Home Equity Loan Calculator

Estimate monthly payments for a home equity loan.

Inputs

Home equity loan (U.S.)

$
$
$

Amount you want to borrow (lump sum)

%
$

Typically 2–5% of loan in the U.S.; paid from loan at closing

Results

Monthly payment and cash at closing

Loan Amount

$50,000

Monthly Payment

$492

Cash at Closing

$48,500

Total Interest

$38,627

Combined LTV (existing + this loan): 62.5%

Balance Over Time

Remaining balance by year

Principal vs Interest by Year

All 15 years

Yearly Breakdown

First 15 years. Download full schedule for all 15 years.

YearPrincipalInterestBalance
1$1,725$4,184$48,275
2$1,877$4,031$46,398
3$2,043$3,865$44,355
4$2,224$3,685$42,132
5$2,420$3,488$39,712
6$2,634$3,274$37,078
7$2,867$3,042$34,211
8$3,120$2,788$31,091
9$3,396$2,512$27,695
10$3,696$2,212$23,999
11$4,023$1,886$19,976
12$4,378$1,530$15,597
13$4,765$1,143$10,832
14$5,187$722$5,645
15$5,645$263$0

Amortization Schedule

First 15 months. Download full schedule below for all 180 months.

MonthPaymentPrincipalInterestBalance
1$492$138$354$49,862
2$492$139$353$49,723
3$492$140$352$49,582
4$492$141$351$49,441
5$492$142$350$49,299
6$492$143$349$49,156
7$492$144$348$49,012
8$492$145$347$48,867
9$492$146$346$48,720
10$492$147$345$48,573
11$492$148$344$48,425
12$492$149$343$48,275
13$492$150$342$48,125
14$492$151$341$47,973
15$492$153$340$47,821

How It Works

Follow these steps to use the calculator effectively:

1. Enter Your Information

  • Home Value: Input your home's current market value. This helps determine your available equity.
  • Current Mortgage Balance: Enter the remaining balance on your existing mortgage.
  • Amount You Want to Borrow: Specify the lump sum you’d like to borrow through a home equity loan.

2. Set Loan Details

  • Interest Rate (%): Enter the annual interest rate offered by your lender.
  • Loan Term (years): Choose the length of your loan (e.g., 15 years).
  • Estimated Closing Costs ($): Input your anticipated closing costs (typically 2–5% of the loan amount in the U.S.). These costs are usually paid from your loan proceeds at closing.

3. View Results

Once you click "Calculate," you’ll see:

  • Loan Amount: The lump sum you’re borrowing.
  • Monthly Payment: The fixed amount you’ll pay each month for the life of the loan.
  • Cash at Closing: The amount you’ll actually receive after deducting closing costs.
  • Total Interest: The total interest you’ll pay over the entire loan term.
  • Combined Loan-to-Value (LTV) Ratio: The percentage of your home’s value that’s financed through both your existing mortgage and this new loan.

4. Analyze Your Repayment Breakdown

  • Balance Over Time: A visual chart shows how your remaining balance decreases each year.
  • Principal vs Interest by Year: See how much of each payment goes toward principal versus interest.
  • Yearly Breakdown Table: Review year-by-year figures for principal paid, interest paid, and remaining balance.
  • Amortization Schedule: Examine a detailed month-by-month breakdown for the first 15 months. Download the full schedule for all payments.

5. Export or Share Results

  • Copy: Quickly copy results for sharing.
  • Export PDF: Download your loan details and schedule as a PDF.
  • Export Excel: Export the full schedule for use in Excel or other spreadsheet programs.

This step-by-step process helps you fully understand the financial commitment of a home equity loan before making a decision.

Understanding Home Equity Loans

A home equity loan allows homeowners to borrow a lump sum of money using the equity they’ve built up in their house as collateral. Equity is the difference between your home’s current market value and the remaining balance on your mortgage.

Home equity loans are often used for major expenses, such as home improvements, medical bills, or consolidating higher-interest debts.

This calculator helps you understand what your monthly payments, total interest, and cash at closing will look like before you commit to a loan. By seeing these numbers upfront, you can make informed decisions about borrowing against your home’s value.

How This Calculator Helps

This Home Equity Loan Calculator is designed to give you a clear picture of your potential loan costs and payment schedule. Here’s how it helps you:

  • Input the amount you want to borrow as a lump sum, along with your home’s value and existing mortgage balance.
  • Set your interest rate and loan term to reflect your lender’s offer or your expectations.
  • Enter estimated closing costs (typically 2–5% of the loan amount in the U.S., paid from the loan at closing).
  • Instantly see your monthly payment, total interest paid over the life of the loan, and how much cash you’ll actually receive at closing.
  • Review your combined loan-to-value ratio (LTV), which is crucial for lender approval.
  • Explore yearly and monthly amortization schedules to understand how your payments break down between principal and interest over time.
  • Download detailed schedules or export your results for further analysis.

This tool eliminates the guesswork from home equity borrowing, allowing you to plan with confidence.

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