Home Equity Loan Payment Calculator
Borrowing against your home's equity? Enter your loan details below to see your estimated monthly payment, total interest cost, and how much of your balance is paid off over time.
About this calculator
Calculate your monthly payment, total interest, and full amortization breakdown for a home equity loan based on loan amount, rate, and term.
Frequently Asked Questions
How is a home equity loan payment calculated?
It uses a standard amortization formula based on your loan amount, interest rate, and term, similar to a mortgage. Each payment covers interest first, then reduces principal.
Does adding extra payments help?
Yes. Extra monthly payments go entirely toward principal, which shortens your loan term and reduces total interest paid.
Is this the same as a HELOC calculator?
No, this assumes a fixed-rate, fixed-term home equity loan with consistent monthly payments, unlike a variable-rate HELOC line of credit.