Home equity loan payment calculator
Estimate fixed monthly payment, total repayment, and interest for a home equity loan.
What this calculator covers
Use this home equity loan payment calculator to estimate the monthly cost of a fixed-rate lump-sum loan secured by home equity.
The walkthrough keeps the monthly payment and full repayment cost visible together so the borrowing tradeoff is easier to inspect.
Frequently asked questions
- How is a home equity loan different from a HELOC?
- A home equity loan disburses a single lump sum upfront with a fixed interest rate and fixed monthly payments. A HELOC is a revolving line of credit with a variable rate that you draw from as needed. This calculator models the fixed lump-sum loan only.
- What determines the monthly payment on a home equity loan?
- Three inputs drive the payment: the loan amount, the annual interest rate, and the repayment term. A longer term lowers the monthly payment but increases total interest paid over the life of the loan.
- Is a home equity loan the same as a second mortgage?
- In practice, yes — it is a second mortgage secured by the equity in your home. Your primary mortgage lender has first claim on the property if you default, and the home equity lender has second claim, which is why rates are typically higher than first-mortgage rates.
- Does this calculator include origination fees or closing costs?
- No. Lenders often charge closing costs of 2–5% of the loan amount for a home equity loan. Those costs are not included in this estimate, so compare the full loan disclosure from your lender for a complete picture.
Tool
Run the calculation
Result
RESULT · HOME EQUITY LOAN PAYMENT
â„–044
Primary result
$727.61
$75,000.00 borrowed as a fixed-rate home equity loan at 8.25% for 15 years comes to about $727.61 per month.
- Monthly payment
- $727.61
- Total repayment
- $130,968.95
- Total interest
- $55,968.95
Step-by-step solution
- 1.Convert the annual rate to a monthly rate and apply the fixed-rate amortization formula to the loan amount.
- 2.Spread the repayment across 180 monthly payments to estimate $727.61 per month.
- 3.Multiply the monthly payment across the full term to estimate $130,968.95 in total repayment and $55,968.95 in interest.
Walkthrough
Visual walkthrough
A fixed-rate home equity loan behaves like a second mortgage: one upfront amount borrowed and then repaid through equal installments.
01
Start from the lump-sum loan amount
Home equity loans typically disburse the money as one fixed loan rather than a revolving line of credit.
$75,000.00 borrowed
02
Apply fixed-rate amortization
The interest rate and term produce one steady payment if the loan is fully amortizing.
$727.61 per month
03
Read the full repayment picture
Total repayment and total interest help show how much the lump sum costs over the entire term.
$55,968.95 total interest