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Home Equity Loan Calculator

A home equity loan pays you a lump sum, repaid at a fixed rate. See the most you could borrow and what the monthly payment and total interest would be.

$582.08Fixed monthly payment

Maximum you can borrow$132,500
Amount used$60,000
Total interest$44,775
Combined loan-to-value68.9%

How this calculator works

Lenders allow a maximum combined loan-to-value, often 80% to 90%: value × CLTV − mortgage balance.

The loan is repaid in equal monthly payments over its term, usually 5 to 30 years.

Unlike a HELOC, the rate is fixed and you receive the full amount upfront.

Closing costs, often 2% to 5%, can apply; ask whether they are waived.

Worked example

$450,000 home, $250,000 mortgage, borrowing $60,000 at 8.25% for 15 years

  1. Maximum at 85% CLTV: $132,500.
  2. Payment: about $582 a month.
  3. Combined LTV after the loan: 68.9%.

Questions people ask

Home equity loan or HELOC?

A loan suits one known expense at a fixed rate; a HELOC suits ongoing or uncertain costs and has a variable rate.

Is the interest deductible?

Only if you itemize and use the money to buy, build or substantially improve the home that secures it.

What credit score do I need?

Many lenders want 620 to 680 or higher, with a debt-to-income ratio under about 43%.

What is the risk?

The loan is secured by your home, so falling behind can lead to foreclosure.

Last reviewed October 2, 2026