होम इक्विटी ऋण कैलकुलेटर — सूत्र
## Home Equity Loan Basics
A home equity loan provides a lump sum at a fixed interest rate, repaid in equal monthly installments over a set term. Your home serves as collateral.
### Payment Formula
**Monthly Payment = P x r x (1+r)^n / ((1+r)^n - 1)**
Where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
### Typical Terms
- Fixed rates, usually 1-2% higher than first mortgage rates
- Terms from 5 to 30 years
- Can borrow up to 80-85% of your home equity
- Interest may be tax deductible if used for home improvements
A home equity loan provides a lump sum at a fixed interest rate, repaid in equal monthly installments over a set term. Your home serves as collateral.
### Payment Formula
**Monthly Payment = P x r x (1+r)^n / ((1+r)^n - 1)**
Where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
### Typical Terms
- Fixed rates, usually 1-2% higher than first mortgage rates
- Terms from 5 to 30 years
- Can borrow up to 80-85% of your home equity
- Interest may be tax deductible if used for home improvements
हल किया गया उदाहरण
A $75,000 home equity loan at 8% fixed for 15 years.
- Monthly rate: 8% / 12 = 0.6667%
- Number of payments: 15 x 12 = 180
- Monthly payment: $75,000 x 0.006667 x (1.006667)^180 / ((1.006667)^180 - 1) = $716.74
- Total paid: $716.74 x 180 = $129,013
- Total interest: $129,013 - $75,000 = $54,013
- Interest-to-principal ratio: $54,013 / $75,000 = 72.0%