Home Equity Loan Payment Calculator

This home equity loan payment calculator computes your fixed monthly payment, total interest, and full amortization curve for a lump-sum loan against your home's equity. Unlike a HELOC, a home equity loan is boring in the best way: one disbursement, one fixed rate, one unchanging payment, one payoff date. What you calculate today is what you pay in year twelve.

Enter the amount, rate, and term to see the payment; add an optional extra monthly payment to see how much faster the loan clears and how much interest you skip. The balance chart shows the classic amortization shape — slow principal progress early, accelerating toward the end — which is also the argument for extra payments early in the term, when balances (and interest accrual) are highest.

If you're still choosing between a home equity loan and a HELOC: fixed-rate loans suit one-time known costs (a roof, a renovation contract, debt consolidation at a locked rate), while HELOCs suit ongoing or uncertain draws. Check how much you can actually borrow with the Home Equity Loan Calculator, and compare the variable-rate path with the Interest-Only HELOC Calculator.

A home equity loan uses the standard fixed-rate amortization formula — the same one behind a fixed mortgage:

Worked example — $50,000 at 8.75% for 15 years: r = 0.0875 ÷ 12 = 0.007292, n = 180. The formula gives a payment of about $500/month, with total interest over the term of roughly $39,900 — so a $50,000 loan costs about $89,900 to fully repay.

Term choice is the biggest lever. The same $50,000 at 8.75% costs about $627/month over 10 years (~$25,200 total interest) versus ~$442/month over 20 years (~$56,100 total interest). Stretching the term buys a lower payment at the price of more than double the interest — a tradeoff worth seeing in dollars before signing. Adding an extra payment splits the difference: the calculator shows exactly how a 20-year loan with $100/month extra behaves like a much shorter one.

The products borrow against the same collateral but behave differently in your budget:

Rule of thumb: known one-time cost → home equity loan; uncertain or staged cost → HELOC. Consolidating variable-rate debt into a fixed payment is the classic home equity loan use case — though the CFPB cautions that either product converts unsecured debt into debt secured by your house, which raises the stakes of any future payment trouble.