Home Equity Loan Calculator
Calculate monthly payments and interest for a home equity loan (HEL) or HELOC. Estimate your borrowing power based on home equity.
About Home Equity Loan Calculator
Calculate monthly payments for a home equity loan (second mortgage). Leverage the value of your home.
Frequently Asked Questions
What is a home equity loan?
It is a loan secured by your home's equity, often calls a second mortgage.
How much can I borrow?
Usually up to 80-85% of your home's appraised value, minus what you owe on your first mortgage.
Is interest tax deductible?
In some cases, if used for home improvements. Consult a tax advisor.
Fixed or variable?
Home equity loans usually have fixed rates, while HELOCs have variable rates.
Closing costs apply?
Yes, similar to a primary mortgage (appraisal, fees, etc.).
Is it free?
Yes.
Risk involved?
Yes, your home is collateral. If you don't pay, you could lose the house.
Good for debt consolidation?
Often yes, as rates are lower than credit cards.
How long is the term?
Typically 5 to 30 years.
Is it accurate?
Yes, standard amortization formula.