Home Equity Loan Calculator
Calculate monthly payments, total cost, and full amortization for a fixed-rate home equity loan.
Monthly Payment-
Total Interest-
Total Cost-
Payoff Date-
Amortization Schedule
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What is a Home Equity Loan?
A home equity loan is a lump-sum loan secured by the equity in your home. It typically has a fixed interest rate and fixed monthly payments over a set term, making it predictable for budgeting.
How to Use This Calculator
- Enter the amount you want to borrow.
- Input the annual interest rate.
- Select the loan term in years.
- Choose a start date to see your payoff date.
- Click Calculate to view payments and amortization.
FAQ
How is a home equity loan different from a HELOC?
A home equity loan gives you a lump sum with fixed payments, while a HELOC is a revolving line of credit with variable rates and flexible draws.
Is the interest tax deductible?
Interest may be deductible if the loan is used to buy, build, or substantially improve your home. Consult a tax professional.
What is a typical loan term?
Home equity loans commonly range from 5 to 30 years, with 15 years being very popular.
Can I pay it off early?
Most lenders allow early repayment, but some may charge prepayment penalties. Check your loan agreement.