Home Equity Loan Calculator
Calculate your monthly payment and see how much equity you can borrow.
Borrow up to $102,500 · Payment $492/mo
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Home equity loans give you a lump sum at a fixed rate — like a second mortgage.
Loan Details
Your Home
Current Home Value$450,000
Not sure? Check Zillow or recent comps
Current Mortgage Balance$280,000
Desired Loan Amount$50,000
Available equity:$102,500
Loan Terms
Interest Rate8.5%
Current avg home equity loan rate: ~8.4%
Origination Fees$500
✓ You qualify
Your combined LTV of 73.3% is within the 85% maximum. You qualify for a home equity loan.
Current LTV 62.2%·Combined LTV 73.3%· Maximum allowed 85%
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Monthly Payment
$492.37
Total Interest
$38,627
Available Equity
$102,500
Effective Rate
6.12%
Equity Breakdown
Mortgage $280,000 (62%)HE Loan $50,000Untapped $52,500
Loan Balance Over Time
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| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | — | $1,725 | $4,184 | $48,275 |
Compare Home Equity Loan Rates
See offers from top lenders for your loan amount.
Frequently Asked Questions
How much can I borrow with a home equity loan?▾
Most lenders let you borrow up to 85% of your home's value minus your existing mortgage. For example, on a $450,000 home with a $280,000 mortgage, you could access up to $102,500 in equity. Our calculator shows your exact available equity in real time.
What is the current home equity loan rate?▾
Home equity loan rates average around 8.4% in 2026, though rates vary by credit score, CLTV, and lender. Fixed-rate home equity loans typically run 1–3% higher than primary mortgage rates. Use our calculator to see your payment at any rate.
Is a home equity loan tax deductible?▾
Interest may be tax deductible when loan proceeds are used to buy, build, or substantially improve your home. Interest on loans used for debt consolidation or other purposes is generally not deductible. Our calculator models tax savings for home improvement loans.
What is the difference between a home equity loan and a HELOC?▾
A home equity loan gives you a lump sum at a fixed rate with fixed payments. A HELOC is a revolving credit line with variable rates and interest-only payments during the draw period. Use our HELOC calculator to compare both options.
How long does it take to get a home equity loan?▾
Most home equity loans close in 2–6 weeks, including appraisal, underwriting, and closing. Some online lenders offer faster timelines. You'll need sufficient equity, good credit (typically 620+), and proof of income.
What's Next?
Keep going — here's what most people calculate next.
Compare with a HELOC →
See if a flexible credit line works better than a lump-sum loan.
See your refinance options →
Check if refinancing your primary mortgage saves more than a equity loan.
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