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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 Show By Year

Home Equity Loan Results

Loan Amount:
$280,000.00
Monthly Payment:
$1,528.87
Total # Of Payments:
360
Start Date:
Mar, 2023
Payoff Date:
Feb, 2053
Total Interest Paid:
$270,394.44
Total Payment:
$550,394.44

Home Equity Loan Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Mar, 2023 1 $1,201.67 $327.21 $1,528.87 $279,672.79
Apr, 2023 2 $1,200.26 $328.61 $1,528.87 $279,344.18
May, 2023 3 $1,198.85 $330.02 $1,528.87 $279,014.16
Jun, 2023 4 $1,197.44 $331.44 $1,528.87 $278,682.72
Jul, 2023 5 $1,196.01 $332.86 $1,528.87 $278,349.86
Aug, 2023 6 $1,194.58 $334.29 $1,528.87 $278,015.57
Sep, 2023 7 $1,193.15 $335.72 $1,528.87 $277,679.85
Oct, 2023 8 $1,191.71 $337.16 $1,528.87 $277,342.69
Nov, 2023 9 $1,190.26 $338.61 $1,528.87 $277,004.08
Dec, 2023 10 $1,188.81 $340.06 $1,528.87 $276,664.01
Jan, 2024 11 $1,187.35 $341.52 $1,528.87 $276,322.49
Feb, 2024 12 $1,185.88 $342.99 $1,528.87 $275,979.50
Mar, 2024 13 $1,184.41 $344.46 $1,528.87 $275,635.04
Apr, 2024 14 $1,182.93 $345.94 $1,528.87 $275,289.10
May, 2024 15 $1,181.45 $347.42 $1,528.87 $274,941.67
Jun, 2024 16 $1,179.96 $348.92 $1,528.87 $274,592.76
Jul, 2024 17 $1,178.46 $350.41 $1,528.87 $274,242.34
Aug, 2024 18 $1,176.96 $351.92 $1,528.87 $273,890.43
Sep, 2024 19 $1,175.45 $353.43 $1,528.87 $273,537.00
Oct, 2024 20 $1,173.93 $354.94 $1,528.87 $273,182.06
Nov, 2024 21 $1,172.41 $356.47 $1,528.87 $272,825.59
Dec, 2024 22 $1,170.88 $358.00 $1,528.87 $272,467.59
Jan, 2025 23 $1,169.34 $359.53 $1,528.87 $272,108.06
Feb, 2025 24 $1,167.80 $361.08 $1,528.87 $271,746.98
Mar, 2025 25 $1,166.25 $362.63 $1,528.87 $271,384.36
Apr, 2025 26 $1,164.69 $364.18 $1,528.87 $271,020.18
May, 2025 27 $1,163.13 $365.75 $1,528.87 $270,654.43
Jun, 2025 28 $1,161.56 $367.31 $1,528.87 $270,287.12
Jul, 2025 29 $1,159.98 $368.89 $1,528.87 $269,918.22
Aug, 2025 30 $1,158.40 $370.47 $1,528.87 $269,547.75
Sep, 2025 31 $1,156.81 $372.06 $1,528.87 $269,175.69
Oct, 2025 32 $1,155.21 $373.66 $1,528.87 $268,802.02
Nov, 2025 33 $1,153.61 $375.26 $1,528.87 $268,426.76
Dec, 2025 34 $1,152.00 $376.88 $1,528.87 $268,049.88
Jan, 2026 35 $1,150.38 $378.49 $1,528.87 $267,671.39
Feb, 2026 36 $1,148.76 $380.12 $1,528.87 $267,291.27
Mar, 2026 37 $1,147.13 $381.75 $1,528.87 $266,909.53
Apr, 2026 38 $1,145.49 $383.39 $1,528.87 $266,526.14
May, 2026 39 $1,143.84 $385.03 $1,528.87 $266,141.11
Jun, 2026 40 $1,142.19 $386.68 $1,528.87 $265,754.42
Jul, 2026 41 $1,140.53 $388.34 $1,528.87 $265,366.08
Aug, 2026 42 $1,138.86 $390.01 $1,528.87 $264,976.07
Sep, 2026 43 $1,137.19 $391.68 $1,528.87 $264,584.38
Oct, 2026 44 $1,135.51 $393.37 $1,528.87 $264,191.02
Nov, 2026 45 $1,133.82 $395.05 $1,528.87 $263,795.96
Dec, 2026 46 $1,132.12 $396.75 $1,528.87 $263,399.22
Jan, 2027 47 $1,130.42 $398.45 $1,528.87 $263,000.76
Feb, 2027 48 $1,128.71 $400.16 $1,528.87 $262,600.60
Mar, 2027 49 $1,126.99 $401.88 $1,528.87 $262,198.72
Apr, 2027 50 $1,125.27 $403.60 $1,528.87 $261,795.12
May, 2027 51 $1,123.54 $405.34 $1,528.87 $261,389.78
Jun, 2027 52 $1,121.80 $407.08 $1,528.87 $260,982.71
Jul, 2027 53 $1,120.05 $408.82 $1,528.87 $260,573.88
Aug, 2027 54 $1,118.30 $410.58 $1,528.87 $260,163.31
Sep, 2027 55 $1,116.53 $412.34 $1,528.87 $259,750.97
Oct, 2027 56 $1,114.76 $414.11 $1,528.87 $259,336.86
Nov, 2027 57 $1,112.99 $415.89 $1,528.87 $258,920.97
Dec, 2027 58 $1,111.20 $417.67 $1,528.87 $258,503.30
Jan, 2028 59 $1,109.41 $419.46 $1,528.87 $258,083.84
Feb, 2028 60 $1,107.61 $421.26 $1,528.87 $257,662.58
Mar, 2028 61 $1,105.80 $423.07 $1,528.87 $257,239.50
Apr, 2028 62 $1,103.99 $424.89 $1,528.87 $256,814.62
May, 2028 63 $1,102.16 $426.71 $1,528.87 $256,387.91
Jun, 2028 64 $1,100.33 $428.54 $1,528.87 $255,959.36
Jul, 2028 65 $1,098.49 $430.38 $1,528.87 $255,528.98
Aug, 2028 66 $1,096.65 $432.23 $1,528.87 $255,096.75
Sep, 2028 67 $1,094.79 $434.08 $1,528.87 $254,662.67
Oct, 2028 68 $1,092.93 $435.95 $1,528.87 $254,226.73
Nov, 2028 69 $1,091.06 $437.82 $1,528.87 $253,788.91
Dec, 2028 70 $1,089.18 $439.70 $1,528.87 $253,349.21
Jan, 2029 71 $1,087.29 $441.58 $1,528.87 $252,907.63
Feb, 2029 72 $1,085.40 $443.48 $1,528.87 $252,464.15
Mar, 2029 73 $1,083.49 $445.38 $1,528.87 $252,018.77
Apr, 2029 74 $1,081.58 $447.29 $1,528.87 $251,571.48
May, 2029 75 $1,079.66 $449.21 $1,528.87 $251,122.26
Jun, 2029 76 $1,077.73 $451.14 $1,528.87 $250,671.12
Jul, 2029 77 $1,075.80 $453.08 $1,528.87 $250,218.05
Aug, 2029 78 $1,073.85 $455.02 $1,528.87 $249,763.03
Sep, 2029 79 $1,071.90 $456.97 $1,528.87 $249,306.05
Oct, 2029 80 $1,069.94 $458.93 $1,528.87 $248,847.12
Nov, 2029 81 $1,067.97 $460.90 $1,528.87 $248,386.21
Dec, 2029 82 $1,065.99 $462.88 $1,528.87 $247,923.33
Jan, 2030 83 $1,064.00 $464.87 $1,528.87 $247,458.46
Feb, 2030 84 $1,062.01 $466.86 $1,528.87 $246,991.60
Mar, 2030 85 $1,060.01 $468.87 $1,528.87 $246,522.73
Apr, 2030 86 $1,057.99 $470.88 $1,528.87 $246,051.85
May, 2030 87 $1,055.97 $472.90 $1,528.87 $245,578.95
Jun, 2030 88 $1,053.94 $474.93 $1,528.87 $245,104.02
Jul, 2030 89 $1,051.90 $476.97 $1,528.87 $244,627.05
Aug, 2030 90 $1,049.86 $479.02 $1,528.87 $244,148.03
Sep, 2030 91 $1,047.80 $481.07 $1,528.87 $243,666.96
Oct, 2030 92 $1,045.74 $483.14 $1,528.87 $243,183.83
Nov, 2030 93 $1,043.66 $485.21 $1,528.87 $242,698.62
Dec, 2030 94 $1,041.58 $487.29 $1,528.87 $242,211.32
Jan, 2031 95 $1,039.49 $489.38 $1,528.87 $241,721.94
Feb, 2031 96 $1,037.39 $491.48 $1,528.87 $241,230.46
Mar, 2031 97 $1,035.28 $493.59 $1,528.87 $240,736.86
Apr, 2031 98 $1,033.16 $495.71 $1,528.87 $240,241.15
May, 2031 99 $1,031.03 $497.84 $1,528.87 $239,743.32
Jun, 2031 100 $1,028.90 $499.98 $1,528.87 $239,243.34
Jul, 2031 101 $1,026.75 $502.12 $1,528.87 $238,741.22
Aug, 2031 102 $1,024.60 $504.28 $1,528.87 $238,236.94
Sep, 2031 103 $1,022.43 $506.44 $1,528.87 $237,730.50
Oct, 2031 104 $1,020.26 $508.61 $1,528.87 $237,221.89
Nov, 2031 105 $1,018.08 $510.80 $1,528.87 $236,711.09
Dec, 2031 106 $1,015.89 $512.99 $1,528.87 $236,198.11
Jan, 2032 107 $1,013.68 $515.19 $1,528.87 $235,682.92
Feb, 2032 108 $1,011.47 $517.40 $1,528.87 $235,165.52
Mar, 2032 109 $1,009.25 $519.62 $1,528.87 $234,645.89
Apr, 2032 110 $1,007.02 $521.85 $1,528.87 $234,124.04
May, 2032 111 $1,004.78 $524.09 $1,528.87 $233,599.95
Jun, 2032 112 $1,002.53 $526.34 $1,528.87 $233,073.61
Jul, 2032 113 $1,000.27 $528.60 $1,528.87 $232,545.01
Aug, 2032 114 $998.01 $530.87 $1,528.87 $232,014.14
Sep, 2032 115 $995.73 $533.15 $1,528.87 $231,481.00
Oct, 2032 116 $993.44 $535.43 $1,528.87 $230,945.56
Nov, 2032 117 $991.14 $537.73 $1,528.87 $230,407.83
Dec, 2032 118 $988.83 $540.04 $1,528.87 $229,867.79
Jan, 2033 119 $986.52 $542.36 $1,528.87 $229,325.43
Feb, 2033 120 $984.19 $544.69 $1,528.87 $228,780.75
Mar, 2033 121 $981.85 $547.02 $1,528.87 $228,233.73
Apr, 2033 122 $979.50 $549.37 $1,528.87 $227,684.36
May, 2033 123 $977.15 $551.73 $1,528.87 $227,132.63
Jun, 2033 124 $974.78 $554.10 $1,528.87 $226,578.53
Jul, 2033 125 $972.40 $556.47 $1,528.87 $226,022.06
Aug, 2033 126 $970.01 $558.86 $1,528.87 $225,463.20
Sep, 2033 127 $967.61 $561.26 $1,528.87 $224,901.94
Oct, 2033 128 $965.20 $563.67 $1,528.87 $224,338.27
Nov, 2033 129 $962.79 $566.09 $1,528.87 $223,772.18
Dec, 2033 130 $960.36 $568.52 $1,528.87 $223,203.66
Jan, 2034 131 $957.92 $570.96 $1,528.87 $222,632.70
Feb, 2034 132 $955.47 $573.41 $1,528.87 $222,059.29
Mar, 2034 133 $953.00 $575.87 $1,528.87 $221,483.43
Apr, 2034 134 $950.53 $578.34 $1,528.87 $220,905.09
May, 2034 135 $948.05 $580.82 $1,528.87 $220,324.26
Jun, 2034 136 $945.56 $583.32 $1,528.87 $219,740.95
Jul, 2034 137 $943.05 $585.82 $1,528.87 $219,155.13
Aug, 2034 138 $940.54 $588.33 $1,528.87 $218,566.80
Sep, 2034 139 $938.02 $590.86 $1,528.87 $217,975.94
Oct, 2034 140 $935.48 $593.39 $1,528.87 $217,382.55
Nov, 2034 141 $932.93 $595.94 $1,528.87 $216,786.61
Dec, 2034 142 $930.38 $598.50 $1,528.87 $216,188.11
Jan, 2035 143 $927.81 $601.07 $1,528.87 $215,587.04
Feb, 2035 144 $925.23 $603.65 $1,528.87 $214,983.40
Mar, 2035 145 $922.64 $606.24 $1,528.87 $214,377.16
Apr, 2035 146 $920.04 $608.84 $1,528.87 $213,768.32
May, 2035 147 $917.42 $611.45 $1,528.87 $213,156.87
Jun, 2035 148 $914.80 $614.08 $1,528.87 $212,542.80
Jul, 2035 149 $912.16 $616.71 $1,528.87 $211,926.08
Aug, 2035 150 $909.52 $619.36 $1,528.87 $211,306.73
Sep, 2035 151 $906.86 $622.02 $1,528.87 $210,684.71
Oct, 2035 152 $904.19 $624.68 $1,528.87 $210,060.03
Nov, 2035 153 $901.51 $627.37 $1,528.87 $209,432.66
Dec, 2035 154 $898.82 $630.06 $1,528.87 $208,802.60
Jan, 2036 155 $896.11 $632.76 $1,528.87 $208,169.84
Feb, 2036 156 $893.40 $635.48 $1,528.87 $207,534.36
Mar, 2036 157 $890.67 $638.21 $1,528.87 $206,896.16
Apr, 2036 158 $887.93 $640.94 $1,528.87 $206,255.21
May, 2036 159 $885.18 $643.69 $1,528.87 $205,611.52
Jun, 2036 160 $882.42 $646.46 $1,528.87 $204,965.06
Jul, 2036 161 $879.64 $649.23 $1,528.87 $204,315.83
Aug, 2036 162 $876.86 $652.02 $1,528.87 $203,663.81
Sep, 2036 163 $874.06 $654.82 $1,528.87 $203,009.00
Oct, 2036 164 $871.25 $657.63 $1,528.87 $202,351.37
Nov, 2036 165 $868.42 $660.45 $1,528.87 $201,690.92
Dec, 2036 166 $865.59 $663.28 $1,528.87 $201,027.64
Jan, 2037 167 $862.74 $666.13 $1,528.87 $200,361.51
Feb, 2037 168 $859.88 $668.99 $1,528.87 $199,692.52
Mar, 2037 169 $857.01 $671.86 $1,528.87 $199,020.66
Apr, 2037 170 $854.13 $674.74 $1,528.87 $198,345.92
May, 2037 171 $851.23 $677.64 $1,528.87 $197,668.28
Jun, 2037 172 $848.33 $680.55 $1,528.87 $196,987.73
Jul, 2037 173 $845.41 $683.47 $1,528.87 $196,304.26
Aug, 2037 174 $842.47 $686.40 $1,528.87 $195,617.86
Sep, 2037 175 $839.53 $689.35 $1,528.87 $194,928.51
Oct, 2037 176 $836.57 $692.31 $1,528.87 $194,236.21
Nov, 2037 177 $833.60 $695.28 $1,528.87 $193,540.93
Dec, 2037 178 $830.61 $698.26 $1,528.87 $192,842.67
Jan, 2038 179 $827.62 $701.26 $1,528.87 $192,141.42
Feb, 2038 180 $824.61 $704.27 $1,528.87 $191,437.15
Mar, 2038 181 $821.58 $707.29 $1,528.87 $190,729.86
Apr, 2038 182 $818.55 $710.32 $1,528.87 $190,019.54
May, 2038 183 $815.50 $713.37 $1,528.87 $189,306.16
Jun, 2038 184 $812.44 $716.43 $1,528.87 $188,589.73
Jul, 2038 185 $809.36 $719.51 $1,528.87 $187,870.22
Aug, 2038 186 $806.28 $722.60 $1,528.87 $187,147.62
Sep, 2038 187 $803.18 $725.70 $1,528.87 $186,421.92
Oct, 2038 188 $800.06 $728.81 $1,528.87 $185,693.11
Nov, 2038 189 $796.93 $731.94 $1,528.87 $184,961.17
Dec, 2038 190 $793.79 $735.08 $1,528.87 $184,226.09
Jan, 2039 191 $790.64 $738.24 $1,528.87 $183,487.85
Feb, 2039 192 $787.47 $741.40 $1,528.87 $182,746.45
Mar, 2039 193 $784.29 $744.59 $1,528.87 $182,001.86
Apr, 2039 194 $781.09 $747.78 $1,528.87 $181,254.08
May, 2039 195 $777.88 $750.99 $1,528.87 $180,503.09
Jun, 2039 196 $774.66 $754.21 $1,528.87 $179,748.87
Jul, 2039 197 $771.42 $757.45 $1,528.87 $178,991.42
Aug, 2039 198 $768.17 $760.70 $1,528.87 $178,230.72
Sep, 2039 199 $764.91 $763.97 $1,528.87 $177,466.75
Oct, 2039 200 $761.63 $767.25 $1,528.87 $176,699.51
Nov, 2039 201 $758.34 $770.54 $1,528.87 $175,928.97
Dec, 2039 202 $755.03 $773.84 $1,528.87 $175,155.13
Jan, 2040 203 $751.71 $777.17 $1,528.87 $174,377.96
Feb, 2040 204 $748.37 $780.50 $1,528.87 $173,597.46
Mar, 2040 205 $745.02 $783.85 $1,528.87 $172,813.61
Apr, 2040 206 $741.66 $787.22 $1,528.87 $172,026.39
May, 2040 207 $738.28 $790.59 $1,528.87 $171,235.80
Jun, 2040 208 $734.89 $793.99 $1,528.87 $170,441.81
Jul, 2040 209 $731.48 $797.39 $1,528.87 $169,644.42
Aug, 2040 210 $728.06 $800.82 $1,528.87 $168,843.60
Sep, 2040 211 $724.62 $804.25 $1,528.87 $168,039.35
Oct, 2040 212 $721.17 $807.70 $1,528.87 $167,231.64
Nov, 2040 213 $717.70 $811.17 $1,528.87 $166,420.47
Dec, 2040 214 $714.22 $814.65 $1,528.87 $165,605.82
Jan, 2041 215 $710.72 $818.15 $1,528.87 $164,787.67
Feb, 2041 216 $707.21 $821.66 $1,528.87 $163,966.01
Mar, 2041 217 $703.69 $825.19 $1,528.87 $163,140.83
Apr, 2041 218 $700.15 $828.73 $1,528.87 $162,312.10
May, 2041 219 $696.59 $832.28 $1,528.87 $161,479.82
Jun, 2041 220 $693.02 $835.86 $1,528.87 $160,643.96
Jul, 2041 221 $689.43 $839.44 $1,528.87 $159,804.52
Aug, 2041 222 $685.83 $843.05 $1,528.87 $158,961.47
Sep, 2041 223 $682.21 $846.66 $1,528.87 $158,114.81
Oct, 2041 224 $678.58 $850.30 $1,528.87 $157,264.51
Nov, 2041 225 $674.93 $853.95 $1,528.87 $156,410.56
Dec, 2041 226 $671.26 $857.61 $1,528.87 $155,552.95
Jan, 2042 227 $667.58 $861.29 $1,528.87 $154,691.66
Feb, 2042 228 $663.89 $864.99 $1,528.87 $153,826.67
Mar, 2042 229 $660.17 $868.70 $1,528.87 $152,957.97
Apr, 2042 230 $656.44 $872.43 $1,528.87 $152,085.54
May, 2042 231 $652.70 $876.17 $1,528.87 $151,209.37
Jun, 2042 232 $648.94 $879.93 $1,528.87 $150,329.44
Jul, 2042 233 $645.16 $883.71 $1,528.87 $149,445.73
Aug, 2042 234 $641.37 $887.50 $1,528.87 $148,558.22
Sep, 2042 235 $637.56 $891.31 $1,528.87 $147,666.91
Oct, 2042 236 $633.74 $895.14 $1,528.87 $146,771.78
Nov, 2042 237 $629.90 $898.98 $1,528.87 $145,872.80
Dec, 2042 238 $626.04 $902.84 $1,528.87 $144,969.96
Jan, 2043 239 $622.16 $906.71 $1,528.87 $144,063.25
Feb, 2043 240 $618.27 $910.60 $1,528.87 $143,152.65
Mar, 2043 241 $614.36 $914.51 $1,528.87 $142,238.14
Apr, 2043 242 $610.44 $918.43 $1,528.87 $141,319.71
May, 2043 243 $606.50 $922.38 $1,528.87 $140,397.33
Jun, 2043 244 $602.54 $926.33 $1,528.87 $139,470.99
Jul, 2043 245 $598.56 $930.31 $1,528.87 $138,540.68
Aug, 2043 246 $594.57 $934.30 $1,528.87 $137,606.38
Sep, 2043 247 $590.56 $938.31 $1,528.87 $136,668.07
Oct, 2043 248 $586.53 $942.34 $1,528.87 $135,725.73
Nov, 2043 249 $582.49 $946.38 $1,528.87 $134,779.34
Dec, 2043 250 $578.43 $950.45 $1,528.87 $133,828.90
Jan, 2044 251 $574.35 $954.52 $1,528.87 $132,874.37
Feb, 2044 252 $570.25 $958.62 $1,528.87 $131,915.75
Mar, 2044 253 $566.14 $962.73 $1,528.87 $130,953.02
Apr, 2044 254 $562.01 $966.87 $1,528.87 $129,986.15
May, 2044 255 $557.86 $971.02 $1,528.87 $129,015.14
Jun, 2044 256 $553.69 $975.18 $1,528.87 $128,039.95
Jul, 2044 257 $549.50 $979.37 $1,528.87 $127,060.58
Aug, 2044 258 $545.30 $983.57 $1,528.87 $126,077.01
Sep, 2044 259 $541.08 $987.79 $1,528.87 $125,089.22
Oct, 2044 260 $536.84 $992.03 $1,528.87 $124,097.19
Nov, 2044 261 $532.58 $996.29 $1,528.87 $123,100.90
Dec, 2044 262 $528.31 $1,000.57 $1,528.87 $122,100.33
Jan, 2045 263 $524.01 $1,004.86 $1,528.87 $121,095.47
Feb, 2045 264 $519.70 $1,009.17 $1,528.87 $120,086.30
Mar, 2045 265 $515.37 $1,013.50 $1,528.87 $119,072.80
Apr, 2045 266 $511.02 $1,017.85 $1,528.87 $118,054.94
May, 2045 267 $506.65 $1,022.22 $1,528.87 $117,032.72
Jun, 2045 268 $502.27 $1,026.61 $1,528.87 $116,006.12
Jul, 2045 269 $497.86 $1,031.01 $1,528.87 $114,975.10
Aug, 2045 270 $493.43 $1,035.44 $1,528.87 $113,939.66
Sep, 2045 271 $488.99 $1,039.88 $1,528.87 $112,899.78
Oct, 2045 272 $484.53 $1,044.35 $1,528.87 $111,855.44
Nov, 2045 273 $480.05 $1,048.83 $1,528.87 $110,806.61
Dec, 2045 274 $475.55 $1,053.33 $1,528.87 $109,753.28
Jan, 2046 275 $471.02 $1,057.85 $1,528.87 $108,695.43
Feb, 2046 276 $466.48 $1,062.39 $1,528.87 $107,633.04
Mar, 2046 277 $461.93 $1,066.95 $1,528.87 $106,566.09
Apr, 2046 278 $457.35 $1,071.53 $1,528.87 $105,494.57
May, 2046 279 $452.75 $1,076.13 $1,528.87 $104,418.44
Jun, 2046 280 $448.13 $1,080.74 $1,528.87 $103,337.70
Jul, 2046 281 $443.49 $1,085.38 $1,528.87 $102,252.31
Aug, 2046 282 $438.83 $1,090.04 $1,528.87 $101,162.27
Sep, 2046 283 $434.15 $1,094.72 $1,528.87 $100,067.55
Oct, 2046 284 $429.46 $1,099.42 $1,528.87 $98,968.14
Nov, 2046 285 $424.74 $1,104.14 $1,528.87 $97,864.00
Dec, 2046 286 $420.00 $1,108.87 $1,528.87 $96,755.13
Jan, 2047 287 $415.24 $1,113.63 $1,528.87 $95,641.50
Feb, 2047 288 $410.46 $1,118.41 $1,528.87 $94,523.08
Mar, 2047 289 $405.66 $1,123.21 $1,528.87 $93,399.87
Apr, 2047 290 $400.84 $1,128.03 $1,528.87 $92,271.84
May, 2047 291 $396.00 $1,132.87 $1,528.87 $91,138.97
Jun, 2047 292 $391.14 $1,137.74 $1,528.87 $90,001.23
Jul, 2047 293 $386.26 $1,142.62 $1,528.87 $88,858.61
Aug, 2047 294 $381.35 $1,147.52 $1,528.87 $87,711.09
Sep, 2047 295 $376.43 $1,152.45 $1,528.87 $86,558.64
Oct, 2047 296 $371.48 $1,157.39 $1,528.87 $85,401.25
Nov, 2047 297 $366.51 $1,162.36 $1,528.87 $84,238.89
Dec, 2047 298 $361.53 $1,167.35 $1,528.87 $83,071.54
Jan, 2048 299 $356.52 $1,172.36 $1,528.87 $81,899.19
Feb, 2048 300 $351.48 $1,177.39 $1,528.87 $80,721.80
Mar, 2048 301 $346.43 $1,182.44 $1,528.87 $79,539.35
Apr, 2048 302 $341.36 $1,187.52 $1,528.87 $78,351.84
May, 2048 303 $336.26 $1,192.61 $1,528.87 $77,159.22
Jun, 2048 304 $331.14 $1,197.73 $1,528.87 $75,961.49
Jul, 2048 305 $326.00 $1,202.87 $1,528.87 $74,758.62
Aug, 2048 306 $320.84 $1,208.03 $1,528.87 $73,550.59
Sep, 2048 307 $315.65 $1,213.22 $1,528.87 $72,337.37
Oct, 2048 308 $310.45 $1,218.43 $1,528.87 $71,118.94
Nov, 2048 309 $305.22 $1,223.65 $1,528.87 $69,895.29
Dec, 2048 310 $299.97 $1,228.91 $1,528.87 $68,666.38
Jan, 2049 311 $294.69 $1,234.18 $1,528.87 $67,432.20
Feb, 2049 312 $289.40 $1,239.48 $1,528.87 $66,192.72
Mar, 2049 313 $284.08 $1,244.80 $1,528.87 $64,947.93
Apr, 2049 314 $278.73 $1,250.14 $1,528.87 $63,697.79
May, 2049 315 $273.37 $1,255.50 $1,528.87 $62,442.28
Jun, 2049 316 $267.98 $1,260.89 $1,528.87 $61,181.39
Jul, 2049 317 $262.57 $1,266.30 $1,528.87 $59,915.09
Aug, 2049 318 $257.14 $1,271.74 $1,528.87 $58,643.35
Sep, 2049 319 $251.68 $1,277.20 $1,528.87 $57,366.16
Oct, 2049 320 $246.20 $1,282.68 $1,528.87 $56,083.48
Nov, 2049 321 $240.69 $1,288.18 $1,528.87 $54,795.30
Dec, 2049 322 $235.16 $1,293.71 $1,528.87 $53,501.59
Jan, 2050 323 $229.61 $1,299.26 $1,528.87 $52,202.32
Feb, 2050 324 $224.03 $1,304.84 $1,528.87 $50,897.49
Mar, 2050 325 $218.44 $1,310.44 $1,528.87 $49,587.05
Apr, 2050 326 $212.81 $1,316.06 $1,528.87 $48,270.98
May, 2050 327 $207.16 $1,321.71 $1,528.87 $46,949.27
Jun, 2050 328 $201.49 $1,327.38 $1,528.87 $45,621.89
Jul, 2050 329 $195.79 $1,333.08 $1,528.87 $44,288.81
Aug, 2050 330 $190.07 $1,338.80 $1,528.87 $42,950.01
Sep, 2050 331 $184.33 $1,344.55 $1,528.87 $41,605.46
Oct, 2050 332 $178.56 $1,350.32 $1,528.87 $40,255.15
Nov, 2050 333 $172.76 $1,356.11 $1,528.87 $38,899.04
Dec, 2050 334 $166.94 $1,361.93 $1,528.87 $37,537.10
Jan, 2051 335 $161.10 $1,367.78 $1,528.87 $36,169.33
Feb, 2051 336 $155.23 $1,373.65 $1,528.87 $34,795.68
Mar, 2051 337 $149.33 $1,379.54 $1,528.87 $33,416.14
Apr, 2051 338 $143.41 $1,385.46 $1,528.87 $32,030.68
May, 2051 339 $137.46 $1,391.41 $1,528.87 $30,639.27
Jun, 2051 340 $131.49 $1,397.38 $1,528.87 $29,241.89
Jul, 2051 341 $125.50 $1,403.38 $1,528.87 $27,838.51
Aug, 2051 342 $119.47 $1,409.40 $1,528.87 $26,429.11
Sep, 2051 343 $113.42 $1,415.45 $1,528.87 $25,013.66
Oct, 2051 344 $107.35 $1,421.52 $1,528.87 $23,592.14
Nov, 2051 345 $101.25 $1,427.62 $1,528.87 $22,164.52
Dec, 2051 346 $95.12 $1,433.75 $1,528.87 $20,730.77
Jan, 2052 347 $88.97 $1,439.90 $1,528.87 $19,290.86
Feb, 2052 348 $82.79 $1,446.08 $1,528.87 $17,844.78
Mar, 2052 349 $76.58 $1,452.29 $1,528.87 $16,392.49
Apr, 2052 350 $70.35 $1,458.52 $1,528.87 $14,933.97
May, 2052 351 $64.09 $1,464.78 $1,528.87 $13,469.18
Jun, 2052 352 $57.81 $1,471.07 $1,528.87 $11,998.12
Jul, 2052 353 $51.49 $1,477.38 $1,528.87 $10,520.73
Aug, 2052 354 $45.15 $1,483.72 $1,528.87 $9,037.01
Sep, 2052 355 $38.78 $1,490.09 $1,528.87 $7,546.92
Oct, 2052 356 $32.39 $1,496.48 $1,528.87 $6,050.44
Nov, 2052 357 $25.97 $1,502.91 $1,528.87 $4,547.53
Dec, 2052 358 $19.52 $1,509.36 $1,528.87 $3,038.17
Jan, 2053 359 $13.04 $1,515.83 $1,528.87 $1,522.34
Feb, 2053 360 $6.53 $1,522.34 $1,528.87 $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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