 $1,013.11 $134,808.86
Jan, 2033 96 $803.24 $209.87 $1,013.11 $134,598.99
Feb, 2033 97 $801.99 $211.12 $1,013.11 $134,387.87
Mar, 2033 98 $800.73 $212.38 $1,013.11 $134,175.48
Apr, 2033 99 $799.46 $213.65 $1,013.11 $133,961.84
May, 2033 100 $798.19 $214.92 $1,013.11 $133,746.92
Jun, 2033 101 $796.91 $216.20 $1,013.11 $133,530.71
Jul, 2033 102 $795.62 $217.49 $1,013.11 $133,313.22
Aug, 2033 103 $794.32 $218.79 $1,013.11 $133,094.44
Sep, 2033 104 $793.02 $220.09 $1,013.11 $132,874.35
Oct, 2033 105 $791.71 $221.40 $1,013.11 $132,652.95
Nov, 2033 106 $790.39 $222.72 $1,013.11 $132,430.23
Dec, 2033 107 $789.06 $224.05 $1,013.11 $132,206.18
Jan, 2034 108 $787.73 $225.38 $1,013.11 $131,980.80
Feb, 2034 109 $786.39 $226.72 $1,013.11 $131,754.08
Mar, 2034 110 $785.03 $228.08 $1,013.11 $131,526.00
Apr, 2034 111 $783.68 $229.43 $1,013.11 $131,296.57
May, 2034 112 $782.31 $230.80 $1,013.11 $131,065.77
Jun, 2034 113 $780.93 $232.18 $1,013.11 $130,833.59
Jul, 2034 114 $779.55 $233.56 $1,013.11 $130,600.03
Aug, 2034 115 $778.16 $234.95 $1,013.11 $130,365.08
Sep, 2034 116 $776.76 $236.35 $1,013.11 $130,128.73
Oct, 2034 117 $775.35 $237.76 $1,013.11 $129,890.97
Nov, 2034 118 $773.93 $239.18 $1,013.11 $129,651.79
Dec, 2034 119 $772.51 $240.60 $1,013.11 $129,411.19
Jan, 2035 120 $771.07 $242.04 $1,013.11 $129,169.15
Feb, 2035 121 $769.63 $243.48 $1,013.11 $128,925.68
Mar, 2035 122 $768.18 $244.93 $1,013.11 $128,680.75
Apr, 2035 123 $766.72 $246.39 $1,013.11 $128,434.36
May, 2035 124 $765.25 $247.86 $1,013.11 $128,186.50
Jun, 2035 125 $763.78 $249.33 $1,013.11 $127,937.17
Jul, 2035 126 $762.29 $250.82 $1,013.11 $127,686.35
Aug, 2035 127 $760.80 $252.31 $1,013.11 $127,434.04
Sep, 2035 128 $759.29 $253.82 $1,013.11 $127,180.23
Oct, 2035 129 $757.78 $255.33 $1,013.11 $126,924.90
Nov, 2035 130 $756.26 $256.85 $1,013.11 $126,668.05
Dec, 2035 131 $754.73 $258.38 $1,013.11 $126,409.67
Jan, 2036 132 $753.19 $259.92 $1,013.11 $126,149.75
Feb, 2036 133 $751.64 $261.47 $1,013.11 $125,888.28
Mar, 2036 134 $750.08 $263.03 $1,013.11 $125,625.26
Apr, 2036 135 $748.52 $264.59 $1,013.11 $125,360.66
May, 2036 136 $746.94 $266.17 $1,013.11 $125,094.49
Jun, 2036 137 $745.35 $267.76 $1,013.11 $124,826.74
Jul, 2036 138 $743.76 $269.35 $1,013.11 $124,557.39
Aug, 2036 139 $742.15 $270.96 $1,013.11 $124,286.43
Sep, 2036 140 $740.54 $272.57 $1,013.11 $124,013.86
Oct, 2036 141 $738.92 $274.19 $1,013.11 $123,739.67
Nov, 2036 142 $737.28 $275.83 $1,013.11 $123,463.84
Dec, 2036 143 $735.64 $277.47 $1,013.11 $123,186.37
Jan, 2037 144 $733.99 $279.12 $1,013.11 $122,907.24
Feb, 2037 145 $732.32 $280.79 $1,013.11 $122,626.46
Mar, 2037 146 $730.65 $282.46 $1,013.11 $122,344.00
Apr, 2037 147 $728.97 $284.14 $1,013.11 $122,059.85
May, 2037 148 $727.27 $285.84 $1,013.11 $121,774.01
Jun, 2037 149 $725.57 $287.54 $1,013.11 $121,486.47
Jul, 2037 150 $723.86 $289.25 $1,013.11 $121,197.22
Aug, 2037 151 $722.13 $290.98 $1,013.11 $120,906.24
Sep, 2037 152 $720.40 $292.71 $1,013.11 $120,613.53
Oct, 2037 153 $718.66 $294.45 $1,013.11 $120,319.08
Nov, 2037 154 $716.90 $296.21 $1,013.11 $120,022.87
Dec, 2037 155 $715.14 $297.97 $1,013.11 $119,724.90
Jan, 2038 156 $713.36 $299.75 $1,013.11 $119,425.15
Feb, 2038 157 $711.57 $301.54 $1,013.11 $119,123.61
Mar, 2038 158 $709.78 $303.33 $1,013.11 $118,820.28
Apr, 2038 159 $707.97 $305.14 $1,013.11 $118,515.14
May, 2038 160 $706.15 $306.96 $1,013.11 $118,208.18
Jun, 2038 161 $704.32 $308.79 $1,013.11 $117,899.40
Jul, 2038 162 $702.48 $310.63 $1,013.11 $117,588.77
Aug, 2038 163 $700.63 $312.48 $1,013.11 $117,276.29
Sep, 2038 164 $698.77 $314.34 $1,013.11 $116,961.96
Oct, 2038 165 $696.90 $316.21 $1,013.11 $116,645.74
Nov, 2038 166 $695.01 $318.10 $1,013.11 $116,327.65
Dec, 2038 167 $693.12 $319.99 $1,013.11 $116,007.66
Jan, 2039 168 $691.21 $321.90 $1,013.11 $115,685.76
Feb, 2039 169 $689.29 $323.82 $1,013.11 $115,361.94
Mar, 2039 170 $687.36 $325.75 $1,013.11 $115,036.20
Apr, 2039 171 $685.42 $327.69 $1,013.11 $114,708.51
May, 2039 172 $683.47 $329.64 $1,013.11 $114,378.87
Jun, 2039 173 $681.51 $331.60 $1,013.11 $114,047.27
Jul, 2039 174 $679.53 $333.58 $1,013.11 $113,713.69
Aug, 2039 175 $677.54 $335.57 $1,013.11 $113,378.13
Sep, 2039 176 $675.54 $337.57 $1,013.11 $113,040.56
Oct, 2039 177 $673.53 $339.58 $1,013.11 $112,700.98
Nov, 2039 178 $671.51 $341.60 $1,013.11 $112,359.38
Dec, 2039 179 $669.47 $343.64 $1,013.11 $112,015.75
Jan, 2040 180 $667.43 $345.68 $1,013.11 $111,670.06
Feb, 2040 181 $665.37 $347.74 $1,013.11 $111,322.32
Mar, 2040 182 $663.30 $349.81 $1,013.11 $110,972.51
Apr, 2040 183 $661.21 $351.90 $1,013.11 $110,620.61
May, 2040 184 $659.11 $354.00 $1,013.11 $110,266.61
Jun, 2040 185 $657.01 $356.10 $1,013.11 $109,910.51
Jul, 2040 186 $654.88 $358.23 $1,013.11 $109,552.28
Aug, 2040 187 $652.75 $360.36 $1,013.11 $109,191.92
Sep, 2040 188 $650.60 $362.51 $1,013.11 $108,829.41
Oct, 2040 189 $648.44 $364.67 $1,013.11 $108,464.74
Nov, 2040 190 $646.27 $366.84 $1,013.11 $108,097.90
Dec, 2040 191 $644.08 $369.03 $1,013.11 $107,728.88
Jan, 2041 192 $641.88 $371.23 $1,013.11 $107,357.65
Feb, 2041 193 $639.67 $373.44 $1,013.11 $106,984.21
Mar, 2041 194 $637.45 $375.66 $1,013.11 $106,608.55
Apr, 2041 195 $635.21 $377.90 $1,013.11 $106,230.65
May, 2041 196 $632.96 $380.15 $1,013.11 $105,850.50
Jun, 2041 197 $630.69 $382.42 $1,013.11 $105,468.08
Jul, 2041 198 $628.41 $384.70 $1,013.11 $105,083.38
Aug, 2041 199 $626.12 $386.99 $1,013.11 $104,696.39
Sep, 2041 200 $623.82 $389.29 $1,013.11 $104,307.10
Oct, 2041 201 $621.50 $391.61 $1,013.11 $103,915.49
Nov, 2041 202 $619.16 $393.95 $1,013.11 $103,521.54
Dec, 2041 203 $616.82 $396.29 $1,013.11 $103,125.25
Jan, 2042 204 $614.45 $398.66 $1,013.11 $102,726.59
Feb, 2042 205 $612.08 $401.03 $1,013.11 $102,325.56
Mar, 2042 206 $609.69 $403.42 $1,013.11 $101,922.14
Apr, 2042 207 $607.29 $405.82 $1,013.11 $101,516.31
May, 2042 208 $604.87 $408.24 $1,013.11 $101,108.07
Jun, 2042 209 $602.44 $410.67 $1,013.11 $100,697.40
Jul, 2042 210 $599.99 $413.12 $1,013.11 $100,284.28
Aug, 2042 211 $597.53 $415.58 $1,013.11 $99,868.69
Sep, 2042 212 $595.05 $418.06 $1,013.11 $99,450.63
Oct, 2042 213 $592.56 $420.55 $1,013.11 $99,030.08
Nov, 2042 214 $590.05 $423.06 $1,013.11 $98,607.03
Dec, 2042 215 $587.53 $425.58 $1,013.11 $98,181.45
Jan, 2043 216 $585.00 $428.11 $1,013.11 $97,753.34
Feb, 2043 217 $582.45 $430.66 $1,013.11 $97,322.68
Mar, 2043 218 $579.88 $433.23 $1,013.11 $96,889.45
Apr, 2043 219 $577.30 $435.81 $1,013.11 $96,453.64
May, 2043 220 $574.70 $438.41 $1,013.11 $96,015.23
Jun, 2043 221 $572.09 $441.02 $1,013.11 $95,574.21
Jul, 2043 222 $569.46 $443.65 $1,013.11 $95,130.56
Aug, 2043 223 $566.82 $446.29 $1,013.11 $94,684.27
Sep, 2043 224 $564.16 $448.95 $1,013.11 $94,235.32
Oct, 2043 225 $561.49 $451.62 $1,013.11 $93,783.70
Nov, 2043 226 $558.79 $454.32 $1,013.11 $93,329.38
Dec, 2043 227 $556.09 $457.02 $1,013.11 $92,872.36
Jan, 2044 228 $553.36 $459.75 $1,013.11 $92,412.61
Feb, 2044 229 $550.63 $462.48 $1,013.11 $91,950.13
Mar, 2044 230 $547.87 $465.24 $1,013.11 $91,484.89
Apr, 2044 231 $545.10 $468.01 $1,013.11 $91,016.88
May, 2044 232 $542.31 $470.80 $1,013.11 $90,546.07
Jun, 2044 233 $539.50 $473.61 $1,013.11 $90,072.47
Jul, 2044 234 $536.68 $476.43 $1,013.11 $89,596.04
Aug, 2044 235 $533.84 $479.27 $1,013.11 $89,116.77
Sep, 2044 236 $530.99 $482.12 $1,013.11 $88,634.65
Oct, 2044 237 $528.11 $485.00 $1,013.11 $88,149.65
Nov, 2044 238 $525.23 $487.89 $1,013.11 $87,661.77
Dec, 2044 239 $522.32 $490.79 $1,013.11 $87,170.98
Jan, 2045 240 $519.39 $493.72 $1,013.11 $86,677.26
Feb, 2045 241 $516.45 $496.66 $1,013.11 $86,180.60
Mar, 2045 242 $513.49 $499.62 $1,013.11 $85,680.99
Apr, 2045 243 $510.52 $502.59 $1,013.11 $85,178.39
May, 2045 244 $507.52 $505.59 $1,013.11 $84,672.80
Jun, 2045 245 $504.51 $508.60 $1,013.11 $84,164.20
Jul, 2045 246 $501.48 $511.63 $1,013.11 $83,652.57
Aug, 2045 247 $498.43 $514.68 $1,013.11 $83,137.89
Sep, 2045 248 $495.36 $517.75 $1,013.11 $82,620.14
Oct, 2045 249 $492.28 $520.83 $1,013.11 $82,099.31
Nov, 2045 250 $489.18 $523.94 $1,013.11 $81,575.38
Dec, 2045 251 $486.05 $527.06 $1,013.11 $81,048.32
Jan, 2046 252 $482.91 $530.20 $1,013.11 $80,518.12
Feb, 2046 253 $479.75 $533.36 $1,013.11 $79,984.77
Mar, 2046 254 $476.58 $536.53 $1,013.11 $79,448.23
Apr, 2046 255 $473.38 $539.73 $1,013.11 $78,908.50
May, 2046 256 $470.16 $542.95 $1,013.11 $78,365.55
Jun, 2046 257 $466.93 $546.18 $1,013.11 $77,819.37
Jul, 2046 258 $463.67 $549.44 $1,013.11 $77,269.93
Aug, 2046 259 $460.40 $552.71 $1,013.11 $76,717.22
Sep, 2046 260 $457.11 $556.00 $1,013.11 $76,161.22
Oct, 2046 261 $453.79 $559.32 $1,013.11 $75,601.90
Nov, 2046 262 $450.46 $562.65 $1,013.11 $75,039.26
Dec, 2046 263 $447.11 $566.00 $1,013.11 $74,473.25
Jan, 2047 264 $443.74 $569.37 $1,013.11 $73,903.88
Feb, 2047 265 $440.34 $572.77 $1,013.11 $73,331.11
Mar, 2047 266 $436.93 $576.18 $1,013.11 $72,754.94
Apr, 2047 267 $433.50 $579.61 $1,013.11 $72,175.32
May, 2047 268 $430.04 $583.07 $1,013.11 $71,592.26
Jun, 2047 269 $426.57 $586.54 $1,013.11 $71,005.72
Jul, 2047 270 $423.08 $590.03 $1,013.11 $70,415.68
Aug, 2047 271 $419.56 $593.55 $1,013.11 $69,822.13
Sep, 2047 272 $416.02 $597.09 $1,013.11 $69,225.05
Oct, 2047 273 $412.47 $600.64 $1,013.11 $68,624.40
Nov, 2047 274 $408.89 $604.22 $1,013.11 $68,020.18
Dec, 2047 275 $405.29 $607.82 $1,013.11 $67,412.36
Jan, 2048 276 $401.67 $611.44 $1,013.11 $66,800.91
Feb, 2048 277 $398.02 $615.09 $1,013.11 $66,185.82
Mar, 2048 278 $394.36 $618.75 $1,013.11 $65,567.07
Apr, 2048 279 $390.67 $622.44 $1,013.11 $64,944.63
May, 2048 280 $386.96 $626.15 $1,013.11 $64,318.48
Jun, 2048 281 $383.23 $629.88 $1,013.11 $63,688.60
Jul, 2048 282 $379.48 $633.63 $1,013.11 $63,054.97
Aug, 2048 283 $375.70 $637.41 $1,013.11 $62,417.56
Sep, 2048 284 $371.90 $641.21 $1,013.11 $61,776.36
Oct, 2048 285 $368.08 $645.03 $1,013.11 $61,131.33
Nov, 2048 286 $364.24 $648.87 $1,013.11 $60,482.46
Dec, 2048 287 $360.37 $652.74 $1,013.11 $59,829.73
Jan, 2049 288 $356.49 $656.62 $1,013.11 $59,173.10
Feb, 2049 289 $352.57 $660.54 $1,013.11 $58,512.57
Mar, 2049 290 $348.64 $664.47 $1,013.11 $57,848.09
Apr, 2049 291 $344.68 $668.43 $1,013.11 $57,179.66
May, 2049 292 $340.70 $672.41 $1,013.11 $56,507.25
Jun, 2049 293 $336.69 $676.42 $1,013.11 $55,830.83
Jul, 2049 294 $332.66 $680.45 $1,013.11 $55,150.37
Aug, 2049 295 $328.60 $684.51 $1,013.11 $54,465.87
Sep, 2049 296 $324.53 $688.58 $1,013.11 $53,777.28
Oct, 2049 297 $320.42 $692.69 $1,013.11 $53,084.60
Nov, 2049 298 $316.30 $696.81 $1,013.11 $52,387.78
Dec, 2049 299 $312.14 $700.97 $1,013.11 $51,686.82
Jan, 2050 300 $307.97 $705.14 $1,013.11 $50,981.67
Feb, 2050 301 $303.77 $709.34 $1,013.11 $50,272.33
Mar, 2050 302 $299.54 $713.57 $1,013.11 $49,558.76
Apr, 2050 303 $295.29 $717.82 $1,013.11 $48,840.94
May, 2050 304 $291.01 $722.10 $1,013.11 $48,118.84
Jun, 2050 305 $286.71 $726.40 $1,013.11 $47,392.43
Jul, 2050 306 $282.38 $730.73 $1,013.11 $46,661.70
Aug, 2050 307 $278.03 $735.08 $1,013.11 $45,926.62
Sep, 2050 308 $273.65 $739.46 $1,013.11 $45,187.16
Oct, 2050 309 $269.24 $743.87 $1,013.11 $44,443.29
Nov, 2050 310 $264.81 $748.30 $1,013.11 $43,694.98
Dec, 2050 311 $260.35 $752.76 $1,013.11 $42,942.22
Jan, 2051 312 $255.86 $757.25 $1,013.11 $42,184.98
Feb, 2051 313 $251.35 $761.76 $1,013.11 $41,423.22
Mar, 2051 314 $246.81 $766.30 $1,013.11 $40,656.92
Apr, 2051 315 $242.25 $770.86 $1,013.11 $39,886.06
May, 2051 316 $237.65 $775.46 $1,013.11 $39,110.60
Jun, 2051 317 $233.03 $780.08 $1,013.11 $38,330.53
Jul, 2051 318 $228.39 $784.72 $1,013.11 $37,545.80
Aug, 2051 319 $223.71 $789.40 $1,013.11 $36,756.40
Sep, 2051 320 $219.01 $794.10 $1,013.11 $35,962.30
Oct, 2051 321 $214.28 $798.83 $1,013.11 $35,163.47
Nov, 2051 322 $209.52 $803.59 $1,013.11 $34,359.87
Dec, 2051 323 $204.73 $808.38 $1,013.11 $33,551.49
Jan, 2052 324 $199.91 $813.20 $1,013.11 $32,738.29
Feb, 2052 325 $195.07 $818.04 $1,013.11 $31,920.25
Mar, 2052 326 $190.19 $822.92 $1,013.11 $31,097.33
Apr, 2052 327 $185.29 $827.82 $1,013.11 $30,269.50
May, 2052 328 $180.36 $832.75 $1,013.11 $29,436.75
Jun, 2052 329 $175.39 $837.72 $1,013.11 $28,599.03
Jul, 2052 330 $170.40 $842.71 $1,013.11 $27,756.33
Aug, 2052 331 $165.38 $847.73 $1,013.11 $26,908.60
Sep, 2052 332 $160.33 $852.78 $1,013.11 $26,055.82
Oct, 2052 333 $155.25 $857.86 $1,013.11 $25,197.96
Nov, 2052 334 $150.14 $862.97 $1,013.11 $24,334.99
Dec, 2052 335 $145.00 $868.11 $1,013.11 $23,466.87
Jan, 2053 336 $139.82 $873.29 $1,013.11 $22,593.58
Feb, 2053 337 $134.62 $878.49 $1,013.11 $21,715.09
Mar, 2053 338 $129.39 $883.72 $1,013.11 $20,831.37
Apr, 2053 339 $124.12 $888.99 $1,013.11 $19,942.38
May, 2053 340 $118.82 $894.29 $1,013.11 $19,048.09
Jun, 2053 341 $113.49 $899.62 $1,013.11 $18,148.48
Jul, 2053 342 $108.13 $904.98 $1,013.11 $17,243.50
Aug, 2053 343 $102.74 $910.37 $1,013.11 $16,333.14
Sep, 2053 344 $97.32 $915.79 $1,013.11 $15,417.34
Oct, 2053 345 $91.86 $921.25 $1,013.11 $14,496.09
Nov, 2053 346 $86.37 $926.74 $1,013.11 $13,569.36
Dec, 2053 347 $80.85 $932.26 $1,013.11 $12,637.10
Jan, 2054 348 $75.30 $937.81 $1,013.11 $11,699.28
Feb, 2054 349 $69.71 $943.40 $1,013.11 $10,755.88
Mar, 2054 350 $64.09 $949.02 $1,013.11 $9,806.86
Apr, 2054 351 $58.43 $954.68 $1,013.11 $8,852.18
May, 2054 352 $52.74 $960.37 $1,013.11 $7,891.82
Jun, 2054 353 $47.02 $966.09 $1,013.11 $6,925.73
Jul, 2054 354 $41.27 $971.84 $1,013.11 $5,953.88
Aug, 2054 355 $35.48 $977.63 $1,013.11 $4,976.25
Sep, 2054 356 $29.65 $983.46 $1,013.11 $3,992.79
Oct, 2054 357 $23.79 $989.32 $1,013.11 $3,003.47
Nov, 2054 358 $17.90 $995.21 $1,013.11 $2,008.25
Dec, 2054 359 $11.97 $1,001.14 $1,013.11 $1,007.11
Jan, 2055 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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