Interactive tool
HELOAN (home equity loan) calculator
A HELOAN gives you a one-time lump sum at a fixed rate with a level monthly payment. Move the sliders to estimate that payment, the total interest over the term, and how much equity you have available.
A home equity loan pays a fixed lump sum at closing with a fixed rate and a level monthly payment for the full term.
Fixed monthly payment
$573/mo
On $60,000 at 8.00% for 15 years — the same payment every month.
Total interest
$43,210
Total cost (P+I)
$103,210
Est. available equity
~$125,000
Combined loan-to-value
72%
HELOAN vs. HELOC
A HELOAN is a fixed lump sum with a fixed payment — best when you know exactly how much you need. A HELOC is a revolving line at a usually-variable rate — best when you want flexible, ongoing access. Compare them side by side.
Keeps your first mortgage
A home equity loan sits behind your existing mortgage as a second lien, so you can tap equity without touching a low first-mortgage rate. Amounts and pricing depend on your equity, credit, and the lender.