Enter your loan amount, interest rate, and loan term to calculate your monthly home equity loan payment. You'll see the total interest paid and total repayment cost, plus a full amortization schedule breaking down every payment by month and year.
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Total of All Payments
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Total Interest Paid
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Max You Can Borrow
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A home equity loan is a fixed-rate loan that lets you borrow against the equity you've built in your home. You receive a lump sum and repay it in equal monthly installments over a set term. Because your home serves as collateral, interest rates are typically lower than personal loans or credit cards.
A home equity loan provides a one-time lump sum at a fixed interest rate, giving you predictable monthly payments. A HELOC (Home Equity Line of Credit) is a revolving credit line with a variable rate, letting you draw funds as needed during a draw period. Home equity loans are better when you need a specific amount for a defined purpose.
Most lenders allow you to borrow up to 80–90% of your home's appraised value, minus your outstanding mortgage balance. For example, if your home is worth $400,000 and you owe $200,000, you may be able to borrow up to $140,000–$160,000. This calculator shows your maximum borrowable amount based on the LTV ratio you select.
The loan-to-value ratio compares the total amount owed on your home (including the new loan) to its appraised value. Lenders use LTV to assess risk — the lower the LTV, the better your chances of approval and favorable rates. Most lenders cap home equity loans at 80–90% LTV.
Yes, home equity loans typically come with closing costs ranging from 2% to 5% of the loan amount. These may include appraisal fees, origination fees, and title costs. Some lenders let you roll closing costs into the loan (increasing your balance), while others deduct them from the disbursed amount.
Under current U.S. tax law, interest on a home equity loan may be deductible if the funds are used to buy, build, or substantially improve the home securing the loan. Interest used for other purposes (such as debt consolidation or vacations) is generally not deductible. Always consult a tax advisor for guidance specific to your situation.
Most lenders require a minimum credit score of 620 for a home equity loan, though scores of 700 or higher typically qualify for the best rates. Lenders also consider your debt-to-income ratio, income stability, and available equity. A stronger credit profile can significantly lower your interest rate and total cost.
Each monthly payment covers both interest and principal. In the early months, a larger portion goes toward interest; over time, more is applied to principal. The amortization schedule in this calculator shows a full month-by-month breakdown of interest paid, principal paid, and remaining balance so you can see exactly how your loan is paid off.