The **Home Equity Loan Calculator** is a quick and easy way to estimate home equity loan payments. Simply fill in the Borrowed Equity Amount, Interest Rate, the Term, and click 'Calculate'.

Borrowed Equity Amount ^{[?]The amount of equity you want to borrow against your home.}

$

Interest Rate ^{[?]The annual interest rate on the loan.}

%

Home Equity Loan Term:

Months ^{[?]The length of time in months (loan term) to payoff the loan balance.}

or

Years ^{[?]The length of time in years (loan term) to payoff the loan balance.}

60 Monthly Payments

$188.71

Interest: $1,322.74

Principal: $10,000.00

Also try our Home Equity Line of Credit (HELOC) Calculator

**Borrowed Equity Amount**: The amount of equity in your home that you plan to borrow against.**Interest Rate**: The annual interest rate on the loan. Credit history will affect your rate. The lower your interest rate, the lower your monthly payments will be. A slightly higher interest rate may not appear to increase your monthly payment by much, but your financing cost increases significantly.

**Example of a Home Equity Loan with Different Interest Rates.**

$20,000 financed for 5 years.• Example 5.00% • • Example 7.00% • Monthly Payment: $377.42

Interest Expense: $2,645.48Monthly Payment: $396.02

Interest Expense: $3,761.44The higher interest loan would **cost $1,115.96 more**than the lower rate loan.

**Number of Years**: The length of the home equity loan is also referred to as the loan term. The number of years determines how long you will be paying on the loan until paid off. Choosing fewer number of years will increase your monthly payment, but you will pay less interest over the life of the loan. Rates are usually higher for longer term loans, adding to the expense of a long loan term.

**Example of a Home Equity Loan with Different Number of Years.**

$15,000 financed with a 5.50% interest rate.• Example 3 Years • • Example 5 Years • Monthly Payment: $452.94

Interest Expense: $1,305.79Monthly Payment: $286.52

Interest Expense: $2,191.05The longer term loan would **cost $885.26 more**than the shorter term loan.