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Compare Today's Home Equity Rates |
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Home Equity Loan Calculator
| Today's Home Equity Rates |
Check Today's Mortgage Rates |
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 Results |
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Loan Amount: |
$150,000.00 | |||||
Monthly Payment: |
$1,013.11 | |||||
Total # Of Payments: |
360 | |||||
Start Date: |
Oct, 2024 | |||||
Payoff Date: |
Sep, 2054 | |||||
Total Interest Paid: |
$214,719.65 | |||||
Total Payment: |
$364,719.65 | |||||
Home Equity Loan Amortization Schedule |
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| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Oct, 2024 | 1 | $893.75 | $119.36 | $1,013.11 | $149,880.64 | |
| Nov, 2024 | 2 | $893.04 | $120.07 | $1,013.11 | $149,760.57 | |
| Dec, 2024 | 3 | $892.32 | $120.79 | $1,013.11 | $149,639.78 | |
| Jan, 2025 | 4 | $891.60 | $121.51 | $1,013.11 | $149,518.28 | |
| Feb, 2025 | 5 | $890.88 | $122.23 | $1,013.11 | $149,396.04 | |
| Mar, 2025 | 6 | $890.15 | $122.96 | $1,013.11 | $149,273.09 | |
| Apr, 2025 | 7 | $889.42 | $123.69 | $1,013.11 | $149,149.39 | |
| May, 2025 | 8 | $888.68 | $124.43 | $1,013.11 | $149,024.97 | |
| Jun, 2025 | 9 | $887.94 | $125.17 | $1,013.11 | $148,899.80 | |
| Jul, 2025 | 10 | $887.19 | $125.92 | $1,013.11 | $148,773.88 | |
| Aug, 2025 | 11 | $886.44 | $126.67 | $1,013.11 | $148,647.22 | |
| Sep, 2025 | 12 | $885.69 | $127.42 | $1,013.11 | $148,519.80 | |
| Oct, 2025 | 13 | $884.93 | $128.18 | $1,013.11 | $148,391.62 | |
| Nov, 2025 | 14 | $884.17 | $128.94 | $1,013.11 | $148,262.67 | |
| Dec, 2025 | 15 | $883.40 | $129.71 | $1,013.11 | $148,132.96 | |
| Jan, 2026 | 16 | $882.63 | $130.48 | $1,013.11 | $148,002.48 | |
| Feb, 2026 | 17 | $881.85 | $131.26 | $1,013.11 | $147,871.21 | |
| Mar, 2026 | 18 | $881.07 | $132.04 | $1,013.11 | $147,739.17 | |
| Apr, 2026 | 19 | $880.28 | $132.83 | $1,013.11 | $147,606.34 | |
| May, 2026 | 20 | $879.49 | $133.62 | $1,013.11 | $147,472.72 | |
| Jun, 2026 | 21 | $878.69 | $134.42 | $1,013.11 | $147,338.30 | |
| Jul, 2026 | 22 | $877.89 | $135.22 | $1,013.11 | $147,203.08 | |
| Aug, 2026 | 23 | $877.09 | $136.03 | $1,013.11 | $147,067.05 | |
| Sep, 2026 | 24 | $876.27 | $136.84 | $1,013.11 | $146,930.22 | |
| Oct, 2026 | 25 | $875.46 | $137.65 | $1,013.11 | $146,792.57 | |
| Nov, 2026 | 26 | $874.64 | $138.47 | $1,013.11 | $146,654.10 | |
| Dec, 2026 | 27 | $873.81 | $139.30 | $1,013.11 | $146,514.80 | |
| Jan, 2027 | 28 | $872.98 | $140.13 | $1,013.11 | $146,374.67 | |
| Feb, 2027 | 29 | $872.15 | $140.96 | $1,013.11 | $146,233.71 | |
| Mar, 2027 | 30 | $871.31 | $141.80 | $1,013.11 | $146,091.91 | |
| Apr, 2027 | 31 | $870.46 | $142.65 | $1,013.11 | $145,949.27 | |
| May, 2027 | 32 | $869.61 | $143.50 | $1,013.11 | $145,805.77 | |
| Jun, 2027 | 33 | $868.76 | $144.35 | $1,013.11 | $145,661.42 | |
| Jul, 2027 | 34 | $867.90 | $145.21 | $1,013.11 | $145,516.21 | |
| Aug, 2027 | 35 | $867.03 | $146.08 | $1,013.11 | $145,370.13 | |
| Sep, 2027 | 36 | $866.16 | $146.95 | $1,013.11 | $145,223.19 | |
| Oct, 2027 | 37 | $865.29 | $147.82 | $1,013.11 | $145,075.36 | |
| Nov, 2027 | 38 | $864.41 | $148.70 | $1,013.11 | $144,926.66 | |
| Dec, 2027 | 39 | $863.52 | $149.59 | $1,013.11 | $144,777.07 | |
| Jan, 2028 | 40 | $862.63 | $150.48 | $1,013.11 | $144,626.59 | |
| Feb, 2028 | 41 | $861.73 | $151.38 | $1,013.11 | $144,475.22 | |
| Mar, 2028 | 42 | $860.83 | $152.28 | $1,013.11 | $144,322.94 | |
| Apr, 2028 | 43 | $859.92 | $153.19 | $1,013.11 | $144,169.75 | |
| May, 2028 | 44 | $859.01 | $154.10 | $1,013.11 | $144,015.65 | |
| Jun, 2028 | 45 | $858.09 | $155.02 | $1,013.11 | $143,860.64 | |
| Jul, 2028 | 46 | $857.17 | $155.94 | $1,013.11 | $143,704.69 | |
| Aug, 2028 | 47 | $856.24 | $156.87 | $1,013.11 | $143,547.82 | |
| Sep, 2028 | 48 | $855.31 | $157.80 | $1,013.11 | $143,390.02 | |
| Oct, 2028 | 49 | $854.37 | $158.74 | $1,013.11 | $143,231.28 | |
| Nov, 2028 | 50 | $853.42 | $159.69 | $1,013.11 | $143,071.59 | |
| Dec, 2028 | 51 | $852.47 | $160.64 | $1,013.11 | $142,910.94 | |
| Jan, 2029 | 52 | $851.51 | $161.60 | $1,013.11 | $142,749.34 | |
| Feb, 2029 | 53 | $850.55 | $162.56 | $1,013.11 | $142,586.78 | |
| Mar, 2029 | 54 | $849.58 | $163.53 | $1,013.11 | $142,423.25 | |
| Apr, 2029 | 55 | $848.61 | $164.50 | $1,013.11 | $142,258.75 | |
| May, 2029 | 56 | $847.63 | $165.49 | $1,013.11 | $142,093.26 | |
| Jun, 2029 | 57 | $846.64 | $166.47 | $1,013.11 | $141,926.79 | |
| Jul, 2029 | 58 | $845.65 | $167.46 | $1,013.11 | $141,759.33 | |
| Aug, 2029 | 59 | $844.65 | $168.46 | $1,013.11 | $141,590.87 | |
| Sep, 2029 | 60 | $843.65 | $169.46 | $1,013.11 | $141,421.40 | |
| Oct, 2029 | 61 | $842.64 | $170.47 | $1,013.11 | $141,250.93 | |
| Nov, 2029 | 62 | $841.62 | $171.49 | $1,013.11 | $141,079.44 | |
| Dec, 2029 | 63 | $840.60 | $172.51 | $1,013.11 | $140,906.93 | |
| Jan, 2030 | 64 | $839.57 | $173.54 | $1,013.11 | $140,733.39 | |
| Feb, 2030 | 65 | $838.54 | $174.57 | $1,013.11 | $140,558.81 | |
| Mar, 2030 | 66 | $837.50 | $175.61 | $1,013.11 | $140,383.20 | |
| Apr, 2030 | 67 | $836.45 | $176.66 | $1,013.11 | $140,206.54 | |
| May, 2030 | 68 | $835.40 | $177.71 | $1,013.11 | $140,028.83 | |
| Jun, 2030 | 69 | $834.34 | $178.77 | $1,013.11 | $139,850.05 | |
| Jul, 2030 | 70 | $833.27 | $179.84 | $1,013.11 | $139,670.22 | |
| Aug, 2030 | 71 | $832.20 | $180.91 | $1,013.11 | $139,489.31 | |
| Sep, 2030 | 72 | $831.12 | $181.99 | $1,013.11 | $139,307.32 | |
| Oct, 2030 | 73 | $830.04 | $183.07 | $1,013.11 | $139,124.25 | |
| Nov, 2030 | 74 | $828.95 | $184.16 | $1,013.11 | $138,940.09 | |
| Dec, 2030 | 75 | $827.85 | $185.26 | $1,013.11 | $138,754.83 | |
| Jan, 2031 | 76 | $826.75 | $186.36 | $1,013.11 | $138,568.47 | |
| Feb, 2031 | 77 | $825.64 | $187.47 | $1,013.11 | $138,381.00 | |
| Mar, 2031 | 78 | $824.52 | $188.59 | $1,013.11 | $138,192.41 | |
| Apr, 2031 | 79 | $823.40 | $189.71 | $1,013.11 | $138,002.69 | |
| May, 2031 | 80 | $822.27 | $190.84 | $1,013.11 | $137,811.85 | |
| Jun, 2031 | 81 | $821.13 | $191.98 | $1,013.11 | $137,619.87 | |
| Jul, 2031 | 82 | $819.99 | $193.13 | $1,013.11 | $137,426.74 | |
| Aug, 2031 | 83 | $818.83 | $194.28 | $1,013.11 | $137,232.47 | |
| Sep, 2031 | 84 | $817.68 | $195.43 | $1,013.11 | $137,037.03 | |
| Oct, 2031 | 85 | $816.51 | $196.60 | $1,013.11 | $136,840.44 | |
| Nov, 2031 | 86 | $815.34 | $197.77 | $1,013.11 | $136,642.67 | |
| Dec, 2031 | 87 | $814.16 | $198.95 | $1,013.11 | $136,443.72 | |
| Jan, 2032 | 88 | $812.98 | $200.13 | $1,013.11 | $136,243.59 | |
| Feb, 2032 | 89 | $811.78 | $201.33 | $1,013.11 | $136,042.26 | |
| Mar, 2032 | 90 | $810.59 | $202.53 | $1,013.11 | $135,839.73 | |
| Apr, 2032 | 91 | $809.38 | $203.73 | $1,013.11 | $135,636.00 | |
| May, 2032 | 92 | $808.16 | $204.95 | $1,013.11 | $135,431.06 | |
| Jun, 2032 | 93 | $806.94 | $206.17 | $1,013.11 | $135,224.89 | |
| Jul, 2032 | 94 | $805.71 | $207.40 | $1,013.11 | $135,017.50 | |
| Aug, 2032 | 95 | $804.48 | $208.63 | $1,013.11 | $134,808.86 | |
| Sep, 2032 | 96 | $803.24 | $209.87 | $1,013.11 | $134,598.99 | |
| Oct, 2032 | 97 | $801.99 | $211.12 | $1,013.11 | $134,387.87 | |
| Nov, 2032 | 98 | $800.73 | $212.38 | $1,013.11 | $134,175.48 | |
| Dec, 2032 | 99 | $799.46 | $213.65 | $1,013.11 | $133,961.84 | |
| Jan, 2033 | 100 | $798.19 | $214.92 | $1,013.11 | $133,746.92 | |
| Feb, 2033 | 101 | $796.91 | $216.20 | $1,013.11 | $133,530.71 | |
| Mar, 2033 | 102 | $795.62 | $217.49 | $1,013.11 | $133,313.22 | |
| Apr, 2033 | 103 | $794.32 | $218.79 | $1,013.11 | $133,094.44 | |
| May, 2033 | 104 | $793.02 | $220.09 | $1,013.11 | $132,874.35 | |
| Jun, 2033 | 105 | $791.71 | $221.40 | $1,013.11 | $132,652.95 | |
| Jul, 2033 | 106 | $790.39 | $222.72 | $1,013.11 | $132,430.23 | |
| Aug, 2033 | 107 | $789.06 | $224.05 | $1,013.11 | $132,206.18 | |
| Sep, 2033 | 108 | $787.73 | $225.38 | $1,013.11 | $131,980.80 | |
| Oct, 2033 | 109 | $786.39 | $226.72 | $1,013.11 | $131,754.08 | |
| Nov, 2033 | 110 | $785.03 | $228.08 | $1,013.11 | $131,526.00 | |
| Dec, 2033 | 111 | $783.68 | $229.43 | $1,013.11 | $131,296.57 | |
| Jan, 2034 | 112 | $782.31 | $230.80 | $1,013.11 | $131,065.77 | |
| Feb, 2034 | 113 | $780.93 | $232.18 | $1,013.11 | $130,833.59 | |
| Mar, 2034 | 114 | $779.55 | $233.56 | $1,013.11 | $130,600.03 | |
| Apr, 2034 | 115 | $778.16 | $234.95 | $1,013.11 | $130,365.08 | |
| May, 2034 | 116 | $776.76 | $236.35 | $1,013.11 | $130,128.73 | |
| Jun, 2034 | 117 | $775.35 | $237.76 | $1,013.11 | $129,890.97 | |
| Jul, 2034 | 118 | $773.93 | $239.18 | $1,013.11 | $129,651.79 | |
| Aug, 2034 | 119 | $772.51 | $240.60 | $1,013.11 | $129,411.19 | |
| Sep, 2034 | 120 | $771.07 | $242.04 | $1,013.11 | $129,169.15 | |
| Oct, 2034 | 121 | $769.63 | $243.48 | $1,013.11 | $128,925.68 | |
| Nov, 2034 | 122 | $768.18 | $244.93 | $1,013.11 | $128,680.75 | |
| Dec, 2034 | 123 | $766.72 | $246.39 | $1,013.11 | $128,434.36 | |
| Jan, 2035 | 124 | $765.25 | $247.86 | $1,013.11 | $128,186.50 | |
| Feb, 2035 | 125 | $763.78 | $249.33 | $1,013.11 | $127,937.17 | |
| Mar, 2035 | 126 | $762.29 | $250.82 | $1,013.11 | $127,686.35 | |
| Apr, 2035 | 127 | $760.80 | $252.31 | $1,013.11 | $127,434.04 | |
| May, 2035 | 128 | $759.29 | $253.82 | $1,013.11 | $127,180.23 | |
| Jun, 2035 | 129 | $757.78 | $255.33 | $1,013.11 | $126,924.90 | |
| Jul, 2035 | 130 | $756.26 | $256.85 | $1,013.11 | $126,668.05 | |
| Aug, 2035 | 131 | $754.73 | $258.38 | $1,013.11 | $126,409.67 | |
| Sep, 2035 | 132 | $753.19 | $259.92 | $1,013.11 | $126,149.75 | |
| Oct, 2035 | 133 | $751.64 | $261.47 | $1,013.11 | $125,888.28 | |
| Nov, 2035 | 134 | $750.08 | $263.03 | $1,013.11 | $125,625.26 | |
| Dec, 2035 | 135 | $748.52 | $264.59 | $1,013.11 | $125,360.66 | |
| Jan, 2036 | 136 | $746.94 | $266.17 | $1,013.11 | $125,094.49 | |
| Feb, 2036 | 137 | $745.35 | $267.76 | $1,013.11 | $124,826.74 | |
| Mar, 2036 | 138 | $743.76 | $269.35 | $1,013.11 | $124,557.39 | |
| Apr, 2036 | 139 | $742.15 | $270.96 | $1,013.11 | $124,286.43 | |
| May, 2036 | 140 | $740.54 | $272.57 | $1,013.11 | $124,013.86 | |
| Jun, 2036 | 141 | $738.92 | $274.19 | $1,013.11 | $123,739.67 | |
| Jul, 2036 | 142 | $737.28 | $275.83 | $1,013.11 | $123,463.84 | |
| Aug, 2036 | 143 | $735.64 | $277.47 | $1,013.11 | $123,186.37 | |
| Sep, 2036 | 144 | $733.99 | $279.12 | $1,013.11 | $122,907.24 | |
| Oct, 2036 | 145 | $732.32 | $280.79 | $1,013.11 | $122,626.46 | |
| Nov, 2036 | 146 | $730.65 | $282.46 | $1,013.11 | $122,344.00 | |
| Dec, 2036 | 147 | $728.97 | $284.14 | $1,013.11 | $122,059.85 | |
| Jan, 2037 | 148 | $727.27 | $285.84 | $1,013.11 | $121,774.01 | |
| Feb, 2037 | 149 | $725.57 | $287.54 | $1,013.11 | $121,486.47 | |
| Mar, 2037 | 150 | $723.86 | $289.25 | $1,013.11 | $121,197.22 | |
| Apr, 2037 | 151 | $722.13 | $290.98 | $1,013.11 | $120,906.24 | |
| May, 2037 | 152 | $720.40 | $292.71 | $1,013.11 | $120,613.53 | |
| Jun, 2037 | 153 | $718.66 | $294.45 | $1,013.11 | $120,319.08 | |
| Jul, 2037 | 154 | $716.90 | $296.21 | $1,013.11 | $120,022.87 | |
| Aug, 2037 | 155 | $715.14 | $297.97 | $1,013.11 | $119,724.90 | |
| Sep, 2037 | 156 | $713.36 | $299.75 | $1,013.11 | $119,425.15 | |
| Oct, 2037 | 157 | $711.57 | $301.54 | $1,013.11 | $119,123.61 | |
| Nov, 2037 | 158 | $709.78 | $303.33 | $1,013.11 | $118,820.28 | |
| Dec, 2037 | 159 | $707.97 | $305.14 | $1,013.11 | $118,515.14 | |
| Jan, 2038 | 160 | $706.15 | $306.96 | $1,013.11 | $118,208.18 | |
| Feb, 2038 | 161 | $704.32 | $308.79 | $1,013.11 | $117,899.40 | |
| Mar, 2038 | 162 | $702.48 | $310.63 | $1,013.11 | $117,588.77 | |
| Apr, 2038 | 163 | $700.63 | $312.48 | $1,013.11 | $117,276.29 | |
| May, 2038 | 164 | $698.77 | $314.34 | $1,013.11 | $116,961.96 | |
| Jun, 2038 | 165 | $696.90 | $316.21 | $1,013.11 | $116,645.74 | |
| Jul, 2038 | 166 | $695.01 | $318.10 | $1,013.11 | $116,327.65 | |
| Aug, 2038 | 167 | $693.12 | $319.99 | $1,013.11 | $116,007.66 | |
| Sep, 2038 | 168 | $691.21 | $321.90 | $1,013.11 | $115,685.76 | |
| Oct, 2038 | 169 | $689.29 | $323.82 | $1,013.11 | $115,361.94 | |
| Nov, 2038 | 170 | $687.36 | $325.75 | $1,013.11 | $115,036.20 | |
| Dec, 2038 | 171 | $685.42 | $327.69 | $1,013.11 | $114,708.51 | |
| Jan, 2039 | 172 | $683.47 | $329.64 | $1,013.11 | $114,378.87 | |
| Feb, 2039 | 173 | $681.51 | $331.60 | $1,013.11 | $114,047.27 | |
| Mar, 2039 | 174 | $679.53 | $333.58 | $1,013.11 | $113,713.69 | |
| Apr, 2039 | 175 | $677.54 | $335.57 | $1,013.11 | $113,378.13 | |
| May, 2039 | 176 | $675.54 | $337.57 | $1,013.11 | $113,040.56 | |
| Jun, 2039 | 177 | $673.53 | $339.58 | $1,013.11 | $112,700.98 | |
| Jul, 2039 | 178 | $671.51 | $341.60 | $1,013.11 | $112,359.38 | |
| Aug, 2039 | 179 | $669.47 | $343.64 | $1,013.11 | $112,015.75 | |
| Sep, 2039 | 180 | $667.43 | $345.68 | $1,013.11 | $111,670.06 | |
| Oct, 2039 | 181 | $665.37 | $347.74 | $1,013.11 | $111,322.32 | |
| Nov, 2039 | 182 | $663.30 | $349.81 | $1,013.11 | $110,972.51 | |
| Dec, 2039 | 183 | $661.21 | $351.90 | $1,013.11 | $110,620.61 | |
| Jan, 2040 | 184 | $659.11 | $354.00 | $1,013.11 | $110,266.61 | |
| Feb, 2040 | 185 | $657.01 | $356.10 | $1,013.11 | $109,910.51 | |
| Mar, 2040 | 186 | $654.88 | $358.23 | $1,013.11 | $109,552.28 | |
| Apr, 2040 | 187 | $652.75 | $360.36 | $1,013.11 | $109,191.92 | |
| May, 2040 | 188 | $650.60 | $362.51 | $1,013.11 | $108,829.41 | |
| Jun, 2040 | 189 | $648.44 | $364.67 | $1,013.11 | $108,464.74 | |
| Jul, 2040 | 190 | $646.27 | $366.84 | $1,013.11 | $108,097.90 | |
| Aug, 2040 | 191 | $644.08 | $369.03 | $1,013.11 | $107,728.88 | |
| Sep, 2040 | 192 | $641.88 | $371.23 | $1,013.11 | $107,357.65 | |
| Oct, 2040 | 193 | $639.67 | $373.44 | $1,013.11 | $106,984.21 | |
| Nov, 2040 | 194 | $637.45 | $375.66 | $1,013.11 | $106,608.55 | |
| Dec, 2040 | 195 | $635.21 | $377.90 | $1,013.11 | $106,230.65 | |
| Jan, 2041 | 196 | $632.96 | $380.15 | $1,013.11 | $105,850.50 | |
| Feb, 2041 | 197 | $630.69 | $382.42 | $1,013.11 | $105,468.08 | |
| Mar, 2041 | 198 | $628.41 | $384.70 | $1,013.11 | $105,083.38 | |
| Apr, 2041 | 199 | $626.12 | $386.99 | $1,013.11 | $104,696.39 | |
| May, 2041 | 200 | $623.82 | $389.29 | $1,013.11 | $104,307.10 | |
| Jun, 2041 | 201 | $621.50 | $391.61 | $1,013.11 | $103,915.49 | |
| Jul, 2041 | 202 | $619.16 | $393.95 | $1,013.11 | $103,521.54 | |
| Aug, 2041 | 203 | $616.82 | $396.29 | $1,013.11 | $103,125.25 | |
| Sep, 2041 | 204 | $614.45 | $398.66 | $1,013.11 | $102,726.59 | |
| Oct, 2041 | 205 | $612.08 | $401.03 | $1,013.11 | $102,325.56 | |
| Nov, 2041 | 206 | $609.69 | $403.42 | $1,013.11 | $101,922.14 | |
| Dec, 2041 | 207 | $607.29 | $405.82 | $1,013.11 | $101,516.31 | |
| Jan, 2042 | 208 | $604.87 | $408.24 | $1,013.11 | $101,108.07 | |
| Feb, 2042 | 209 | $602.44 | $410.67 | $1,013.11 | $100,697.40 | |
| Mar, 2042 | 210 | $599.99 | $413.12 | $1,013.11 | $100,284.28 | |
| Apr, 2042 | 211 | $597.53 | $415.58 | $1,013.11 | $99,868.69 | |
| May, 2042 | 212 | $595.05 | $418.06 | $1,013.11 | $99,450.63 | |
| Jun, 2042 | 213 | $592.56 | $420.55 | $1,013.11 | $99,030.08 | |
| Jul, 2042 | 214 | $590.05 | $423.06 | $1,013.11 | $98,607.03 | |
| Aug, 2042 | 215 | $587.53 | $425.58 | $1,013.11 | $98,181.45 | |
| Sep, 2042 | 216 | $585.00 | $428.11 | $1,013.11 | $97,753.34 | |
| Oct, 2042 | 217 | $582.45 | $430.66 | $1,013.11 | $97,322.68 | |
| Nov, 2042 | 218 | $579.88 | $433.23 | $1,013.11 | $96,889.45 | |
| Dec, 2042 | 219 | $577.30 | $435.81 | $1,013.11 | $96,453.64 | |
| Jan, 2043 | 220 | $574.70 | $438.41 | $1,013.11 | $96,015.23 | |
| Feb, 2043 | 221 | $572.09 | $441.02 | $1,013.11 | $95,574.21 | |
| Mar, 2043 | 222 | $569.46 | $443.65 | $1,013.11 | $95,130.56 | |
| Apr, 2043 | 223 | $566.82 | $446.29 | $1,013.11 | $94,684.27 | |
| May, 2043 | 224 | $564.16 | $448.95 | $1,013.11 | $94,235.32 | |
| Jun, 2043 | 225 | $561.49 | $451.62 | $1,013.11 | $93,783.70 | |
| Jul, 2043 | 226 | $558.79 | $454.32 | $1,013.11 | $93,329.38 | |
| Aug, 2043 | 227 | $556.09 | $457.02 | $1,013.11 | $92,872.36 | |
| Sep, 2043 | 228 | $553.36 | $459.75 | $1,013.11 | $92,412.61 | |
| Oct, 2043 | 229 | $550.63 | $462.48 | $1,013.11 | $91,950.13 | |
| Nov, 2043 | 230 | $547.87 | $465.24 | $1,013.11 | $91,484.89 | |
| Dec, 2043 | 231 | $545.10 | $468.01 | $1,013.11 | $91,016.88 | |
| Jan, 2044 | 232 | $542.31 | $470.80 | $1,013.11 | $90,546.07 | |
| Feb, 2044 | 233 | $539.50 | $473.61 | $1,013.11 | $90,072.47 | |
| Mar, 2044 | 234 | $536.68 | $476.43 | $1,013.11 | $89,596.04 | |
| Apr, 2044 | 235 | $533.84 | $479.27 | $1,013.11 | $89,116.77 | |
| May, 2044 | 236 | $530.99 | $482.12 | $1,013.11 | $88,634.65 | |
| Jun, 2044 | 237 | $528.11 | $485.00 | $1,013.11 | $88,149.65 | |
| Jul, 2044 | 238 | $525.23 | $487.89 | $1,013.11 | $87,661.77 | |
| Aug, 2044 | 239 | $522.32 | $490.79 | $1,013.11 | $87,170.98 | |
| Sep, 2044 | 240 | $519.39 | $493.72 | $1,013.11 | $86,677.26 | |
| Oct, 2044 | 241 | $516.45 | $496.66 | $1,013.11 | $86,180.60 | |
| Nov, 2044 | 242 | $513.49 | $499.62 | $1,013.11 | $85,680.99 | |
| Dec, 2044 | 243 | $510.52 | $502.59 | $1,013.11 | $85,178.39 | |
| Jan, 2045 | 244 | $507.52 | $505.59 | $1,013.11 | $84,672.80 | |
| Feb, 2045 | 245 | $504.51 | $508.60 | $1,013.11 | $84,164.20 | |
| Mar, 2045 | 246 | $501.48 | $511.63 | $1,013.11 | $83,652.57 | |
| Apr, 2045 | 247 | $498.43 | $514.68 | $1,013.11 | $83,137.89 | |
| May, 2045 | 248 | $495.36 | $517.75 | $1,013.11 | $82,620.14 | |
| Jun, 2045 | 249 | $492.28 | $520.83 | $1,013.11 | $82,099.31 | |
| Jul, 2045 | 250 | $489.18 | $523.94 | $1,013.11 | $81,575.38 | |
| Aug, 2045 | 251 | $486.05 | $527.06 | $1,013.11 | $81,048.32 | |
| Sep, 2045 | 252 | $482.91 | $530.20 | $1,013.11 | $80,518.12 | |
| Oct, 2045 | 253 | $479.75 | $533.36 | $1,013.11 | $79,984.77 | |
| Nov, 2045 | 254 | $476.58 | $536.53 | $1,013.11 | $79,448.23 | |
| Dec, 2045 | 255 | $473.38 | $539.73 | $1,013.11 | $78,908.50 | |
| Jan, 2046 | 256 | $470.16 | $542.95 | $1,013.11 | $78,365.55 | |
| Feb, 2046 | 257 | $466.93 | $546.18 | $1,013.11 | $77,819.37 | |
| Mar, 2046 | 258 | $463.67 | $549.44 | $1,013.11 | $77,269.93 | |
| Apr, 2046 | 259 | $460.40 | $552.71 | $1,013.11 | $76,717.22 | |
| May, 2046 | 260 | $457.11 | $556.00 | $1,013.11 | $76,161.22 | |
| Jun, 2046 | 261 | $453.79 | $559.32 | $1,013.11 | $75,601.90 | |
| Jul, 2046 | 262 | $450.46 | $562.65 | $1,013.11 | $75,039.26 | |
| Aug, 2046 | 263 | $447.11 | $566.00 | $1,013.11 | $74,473.25 | |
| Sep, 2046 | 264 | $443.74 | $569.37 | $1,013.11 | $73,903.88 | |
| Oct, 2046 | 265 | $440.34 | $572.77 | $1,013.11 | $73,331.11 | |
| Nov, 2046 | 266 | $436.93 | $576.18 | $1,013.11 | $72,754.94 | |
| Dec, 2046 | 267 | $433.50 | $579.61 | $1,013.11 | $72,175.32 | |
| Jan, 2047 | 268 | $430.04 | $583.07 | $1,013.11 | $71,592.26 | |
| Feb, 2047 | 269 | $426.57 | $586.54 | $1,013.11 | $71,005.72 | |
| Mar, 2047 | 270 | $423.08 | $590.03 | $1,013.11 | $70,415.68 | |
| Apr, 2047 | 271 | $419.56 | $593.55 | $1,013.11 | $69,822.13 | |
| May, 2047 | 272 | $416.02 | $597.09 | $1,013.11 | $69,225.05 | |
| Jun, 2047 | 273 | $412.47 | $600.64 | $1,013.11 | $68,624.40 | |
| Jul, 2047 | 274 | $408.89 | $604.22 | $1,013.11 | $68,020.18 | |
| Aug, 2047 | 275 | $405.29 | $607.82 | $1,013.11 | $67,412.36 | |
| Sep, 2047 | 276 | $401.67 | $611.44 | $1,013.11 | $66,800.91 | |
| Oct, 2047 | 277 | $398.02 | $615.09 | $1,013.11 | $66,185.82 | |
| Nov, 2047 | 278 | $394.36 | $618.75 | $1,013.11 | $65,567.07 | |
| Dec, 2047 | 279 | $390.67 | $622.44 | $1,013.11 | $64,944.63 | |
| Jan, 2048 | 280 | $386.96 | $626.15 | $1,013.11 | $64,318.48 | |
| Feb, 2048 | 281 | $383.23 | $629.88 | $1,013.11 | $63,688.60 | |
| Mar, 2048 | 282 | $379.48 | $633.63 | $1,013.11 | $63,054.97 | |
| Apr, 2048 | 283 | $375.70 | $637.41 | $1,013.11 | $62,417.56 | |
| May, 2048 | 284 | $371.90 | $641.21 | $1,013.11 | $61,776.36 | |
| Jun, 2048 | 285 | $368.08 | $645.03 | $1,013.11 | $61,131.33 | |
| Jul, 2048 | 286 | $364.24 | $648.87 | $1,013.11 | $60,482.46 | |
| Aug, 2048 | 287 | $360.37 | $652.74 | $1,013.11 | $59,829.73 | |
| Sep, 2048 | 288 | $356.49 | $656.62 | $1,013.11 | $59,173.10 | |
| Oct, 2048 | 289 | $352.57 | $660.54 | $1,013.11 | $58,512.57 | |
| Nov, 2048 | 290 | $348.64 | $664.47 | $1,013.11 | $57,848.09 | |
| Dec, 2048 | 291 | $344.68 | $668.43 | $1,013.11 | $57,179.66 | |
| Jan, 2049 | 292 | $340.70 | $672.41 | $1,013.11 | $56,507.25 | |
| Feb, 2049 | 293 | $336.69 | $676.42 | $1,013.11 | $55,830.83 | |
| Mar, 2049 | 294 | $332.66 | $680.45 | $1,013.11 | $55,150.37 | |
| Apr, 2049 | 295 | $328.60 | $684.51 | $1,013.11 | $54,465.87 | |
| May, 2049 | 296 | $324.53 | $688.58 | $1,013.11 | $53,777.28 | |
| Jun, 2049 | 297 | $320.42 | $692.69 | $1,013.11 | $53,084.60 | |
| Jul, 2049 | 298 | $316.30 | $696.81 | $1,013.11 | $52,387.78 | |
| Aug, 2049 | 299 | $312.14 | $700.97 | $1,013.11 | $51,686.82 | |
| Sep, 2049 | 300 | $307.97 | $705.14 | $1,013.11 | $50,981.67 | |
| Oct, 2049 | 301 | $303.77 | $709.34 | $1,013.11 | $50,272.33 | |
| Nov, 2049 | 302 | $299.54 | $713.57 | $1,013.11 | $49,558.76 | |
| Dec, 2049 | 303 | $295.29 | $717.82 | $1,013.11 | $48,840.94 | |
| Jan, 2050 | 304 | $291.01 | $722.10 | $1,013.11 | $48,118.84 | |
| Feb, 2050 | 305 | $286.71 | $726.40 | $1,013.11 | $47,392.43 | |
| Mar, 2050 | 306 | $282.38 | $730.73 | $1,013.11 | $46,661.70 | |
| Apr, 2050 | 307 | $278.03 | $735.08 | $1,013.11 | $45,926.62 | |
| May, 2050 | 308 | $273.65 | $739.46 | $1,013.11 | $45,187.16 | |
| Jun, 2050 | 309 | $269.24 | $743.87 | $1,013.11 | $44,443.29 | |
| Jul, 2050 | 310 | $264.81 | $748.30 | $1,013.11 | $43,694.98 | |
| Aug, 2050 | 311 | $260.35 | $752.76 | $1,013.11 | $42,942.22 | |
| Sep, 2050 | 312 | $255.86 | $757.25 | $1,013.11 | $42,184.98 | |
| Oct, 2050 | 313 | $251.35 | $761.76 | $1,013.11 | $41,423.22 | |
| Nov, 2050 | 314 | $246.81 | $766.30 | $1,013.11 | $40,656.92 | |
| Dec, 2050 | 315 | $242.25 | $770.86 | $1,013.11 | $39,886.06 | |
| Jan, 2051 | 316 | $237.65 | $775.46 | $1,013.11 | $39,110.60 | |
| Feb, 2051 | 317 | $233.03 | $780.08 | $1,013.11 | $38,330.53 | |
| Mar, 2051 | 318 | $228.39 | $784.72 | $1,013.11 | $37,545.80 | |
| Apr, 2051 | 319 | $223.71 | $789.40 | $1,013.11 | $36,756.40 | |
| May, 2051 | 320 | $219.01 | $794.10 | $1,013.11 | $35,962.30 | |
| Jun, 2051 | 321 | $214.28 | $798.83 | $1,013.11 | $35,163.47 | |
| Jul, 2051 | 322 | $209.52 | $803.59 | $1,013.11 | $34,359.87 | |
| Aug, 2051 | 323 | $204.73 | $808.38 | $1,013.11 | $33,551.49 | |
| Sep, 2051 | 324 | $199.91 | $813.20 | $1,013.11 | $32,738.29 | |
| Oct, 2051 | 325 | $195.07 | $818.04 | $1,013.11 | $31,920.25 | |
| Nov, 2051 | 326 | $190.19 | $822.92 | $1,013.11 | $31,097.33 | |
| Dec, 2051 | 327 | $185.29 | $827.82 | $1,013.11 | $30,269.50 | |
| Jan, 2052 | 328 | $180.36 | $832.75 | $1,013.11 | $29,436.75 | |
| Feb, 2052 | 329 | $175.39 | $837.72 | $1,013.11 | $28,599.03 | |
| Mar, 2052 | 330 | $170.40 | $842.71 | $1,013.11 | $27,756.33 | |
| Apr, 2052 | 331 | $165.38 | $847.73 | $1,013.11 | $26,908.60 | |
| May, 2052 | 332 | $160.33 | $852.78 | $1,013.11 | $26,055.82 | |
| Jun, 2052 | 333 | $155.25 | $857.86 | $1,013.11 | $25,197.96 | |
| Jul, 2052 | 334 | $150.14 | $862.97 | $1,013.11 | $24,334.99 | |
| Aug, 2052 | 335 | $145.00 | $868.11 | $1,013.11 | $23,466.87 | |
| Sep, 2052 | 336 | $139.82 | $873.29 | $1,013.11 | $22,593.58 | |
| Oct, 2052 | 337 | $134.62 | $878.49 | $1,013.11 | $21,715.09 | |
| Nov, 2052 | 338 | $129.39 | $883.72 | $1,013.11 | $20,831.37 | |
| Dec, 2052 | 339 | $124.12 | $888.99 | $1,013.11 | $19,942.38 | |
| Jan, 2053 | 340 | $118.82 | $894.29 | $1,013.11 | $19,048.09 | |
| Feb, 2053 | 341 | $113.49 | $899.62 | $1,013.11 | $18,148.48 | |
| Mar, 2053 | 342 | $108.13 | $904.98 | $1,013.11 | $17,243.50 | |
| Apr, 2053 | 343 | $102.74 | $910.37 | $1,013.11 | $16,333.14 | |
| May, 2053 | 344 | $97.32 | $915.79 | $1,013.11 | $15,417.34 | |
| Jun, 2053 | 345 | $91.86 | $921.25 | $1,013.11 | $14,496.09 | |
| Jul, 2053 | 346 | $86.37 | $926.74 | $1,013.11 | $13,569.36 | |
| Aug, 2053 | 347 | $80.85 | $932.26 | $1,013.11 | $12,637.10 | |
| Sep, 2053 | 348 | $75.30 | $937.81 | $1,013.11 | $11,699.28 | |
| Oct, 2053 | 349 | $69.71 | $943.40 | $1,013.11 | $10,755.88 | |
| Nov, 2053 | 350 | $64.09 | $949.02 | $1,013.11 | $9,806.86 | |
| Dec, 2053 | 351 | $58.43 | $954.68 | $1,013.11 | $8,852.18 | |
| Jan, 2054 | 352 | $52.74 | $960.37 | $1,013.11 | $7,891.82 | |
| Feb, 2054 | 353 | $47.02 | $966.09 | $1,013.11 | $6,925.73 | |
| Mar, 2054 | 354 | $41.27 | $971.84 | $1,013.11 | $5,953.88 | |
| Apr, 2054 | 355 | $35.48 | $977.63 | $1,013.11 | $4,976.25 | |
| May, 2054 | 356 | $29.65 | $983.46 | $1,013.11 | $3,992.79 | |
| Jun, 2054 | 357 | $23.79 | $989.32 | $1,013.11 | $3,003.47 | |
| Jul, 2054 | 358 | $17.90 | $995.21 | $1,013.11 | $2,008.25 | |
| Aug, 2054 | 359 | $11.97 | $1,001.14 | $1,013.11 | $1,007.11 | |
| Sep, 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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