Home Equity Loan Calculator
Home equity loan payment: monthly principal and interest and total interest for a fixed rate and term, plus how much you can borrow at 80% or 85% CLTV. How it works
Use the Home Equity Loan Calculator
About the Home Equity Loan Calculator
A $50,000 home equity loan at 7.5% over 15 years costs $463.51 a month, $33,431.11 in interest and $83,431.11 in total. The home equity loan calculator uses the fixed-rate payment formula P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r the annual rate ÷ 12 and n the number of monthly payments, for principal and interest only.
Monthly payment on a $50,000 home equity loan
| Interest rate | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|
| 6% | $966.64 | $555.10 | $421.93 | $358.22 |
| 7% | $990.06 | $580.54 | $449.41 | $387.65 |
| 8% | $1,013.82 | $606.64 | $477.83 | $418.22 |
| 9% | $1,037.92 | $633.38 | $507.13 | $449.86 |
| 10% | $1,062.35 | $660.75 | $537.30 | $482.51 |
Fixed rate, equal monthly payments, no fees. For another amount, scale the payment: $100,000 costs twice as much a month, give or take a cent of rounding.
Total interest on a $50,000 home equity loan
| Interest rate | 5 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|
| 6% | $7,998.40 | $16,612.30 | $25,947.11 | $35,971.73 |
| 7% | $9,403.60 | $19,665.09 | $30,894.54 | $43,035.87 |
| 8% | $10,829.18 | $22,796.56 | $36,008.69 | $50,372.81 |
| 9% | $12,275.07 | $26,005.46 | $41,283.99 | $57,967.11 |
| 10% | $13,741.13 | $29,290.44 | $46,714.46 | $65,802.60 |
Total of all payments minus the $50,000 borrowed. A longer term lowers the payment and raises the interest.
How much you can borrow: home value × CLTV limit − mortgage balance
| Home value | Mortgage balance | Equity | CLTV limit | Most you can borrow |
|---|---|---|---|---|
| $200,000 | $100,000 | $100,000 | 85% | $70,000 |
| $400,000 | $250,000 | $150,000 | 80% | $70,000 |
| $400,000 | $250,000 | $150,000 | 85% | $90,000 |
| $410,000 | $220,000 | $190,000 | 80% | $108,000 |
What the borrowing-limit fields return. The first row is NerdWallet’s worked example and the last Bankrate’s, and the tool gives the same figures. A lender may also cap the loan by credit and income, which the tool does not check.
Frequently asked questions
- How do you calculate a home equity loan payment?
- Divide the annual rate by 12 for the monthly rate r, multiply the term in years by 12 for n, then payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). For $50,000 at 7.5% over 15 years, r = 0.00625 and n = 180, which gives $463.51. At a 0% rate the payment is the amount divided by n: $277.78.
- How much interest will I pay on a home equity loan?
- Everything you repay minus what you borrowed. $50,000 at 8% over 10 years costs $606.64 a month and $22,796.56 in interest. Over 20 years the payment falls to $418.22 and the interest rises to $50,372.81.
- What is the difference between a home equity loan and a HELOC?
- The CFPB describes a home equity loan as a lump sum borrowed against your home’s equity, usually at a fixed interest rate. A HELOC is a different product, a line of credit. This calculator covers only the fixed-rate loan with equal monthly payments.
- Is home equity loan interest tax deductible?
- Only in some cases. IRS Publication 936 (2025 edition) says the interest is deductible only if the money is used to buy, build or substantially improve the home that secures the loan, and the debt limits apply. Interest on money used for other purposes is not deductible. Ask a tax professional about your case.
- How much can I borrow with a home equity loan?
- Home value × the lender’s combined loan-to-value (CLTV) limit, minus what you still owe. Enter the optional home value and mortgage balance and pick 80% or 85%: a $400,000 home with a $250,000 mortgage has $150,000 of equity and allows up to $70,000 at 80% or $90,000 at 85%. Bankrate says most lenders allow 80% to 85% and NerdWallet that most cap CLTV at 85%, but each lender sets its own. Their own examples come out the same here: a $200,000 home with $100,000 owed allows $70,000 at 85% (NerdWallet), and a $410,000 home with $220,000 owed allows $108,000 at 80% (Bankrate). Press Use the maximum as the loan amount to price it.
- What happens if I cannot make the payments?
- Your home is the collateral, and the CFPB says the lender may foreclose if you cannot repay. The calculator cannot judge affordability, but it shows the full monthly payment so you can compare it with your budget.
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