Home Equity Loan Calculator
Calculate your home equity loan payments, see how much you can borrow, and compare different loan terms.
Home Equity Loan Calculator
Unlock the value in your home with a fixed-rate home equity loan
Understanding Home Equity Loans
What is a Home Equity Loan?
A home equity loan lets you borrow against the equity you've built in your home. You receive a lump sum and repay it with fixed monthly payments over a set term. It's sometimes called a "second mortgage" because your home serves as collateral.
Home Equity Loan vs HELOC
- Home Equity Loan: Fixed rate, lump sum, predictable payments
- HELOC: Variable rate, revolving credit, flexible borrowing
- Choose HE Loan for one-time expenses with fixed budget
- Choose HELOC for ongoing projects or uncertain costs
Common Uses
- Home renovations and improvements
- Debt consolidation (credit cards, personal loans)
- Major purchases (education, medical expenses)
- Emergency fund access
- Investment opportunities
Important Considerations
- Your home is collateral - risk of foreclosure if you default
- Closing costs typically 2-5% of loan amount
- Interest may be tax deductible for home improvements
- Shop around - rates vary significantly between lenders
- Consider your ability to repay before borrowing