Home Equity Loan Calculator
Enter the loan amount, annual interest rate, and term in months to find the monthly payment.
Result
How to use
- Enter your values in the fields above.
- Press Calculate to see your result instantly.
- Use the Share button to copy a link to your result.
About this calculator
A home equity loan is a lump-sum loan secured against the equity you have built up in your home, repaid in fixed monthly installments over a set term at a fixed interest rate — unlike a home equity line of credit (HELOC), which works more like a revolving credit card with a variable rate. The monthly payment is calculated with the standard amortizing loan formula, spreading both principal and interest across the term so that each payment stays the same while the interest and principal portions gradually shift over time.
Because the loan is secured by the home itself, rates are typically lower than unsecured personal loans or credit cards, which makes home equity loans a common choice for large, one-time expenses like renovations, debt consolidation, or major purchases. This calculator takes the loan amount, annual interest rate, and term in months to compute the fixed monthly payment, total interest paid, and total cost over the life of the loan.
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