Loan Payment Calculator
Calculate Home Equity Loan Monthly Payments
How much will my home equity loan payments be?
A home equity loan and a home equity line of credit (HELOC) are ideal for borrowing money when you need it. Leveraging your home’s equity allows you flexibility in how you use the funds for anything from home remodeling to emergency expenses. A home equity loan and a HELOC both leverage your home’s equity in exchange for cash—however, they are very different. A home equity loan is often referred to as “a second mortgage” and is taken out in one lump sum. A HELOC is a line of credit you can draw funds from as needed, similar to a credit card. Input your data into our calculator to compare your estimated payments for a home equity loan vs. a HELOC.
Compare monthly payment and rates by loan amount and term
Find out which loan saves you more
Determine the number of months necessary to repay a home equity line of credit