Home Equity Loan Calculator
Equity Loan Payment
Calculate monthly payment on a home equity loan
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Formula
M = P[r(1+r)^n] / [(1+r)^n - 1]
Frequently Asked Questions
What is a home equity loan?
A home equity loan is a fixed-rate, lump-sum loan secured by your home equity. Unlike a HELOC, it provides all funds upfront with fixed monthly payments over a set term.
How much can I borrow?
Most lenders allow you to borrow up to 85% of your home value minus your mortgage balance. Some may go up to 90% for well-qualified borrowers.
Home equity loan vs HELOC?
A home equity loan gives a lump sum at a fixed rate. A HELOC is a revolving credit line with variable rates. Choose a loan for one-time expenses and a HELOC for ongoing needs.
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