Home Equity Loan Calculator
Estimate the monthly payment on a fixed-rate home equity loan before you borrow against your house.
Calculator
Home Equity Loan Calculator
Enter a realistic current market value for the property.
Use the unpaid balance on your first mortgage and any existing fixed liens.
Enter the fixed lump sum you plan to borrow.
Use the annual fixed rate for the home equity loan.
Many home equity loans run from 5 to 20 years.
Example values are loaded.
Result
Your result
A $60,000.00 fixed home equity loan would put the monthly payment near $582.08 over 15 years.
Monthly payment
$582.08
Total interest
$44,775.16
Remaining equity
$160,000.00
Loan and equity snapshot
Next steps
Compare before you move on
Most people use one calculator to answer the first question and a related tool to pressure-test the decision.
Borrowing
HELOC Payment Calculator
Estimate current HELOC draw payments, later repayment payments, and how a home equity line changes combined housing debt and available credit.
Borrowing
Mortgage Calculator
Estimate monthly mortgage payments with principal, interest, taxes, insurance, PMI, HOA, and other recurring housing costs included.
Borrowing
Refinance Calculator
Compare current mortgage payments with a refinance scenario and estimate monthly savings, total cost, and break-even based on how closing costs are handled.
What this calculator shows
A home equity loan is usually a fixed-rate second mortgage. You receive a lump sum and repay it with the same monthly principal-and-interest payment for the full term.
The payment math is straightforward, but borrowing against home equity changes your combined housing debt and the equity left in the property.
How to use it
- 1. Enter the home's current value and the balance still owed on the first mortgage.
- 2. Add the amount you want to borrow with the home equity loan.
- 3. Use the fixed rate and term to review the new monthly payment, total interest, combined loan-to-value, and remaining equity.
Formula and assumptions
The monthly payment uses the standard amortized loan formula based on the home equity loan amount, monthly rate, and total number of monthly payments.
Combined loan-to-value is calculated as the current mortgage balance plus the new home equity loan amount, divided by the current home value.
Limits of this estimate
Home Equity Loan Calculator is a planning estimate based on the values entered here, not a quote, approval decision, tax filing, account statement, or investment recommendation.
The result assumes the entered rates, costs, income, payments, balances, or timelines stay fixed unless the page has a dedicated input for changing them.
Real outcomes can change because of fees, taxes, insurance, lender rules, account restrictions, market movement, local costs, or timing differences outside this simplified scenario.
Notes
This estimate does not include appraisal fees, closing costs, annual fees, or escrow changes.
Source notes
Visible input model
This page calculates home equity loan calculator results from the visible inputs: Current home value, Current mortgage balance, Home equity loan amount, Interest rate, Repayment term. No hidden account, lender, tax, or live market data is pulled into the estimate.
Page formula and assumptions
The result follows the formula and assumptions described on this page, then formats the output with Utility Row's finance calculation helpers.
Scenario comparison use
Use the output to compare assumptions before checking a real statement, lender disclosure, tax rule, or account-specific source.
Worked example
A $60,000 home equity loan on a $500,000 home with a $280,000 first mortgage shows the fixed second-lien payment and the equity left after the new loan closes.
This example uses the default sample inputs loaded on reset. It does not update with the live calculator entries above.
Monthly payment
$582.08
Total interest
$44,775.16
Remaining equity
$160,000.00
Feedback
Found a problem on this page?
Report confusing fields, broken math, or missing assumptions with the exact inputs you used so the issue can be reproduced.
FAQ
FAQ
How is a home equity loan different from a HELOC?
A home equity loan is usually a fixed lump-sum loan with a fixed payment, while a HELOC is a revolving line of credit that often has an interest-only draw period before repayment begins.
FAQ
Why does combined loan-to-value matter?
Combined loan-to-value shows how much of the home's value is tied up in your first mortgage plus the new second lien. Lenders often use it to decide eligibility and pricing.