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.

Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
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
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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