Free Home Equity Loan Calculator
Calculate the monthly payment, total interest, and total cost of a fixed-rate home equity loan.
USD
%
years
Monthly Payment
$716.74
Total Amount Paid$129,013
Total Interest Paid$54,013
Interest-to-Principal Ratio72.0%
Monthly Payment vs Loan Term
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
Example Calculation
A $75,000 home equity loan at 8% fixed for 15 years.
- 01Monthly rate: 8% / 12 = 0.6667%
- 02Number of payments: 15 x 12 = 180
- 03Monthly payment: $75,000 x 0.006667 x (1.006667)^180 / ((1.006667)^180 - 1) = $716.74
- 04Total paid: $716.74 x 180 = $129,013
- 05Total interest: $129,013 - $75,000 = $54,013
- 06Interest-to-principal ratio: $54,013 / $75,000 = 72.0%