Home Equity Loan Calculator
Estimate payments and borrowing costs for a home equity loan. Enter the loan amount, interest rate and repayment term to estimate your monthly payment, total interest and total repayment.
Enter the amount you plan to borrow against your available home equity.
Annual interest rate used to estimate the loan payment.
The number of years over which the home equity loan is repaid.
Optional closing, origination or other loan costs to include in total cost.
Optional additional payment equivalents made each year.
Optional annual lump-sum payment toward the outstanding principal.
Home equity reminder
A home equity loan is secured by your home. The calculator estimates borrowing costs only and does not determine how much equity a lender will approve you to use.
Extra Payment Savings
Home Equity Loan Formula
P = Loan amount
r = Monthly interest rate = Annual rate ÷ 12 ÷ 100
n = Total monthly payments = Loan term × 12
Total Repayment = Monthly Payment × n
Total Interest = Total Repayment − Loan Amount
Total Cost = Total Repayment + Loan Fees
The calculator uses a standard amortizing-loan formula. Actual lender terms, fees, taxes, insurance and other costs may differ.
How to Use the Home Equity Loan Calculator
Enter the Loan Amount
Enter the amount you want to borrow using home equity.
Enter the Interest Rate
Enter the annual rate offered or the rate you want to evaluate.
Enter the Loan Term
Choose the number of years over which the loan will be repaid.
Review Extra Payments
Optionally add extra annual payments or a lump-sum prepayment to estimate potential savings.
Example Home Equity Loan Calculation
500,000 home equity loan at 8.5% for 15 years
- Loan Amount = 500,000
- Annual Interest Rate = 8.5%
- Loan Term = 15 years
- Loan Fees = 10,000
Estimated Monthly Payment ≈ 4,925.61
The calculator also estimates total interest, total repayment and total cost including entered fees.
Understanding Home Equity Loan Costs
Monthly Payment
The regular principal and interest payment estimated for the loan.
Total Interest
The estimated interest paid over the scheduled repayment period.
Total Repayment
The principal plus interest paid over the loan term.
Total Cost
Total repayment plus the loan fees entered in the calculator.