HELOC vs Home Equity Loan Comparison Calculator
Borrowing against your home's equity? Use this calculator to compare the estimated monthly payment and total interest cost of a variable-rate HELOC versus a fixed-rate home equity loan.
About this calculator
Compare monthly payments and total interest between a HELOC and a fixed home equity loan for the same amount borrowed.
Frequently Asked Questions
Which is better, a HELOC or a home equity loan?
A HELOC has a variable rate and flexible draw period, good for ongoing expenses. A home equity loan has a fixed rate and payment, better for one-time expenses when you want payment certainty.
Does this calculator account for rate changes on a HELOC?
No, it assumes the entered HELOC rate stays constant for the full term. Actual HELOC rates can rise or fall over time since they are variable.
What is the draw period on a HELOC?
Many HELOCs have a draw period (often 10 years) where you can borrow and make interest-only payments, followed by a repayment period. This calculator simplifies to a single amortizing term.