Home Equity Loan Calculator · Practical guide
15 Year Home Equity Loan Payment
Fifteen years is the most popular home equity loan term — here is what it costs per month at common loan sizes and rates.
At a glance
The short answer
A 15-year home equity loan costs roughly $8.70 to $9.00 per month for every $1,000 borrowed at rates between 6.5% and 7.5%. Concretely: $50,000 at 6.5% is $435.55 a month, $75,000 at 7.5% is $695.26, and $100,000 at 7% is $898.83.
Interactive tool
Home Equity Loan Calculator
Enter your own values, then compare the result with the examples below.
Amortization Schedule
| Year | Interest | Principal | Balance |
|---|
Payments at a glance
| Loan Amount | Rate | Monthly Payment | Total Interest (15 yr) |
|---|---|---|---|
| $25,000 | 6.0% | $210.96 | $12,973 |
| $50,000 | 6.5% | $435.55 | $28,400 |
| $75,000 | 7.5% | $695.26 | $50,147 |
| $100,000 | 7.0% | $898.83 | $61,789 |
Why 15 years is the sweet spot
Compare the same $50,000 at 6.5% across terms: a 10-year loan costs $567.74 a month with $18,129 total interest; 15 years drops the payment to $435.55 with $28,400 in interest; 20 years eases to $372.79 but balloons interest to $39,469. The 15-year term saves about $10,000 in interest versus 20 years while keeping the payment within $63 of it — which is why it is the most popular choice among home equity borrowers.
Budgeting beyond the payment
The fixed payment is only part of the picture. Add 2-5% in closing costs on most loans, remember that the loan sits on top of your existing mortgage payment, and keep in mind the loan is secured by your home — missing payments risks foreclosure. Enter your amount, quoted rate, and a 15-year term in the calculator above to see the payment, payoff date, and full year-by-year amortization schedule before you commit.
Frequently Asked Questions
How much is a 15 year home equity loan payment per month?
At typical fixed rates of 6.5-7.5%, budget about $8.70-$9.27 per $1,000 borrowed per month. That works out to roughly $435-$464 a month on a $50,000 loan.
Is a 15 year home equity loan a good idea?
It is a strong fit for defined expenses like renovations or consolidating higher-rate debt, since the fixed rate and payment make budgeting easy. The risk is that your home secures the debt, so the payment must fit comfortably in your budget.
Can I pay off a 15 year home equity loan early?
Most lenders allow early payoff, and extra principal payments shorten the term and cut total interest. Check your agreement for prepayment penalties, which a minority of lenders still charge.
What rate should I expect on a 15 year home equity loan?
Fixed home equity loan rates typically run a point or two above first-mortgage rates and vary with credit score, loan-to-value, and lender. Strong borrowers (740+ score, low LTV) land at the bottom of the range.