Calculator
Home Equity Loan Calculator
A home equity loan calculator estimates the monthly payment and total interest on a fixed-rate second mortgage. Enter the amount, rate, and term to see the cost of borrowing against your equity.
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Enter your numbers and press Calculate. Nothing you type leaves your browser.
Method
How this calculator works
A home equity loan is a fixed-rate installment loan secured by your house. It is repaid in equal monthly payments over a set term.
M = P * r * (1 + r)^n / ((1 + r)^n - 1)
- P = amount borrowed against your equity
- r = monthly rate = annual rate / 12 / 100
- n = number of monthly payments
Total interest is M * n - P. Because the loan is secured by your home, the rate may be lower than an unsecured personal loan, but the house is collateral.
Terms and rates vary by lender, credit profile, and loan-to-value. Enter your own assumption rather than a quoted figure.
Common questions