Home Equity Loan Calculator
A home equity loan gives you a lump sum at a fixed rate with predictable monthly payments. Calculate your payment and full amortization schedule below.
Home Equity Loan Calculator
Calculate your fixed monthly payment on a lump-sum home equity loan.
Monthly Payment
$716.74
Fixed for 15 years
Total Payments
$129,013
Total Interest
$54,013
Principal vs Interest
Yearly Amortization Summary
| Year | Principal | Interest | Remaining Balance |
|---|---|---|---|
| Year 1 | $2,698 | $5,902 | $72,302 |
| Year 2 | $2,922 | $5,679 | $69,379 |
| Year 3 | $3,165 | $5,436 | $66,214 |
| Year 4 | $3,428 | $5,173 | $62,787 |
| Year 5 | $3,712 | $4,889 | $59,075 |
| Year 6 | $4,020 | $4,581 | $55,055 |
| Year 7 | $4,354 | $4,247 | $50,701 |
| Year 8 | $4,715 | $3,886 | $45,985 |
| Year 9 | $5,107 | $3,494 | $40,879 |
| Year 10 | $5,530 | $3,070 | $35,348 |
| Year 11 | $5,989 | $2,611 | $29,359 |
| Year 12 | $6,487 | $2,114 | $22,872 |
| Year 13 | $7,025 | $1,576 | $15,847 |
| Year 14 | $7,608 | $993 | $8,239 |
| Year 15 | $8,239 | $361 | $0 |
Home Equity Loan vs HELOC
Choosing the right product depends on how you plan to use the funds.
| Feature | HELOC | HE Loan |
|---|---|---|
| Funds received | Draw as needed up to limit | Lump sum at closing |
| Interest rate | Variable (prime + margin) | Fixed for life of loan |
| Monthly payment | Changes with rate and draw | Fixed every month |
| Interest charged on | Amount drawn only | Full loan balance from day 1 |
| Flexibility | High - borrow, repay, repeat | Low - one disbursement |
| Best for | Ongoing or uncertain costs | Known, one-time expenses |
When a Home Equity Loan Makes Sense
Large home renovation with known cost
If you have a contractor quote and know you need exactly $80,000, a home equity loan lets you lock in that amount at a fixed rate rather than paying variable interest on an open line.
Debt consolidation
Replacing multiple high-rate credit card balances with a single fixed-rate home equity loan can dramatically reduce monthly outgoings and total interest paid over time.
Rising rate environment
When interest rates are climbing, locking in a fixed rate on a home equity loan protects you from future payment increases that would hit a variable-rate HELOC.
Predictable budget planning
If you need to plan household cash flow months or years in advance, the fixed payment of a home equity loan makes budgeting simpler than a HELOC with variable rates.