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Home Equity Loan Calculator

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Estimate a fixed home equity loan payment—including a $100,000 example—and how much equity you can borrow at max LTV.

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What is the payment on a $60,000 home equity loan at 8.5% for 15 years?

Financing $60,000 at 8.5% APR for 180 months costs about $591 per month, with total interest roughly $46,000 over the full term if you never prepay. A 10-year term raises the payment but cuts interest. Enter balance, rate, and term—and compare to HELOC interest-only periods that can jump when the draw period ends.

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Calculate a fixed home equity loan payment from loan amount, APR, and term—including a $100,000 example—and see how much equity you can borrow from home value, mortgage balance, and max combined LTV. Optional closing costs show total cost and approximate APR. For revolving HELOC interest-only payments, use the HELOC Payment Calculator instead.

A home equity loan (sometimes called a second mortgage) is usually a fixed lump sum with a fixed payment. Lenders look at combined loan-to-value: your existing mortgage plus the new equity loan, divided by home value. This calculator starts from that math so you see both “how much can I borrow?” and “what will the payment be?” before you apply.

Many shoppers search for a $100,000 home equity loan payment specifically. At 8.5% over 15 years that payment is about $985/month before fees; shortening the term to 10 years raises the payment to about $1,240 but cuts total interest by tens of thousands. Run your own rate and term—do not treat a blog example as a quote.

Available equity is not the same as cash in hand. Fees, title work, and lender overlays can shrink proceeds. Enter closing costs here to see total cost and an approximate APR that reflects fees reducing net funds relative to the payment schedule.

Do not confuse this tool with a HELOC. A HELOC is a revolving line that may allow interest-only payments during a draw period. If that is your product, open the HELOC Payment Calculator. If you want a fixed second-lien payment for a renovation, debt consolidation, or major expense, stay on this page.

Combined LTV caps often sit around 80–90%, but credit score, occupancy, property type, and lender policy change the ceiling. Enter the max LTV from a real quote, and remember online home-value estimates can differ from the appraisal used at closing.

How to use this tool

1. Enter current home value and mortgage balance. 2. Set max combined LTV from your lender quote (often 80–90%). 3. Enter the equity loan amount (default $100,000), APR, and term in years. 4. Add optional closing costs. 5. Calculate to see monthly payment, total interest, available equity, combined LTV, and approximate APR with fees. Use the HELOC Payment Calculator if you need interest-only revolving draws.

Worked example

Example A — $100,000 home equity loan at 8.5% for 15 years: about $985/month (~$77,250 total interest before fees). Example B — same $100,000 at 8.5% for 10 years: about $1,240/month (~$48,800 interest)—higher payment, much less interest. Example C — $500,000 home, $300,000 mortgage, 85% max LTV: about $125,000 borrowable before fees; at 80% LTV the same home yields about $100,000.

When to use this

  • Estimating fixed payments before a home-improvement draw.
  • Comparing 10-year vs 15-year equity loan total interest.
  • Rough budgeting when consolidating high-APR credit card debt.
  • Checking payment impact of borrowing against available equity.
  • Contrasting a fixed equity loan vs a HELOC payment path.

Common examples

  • $60,000 at 8.5% for 15 years → about $591/month.
  • $40,000 at 7.9% for 10 years → higher payment, less total interest.
  • Add $2,500 closing costs into principal → payment rises slightly.
  • Compare fixed equity loan vs HELOC after draw period ends.
  • $80,000 kitchen remodel loan at 9% for 12 years → model before signing.

Common mistakes

  • Ignoring closing costs rolled into the financed amount.
  • Using home value instead of loan amount as the principal input.
  • Comparing interest-only HELOC years to fully amortizing loan payments.
  • Forgetting the second lien still adds to total housing debt service.
  • Treating the estimate as underwriting approval.

How it works

Estimates how much home equity you can borrow as a fixed (closed-end) home equity loan from home value, mortgage balance, and a maximum combined LTV, then amortizes your chosen loan amount at APR and term. Optional closing costs fold into total cost and an approximate APR so fees are visible—not just the payment. This is not a revolving HELOC model.

Limitations

Results are estimates for educational purposes and are not financial or tax advice. Actual costs, rates, and rules vary.

Privacy and file handling

Your data stays on your device and is not uploaded.

Formula or method

Available equity ≈ (home value × max LTV) − mortgage balance. Monthly payment uses standard amortization: PMT = r×L / (1 − (1+r)^−n) on the equity loan amount. Approximate APR treats closing costs as reducing net proceeds relative to the payment stream.

FAQ

Frequently asked questions

What is the monthly payment on a $100,000 home equity loan?

At 8.5% APR for 15 years, about $985/month before fees (~$77,250 total interest). The same $100,000 at 8.5% for 10 years is about $1,240/month with roughly $48,800 interest. Change loan amount, rate, and term in the calculator for your quote—defaults start at $100,000.

How much home equity can I borrow?

Roughly (home value × max combined LTV) minus your mortgage balance, before fees. Example: a $500,000 home with a $300,000 mortgage at 85% LTV leaves about $125,000; at 80% LTV it leaves about $100,000. Lenders may use lower appraised values and tighter caps—confirm with a quote.

Home equity loan vs HELOC?

A home equity loan is typically a fixed lump sum with a fixed amortizing payment. A HELOC is a revolving line that can have interest-only draws during a draw period. Use this page for the fixed loan; use the HELOC Payment Calculator for revolving interest-only and repayment estimates.

Is this the same as a HELOC calculator?

No. This models a fixed home equity loan payment (including $100,000 examples) plus available equity from LTV. Use the HELOC Payment Calculator for revolving interest-only and repayment estimates.

What LTV do lenders use?

Many cap combined LTV around 80–90%, but limits vary by credit, occupancy, property type, and lender. Enter the max LTV from your quote for a closer estimate.

Does this include closing costs?

Yes—optional closing costs can be entered and folded into total cost and approximate APR. Ask your lender for cash-to-close details; online estimates are not underwriting.

Should I pick a shorter home equity loan term?

A shorter term raises the monthly payment and usually cuts total interest. Compare 10 vs 15 vs 20 years on the same amount and rate so you choose on cash flow and lifetime cost, not payment alone.

Are results a loan offer?

No. Figures are educational estimates. Rates, fees, and approval depend on underwriting and appraisal.

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