Personal Loan Calculator
Payment and total interest.
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Loans — Home Equity
Home Equity Loan Calculator
Enter the amount, rate and term to get your fixed monthly payment and total interest.
Monthly payment
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Fixed second mortgage.
| Total interest | — |
|---|---|
| Total repaid | — |
| Loan amount | — |
| Term | — |
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Enter your figures above to see the step-by-step working.
Educational estimate — not a loan offerEverything computed client-side — nothing leaves this page
How the Home Equity Loan Calculator Works
A home equity loan is a fixed-rate second mortgage: you borrow a lump sum against your home’s equity and repay it in equal monthly payments over a set term. Unlike a HELOC, the rate and payment are fixed for the life of the loan. Enter the amount, rate and term to get the payment, total interest and total repaid. $40,000 at 7.5% over 10 years is about $475 a month.
Because the loan is secured by your home, rates are lower than unsecured personal loans — but the home is collateral. A shorter term raises the monthly payment and lowers total interest.
payment = L × i × (1+i)ⁿ ÷ ((1+i)ⁿ − 1)
Frequently Asked Questions
How is a home equity loan different from a HELOC?
A home equity loan is a fixed-rate lump sum with fixed payments. A HELOC is a revolving line with a variable rate that you draw from as needed.
How is the payment calculated?
It amortizes the loan amount over the term at the fixed rate, so every monthly payment is identical and the balance ends at zero.
How much can I borrow?
Lenders typically let your first mortgage plus the home equity loan reach about 80–85% of the home’s value; the rest stays as equity.
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